lomework Saved Sa V I X V A C D 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 Current liabilities $ 1,707 ,480 Fixed assets 4,200,000 Long-term debt 1,600,000 Equity 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 ) Sales last year 10,200,000 D CO Profit margin 30% Detention ratio onoz Q Search N WDevry Student Portal | Home X Week 3: Homework X M McGraw Hill - Connect X M Question 8 - Week 3: Homework X G https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A$%252F%252Fconnect.mheducation.co.. A Week 3: Homework i Saved Help Save & Al X V fo 8 A B D 5 6 7 Sales last year $ 10,200,000 Profit margin 30% 9 points Retention ratio 20% 10 Sales next year 8,200,000 Skipped 11 Assets 6,324,000 12 Current liabilities 1,707,480 13 eBook 14 Print 15 16 References Complete the following analysis. Do not hard code values in your calculations, and 17 do not round intermediate calculations. 18 19 Necessary increase in assets 20 Spontaneous increase in liabilities 21 Projected increase in retained earnings 22 Additional Funds Needed 23 24 25 26 Mc 8 of 9 Graw Hill W P T