The most recent financial statements for Cardinal, Incorporated, are shown here: ...
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Finance
| The most recent financial statements for Cardinal, Incorporated, are shown here: |
| Income Statement | Balance Sheet | ||||
|---|---|---|---|---|---|
| Sales | $ 23,600 | Assets | $ 106,000 | Debt | $ 35,600 |
| Costs | 15,900 | Equity | 70,400 | ||
| Taxable income | $ 7,700 | Total | $ 106,000 | Total | $ 106,000 |
| Taxes (21%) | 1,617 | ||||
| Net income | $ 6,083 | ||||
| Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,570 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $29,400. |
| What is the external financing needed? |
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