Hello,

I'm currently having trouble finding the new funds from the balance sheet shown. The problem is below, and thank you for your help and time!

Assets Owen's Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. The firm is working at full capacity Balance Sheet (in millions) Liabilities and stockholders' Equity cash $5 Accounts payable $ 15 Accounts receivable 15 Accrued wages Inventory 25 Accrued taxes Current assets $45 Current liabilities Fixed assets 43 Notes payable 11 Common stock Retained earnings Total assets $. 38 Total liabilities and stockholders' equity $88 3 9 $ 22 16 34 Owen's Electronics has an aftertax profit margin of 7 percent and a dividend payout ratio of 50 percent if sales grow by 20 percent next year, determine how many dollars of new funds are needed to finance the growth (Do not round intermediate calculations. Enter your answer in dollars, not millions. (e.g., $1,234,567).) New funds