You are presented with the following balance sheet and income statement information for

Daytron Industries:

Assume that all costs, assets, and accounts payable change spontaneously with sales. For simplicity's sake,

assume interest expense also changes spontaneously with sales $($even though you know it may not$).$ The tax

rate and dividend payout ratios remain constant. Based on these assumptions, answer the following:

Compute Daytron's debt$-$to$-$equity ratio for $2022.$

Compute Daytron's dividend payout ratio.

Compute Daytron's sustainable growth rate.

Using the sustainable growth rate, construct Daytron's pro$-$forma balance sheet.

Compute the amount of external financing needed to support the sustainable growth rate.

Verify the debt$-$to$-$equity ratio computed from the pro$-$forma balance sheet is the same as found in

question $1.$