The most recent financial statements for Cornwall, Inc., are shown here:
Income Statement Bala...
Business, 03.04.2020 17:44 isabelvaldez123
The most recent financial statements for Cornwall, Inc., are shown here:
Income Statement Balance Sheet
Sales $ 6,700
Current assets $ 3,400
Current liabilities $ 2,200
Costs 5,300
Fixed assets 10,200
Long-term debt 3,750
Taxable income $ 1,400
Equity 7,650
Taxes (34%) 476
Total $ 13,600
Net income $ 924
Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 40 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 25 percent.
What is the external financing needed?
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