EFN [LO2] The most recent financial statements for GPS. Inc., are shown here:
Income Statement |
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| Balance Sheet |
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Sales | $ 19,500 | Assets | $ 98,000 | Delis | $ 52,500 |
Costs | 15,000 |
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| Equity | 45,500 |
Taxable income | $ 4,500 | Total | $ 98,000 | Total | $ 98,000 |
Taxes (40%) | 1,800 |
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Net income | $ 2,700 |
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Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,400 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected to be $21,840. What is the external financing needed?
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