Which of the following items are determinants of external financing needed (EFN) when the percentage of sale approach is applied normally based on a sustainable growth rate?

I. increase in total assets
II. new borrowing
III. taxes payable
IV. addition to retained earnings

Select one:

a). I only

b). I and II only

c). I, II, and III only

d). I, II, and IV only

e). I, II, III, and IV