The most recent financial statements for Cornwall, Inc., are shown here: Income Statement Balance Sheet...
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Finance
The most recent financial statements for Cornwall, Inc., are shown here: Income Statement Balance Sheet Sales $ 7,400 Current assets $ 4,100 Current liabilities $ 2,200 Costs 6,000 Fixed assets 9,800 Long-term debt 3,750 Taxable income $ 1,400 Equity 7,950 Taxes (34%) 476 Total $ 13,900 Total $ 13,900 Net income $ 924 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 20 percent dividend payout ratio. As with every other firm in its industry, next years sales are projected to increase by exactly 15 percent. What is the external financing needed? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
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