EFN The most recent financial statements for Martin, Inc., are shown here:
Income Statement |
| Balance Sheet |
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Sales | $25,800 | Assets | $113,000 | Debt | $ 20,500 |
Costs | 16,500 |
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| Equity | 92,500 |
Taxable income | $ 9,300 | Total | $113,000 | Total | $113,000 |
Taxes (34%) | 3,162 |
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Net income | $ 6,138 |
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Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,841.40 was paid, and Martin wishes to maintain a constant payout ratio. Next year’s sales are projected to be $30,960. What external financing is needed?
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