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PROBLEM 8
Jill's Wigs Inc. had the following balance sheet last year:
Cash	$800	Accounts payable	$350
Accounts receivable	$450	Accrued wages	$150
Inventory	$950	Notes payable	$2,000
Net fixed assets	$34,000	Mortgage	$26,500
Common stock	$3,200
Retained earnings	$4,000
Total liabilities
Total assets	$36,200	and equity	$36,200
Jill has just invented a nonslip wig for cancer patients which she expects will cause sales to
double from $10,000 to $20,000, increasing net income to $1,000. She feels that she can handle
the increase without adding any fixed assets. Will Jill need any outside capital if she pays no
dividends and, if yes, how much?