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
$22,000
Costs
13,200
Taxable income
$8,800
Taxes (21%)
1,848
Net income
$6,952
Balance Sheet
Assets
$61,600
Debt
$25,000
Equity
36,600
Total
$61,600
Total
$61,600
Assets and costs are proportional to sales. Debt and equity are not. A dividend of $880 was paid, and Martin wishes to maintain a constant payout ratio. Next years sales are projected to be $25,740. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
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