A FILE Paste Clipboard C19 A B Additional Funds Needed - Excel B HOME INSERT PAGE LAYOUT FORMULAS DATA Arial 12 AA % BIU- L Font 2 REVIEW VIEW A Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles- Sign In Styles X fx Necessary increase in assets C D F G H Suppose that Gyp Sum Industries currently has the balance sheet shown below, and that sales for the year just ended were $10.2 million. The firm also has a profit margin of 30 percent, a retention ratio of 20 percent, and expects sales of $8.2 million next year. Assets Liabilities and Equity Current assets $ 2,124,000 Fixed assets 4,200,000 Current liabilities Long-term debt Equity $ 1,707,480 1,600,000 3,016,520 Total assets $6,324,000 Total liabilities and equity $ 6,324,000 If all assets and current liabilities are expected to shrink with sales, what amount of additional funds will Gyp Sum need from external sources to fund the expected growth? (Enter your answer in dollars not in millions. Negative amount should be indicated by a minus sign.) 5 6 7 Sales last year 8. Profit margin 9 10 11 12 Retention ratio Sales next year Assets Current liabilities Sheet1 READY 10,200,000 30% 20% SSS 8,200,000 $ 6,324,000 $ 1,707,480 < + 100%