P4-4 EFN [LO2] The most recent financial statements for GPS, Inc., are shown here: Balance...
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P4-4 EFN [LO2] The most recent financial statements for GPS, Inc., are shown here: Balance Sheet $110,000 Debt Equity $31,600 78,400 Income Statement Sales $23,600 Assets Costs 16,200 Taxable $7,400 Total income Taxes (35%) 2,590 Net Income $4,810 $110,000 Total $110,000 Assets and costs are proportional to sales, Debt and equity are not. A dividend of $1,510 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $29,300. Required: What is the external financing needed? O $22,471 $17,907 $202,304 $16,766 $19,048
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