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The most recent financial statements for Mixton, Incorporated, are shown here: Income Statement Balance Sheet Sales $ 40,400 Assets $ 149,000 Debt $ 44,000 Costs
The most recent financial statements for Mixton, Incorporated, are shown here: |
Income Statement | Balance Sheet | ||||
---|---|---|---|---|---|
Sales | $ 40,400 | Assets | $ 149,000 | Debt | $ 44,000 |
Costs | 27,400 | Equity | 105,000 | ||
Taxable income | $ 13,000 | Total | $ 149,000 | Total | $ 149,000 |
Taxes (24%) | 3,120 | ||||
Net income | $ 9,880 | ||||
Assets and costs are proportional to sales; debt and equity are not. A dividend of $3,500 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $45,248. |
What is the external financing needed? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
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