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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