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III. PROBLEMS Problem 1. Odette Electronics has 90 operating plants in seven southwestern states. Sales for last year were P100 million, and the statement of financial position 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. P15 2 Statement of Financial Position (in P millions) Assets Liabilities and Equity Cash.......... P2 Accounts payable....... Accounts receivable............ 20 Accrued wages.... Inventory............ 23 Accrued taxes..... Current assets........... P45 Current liabilities.. Fixed assets..... 40 Notes payable....... Ordinary shares...... Retained earnings..... Total assets.... P85 Total liabilities and equity.. 8 P25 10 15 35 P85 Odette's has an after-tax profit margin of 7 percent and a dividend payout ratio of 40 percent. If sales grow by 10 percent next year, determine how much of new funds are needed to finance the growth