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Use the following income statement and balance sheets to answer the question below the financial information: 1 The Company expects sales to grow by 13%

Use the following income statement and balance sheets to answer the question below the financial information:

1 The Company expects sales to grow by 13% in 2022. Assets, costs, and accounts payable are proportional to sales. Depreciation, interest, long-term debt and notes payable will remain the same year over year and not increase at the 13% rate. The company maintains a constant 40 percent dividend payout ratio and pays taxes at a 23% rate. What is the external financing needed? Use the percentage of sales method.image text in transcribed

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