The most recent financial statements for Cornwall, Inc., are shown here:

Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 40 percent dividend payout ratio.
As with every other firm in its industry, next year's sales are projected to increase by exactly 15 percent. What is the external financing needed?

Income Statement Balance Sheet Sales Costs Taxable income $2,300 Taxes (349) 782 $6,700 Current assets 4,100 Current liabilities 2,100 8,600 Long-term debt 3,700 6,900 $12,700 4,400 Fixed assets Equity $12.700 Total Total Net income $1,518