The most recent financial statements for Martin, Inc., are shown here: ...
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Finance
The most recent financial statements for Martin, Inc., are shown here:
Income Statement
Sales
$26,500
Costs
15,900
Taxable income
$10,600
Taxes (21%)
2,226
Net income
$8,374
Balance Sheet
Assets
$108,650
Debt
$45,000
Equity
63,650
Total
$108,650
Total
$108,650
Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,090 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $31,535. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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