The 2019 financial statements for Growth Industries are presented below. Sales Costs EBIT Interest expense Taxable...

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The 2019 financial statements for Growth Industries are presented below. Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income INCOME STATEMENT, 2019 Dividends $ 34,760 Addition to retained earnings $ 34,760 $ 320,000 210,000 $ 110,000 22,000 $ 88,000 18,480 $ 69,520 Cash Assets Current assets Accounts receivable Inventories BALANCE SHEET, YEAR-END, 2019 Current liabilities Accounts payable Liabilities Total current liabilities Stockholders' equity $ 8,000 13,000 39,000 Long-term debt Total current assets Net plant and equipment $ 60,000 260,000 Total assets $ 320,000 Common stock plus additional paid-in capital Retained earnings Total liabilities plus stockholders' equity $ 15,000 $ 15,000 220,000 15,000 70,000 $ 320,000 Sales and costs are projected to grow at 20% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at 75% capacity, so it plans to increase fixed assets in proportion to sales. Interest expense will equal 10% of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of 0.50. What is the required external financing over the next year? Note: Enter excess cash as a negative number with a minus sign. The 2019 financial statements for Growth Industries are presented below. Sales Costs EBIT Interest expense Taxable income Taxes (at 21%) Net income INCOME STATEMENT, 2019 Dividends $ 34,760 Addition to retained earnings $ 34,760 $ 320,000 210,000 $ 110,000 22,000 $ 88,000 18,480 $ 69,520 Cash Assets Current assets Accounts receivable Inventories BALANCE SHEET, YEAR-END, 2019 Current liabilities Accounts payable Liabilities Total current liabilities Stockholders' equity $ 8,000 13,000 39,000 Long-term debt Total current assets Net plant and equipment $ 60,000 260,000 Total assets $ 320,000 Common stock plus additional paid-in capital Retained earnings Total liabilities plus stockholders' equity $ 15,000 $ 15,000 220,000 15,000 70,000 $ 320,000 Sales and costs are projected to grow at 20% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at 75% capacity, so it plans to increase fixed assets in proportion to sales. Interest expense will equal 10% of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of 0.50. What is the required external financing over the next year? Note: Enter excess cash as a negative number with a minus sign.