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PLEASE HELP ANSWERING FINANCE QUESTION You have the following information from 2020...

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Finance

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You have the following information from 2020 and are looking to forecast 2021. In 2021 you expect sales to be equal to $11 million Using the "Percent-of-Sales" model, what amount of additional external financing is needed to fund a growth in sales if Net Income is 5% of 2021 sales? Account 2020 Information Cash 36% of Sales Accounts Receivable 47% of Sales inventories Noncurrent Assets 32% of Sales 60% of Sales 42% of Sales Accounts Payable Debt $5.3 million Equity 58 million Payout ratio 33% Sales $10 million $854,500 3961,500 $1,330,000 $780,000

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