The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Balance Sheet Sales...

 

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The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Balance Sheet Sales $23,400 Assets Costs 16,900 Taxable $6,500 Total $119,000 $119,000 Debt Equity Total $35,600 83,400 $119,000 income Taxes (22%) 1,430 Net income $5,070 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,620 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,900. What is the external financing needed? The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Balance Sheet Sales $23,400 Assets Costs 16,900 Taxable $6,500 Total $119,000 $119,000 Debt Equity Total $35,600 83,400 $119,000 income Taxes (22%) 1,430 Net income $5,070 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,620 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,900. What is the external financing needed?