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4. EFN The most recent financial statements for Cornell, Inc., are shown here: INCOME STATEMENT $43,000 30,200 Taxable income $12,800 4,352 Net income 8,448 BALANCE SHEET $104,500 $104,500 28,200 76,300 $104,500 Assets Debt Sales Costs Equity Total Total Taxes (34%) Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2,600 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $50,310. What is the external financing needed? n for Mayland Co, are shown here:

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Anser change in Sales C450,310-143000) 310 giu4g.x loo profit margin 3000 三-19. 646GM. Dividend Porout ratio Dividend Zarnings Spontaneous しiabilities.-Nil ーEEN --AsseE x charge in-spontane oui cab x change nsale Sales Sales Sojes aに-Dividend, payoutraHO 3,413,000 : $1316GS-683.03 410,92197 External Einancing-needed is 10.32133

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