What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.)

External financing ________________

The 2017 financial statements for Growth Industries are presented belovw INCOME STATEMENT, 2017 Sales Costs EBIT Interest expense Taxable income Taxes (at 35%) Net income $ 210,000 155,000 $ 55,000 11,000 $ 44,000 15,400 $ 28,600 Dividends Addition to retained earnings S 14,300 14,300 BALANCE SHEET, YEAR-END, 2017 Assets Liabilities Current assets Current liabilities Cash Accounts receivable Inventories $4,000 9,000 Accounts payable Total current liabilities $ 11,000 s 11,000 110,000 27,000Long-term debt $ 40,000 150,000 Total current assets Stockholders' equity 15,000 54,000 s 190,000 Net plant and equipment Common stock plus additional paid-in capital Retained earnings Total assets 190,000 Total liabilities and stockholders' equity 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