Homework Answers
| Sales(9500*1.18) | 11210 |
| Costs(6700*1.18) | 7906 |
| Taxable income | 3304 |
| Taxes(3304*24%) | 792.96 |
| Net income | 2511.04 |
| Less:Dividends(2511.04*35%) | 878.864 |
| Addition to retained earnings | 1632.176 |
Total assets would be=13600*1.18=$16048
Total equity would be=$6640+Addition to retained earnings
=$6640+1632.176=$8272.176
Current liabilities wiuld be=$2700*1.18=$3186
Hence total liabilities=Current liabilities+Long term debt
=$3186+$4260=7446
Total assets=Total equity+Total liabilities
Hence external financing needed=$16048-(8272.176+7446)
=$329.82(Approx).
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