The most recent financial statements for Cardinal, Inc., are shown here: ...
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Accounting
The most recent financial statements for Cardinal, Inc., are shown here:
Income Statement
Balance Sheet
Sales
$
30,200
Assets
$
71,600
Debt
$
35,300
Costs
18,300
Equity
36,300
Taxable income
$
11,900
Total
$
71,600
Total
$
71,600
Taxes (24%)
2,856
Net income
$
9,044
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 $33,220.
What is the external financing needed?
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