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

The most recent financial statements for Cardinal, Inc., are shown here: Income Statement Balance Sheet Sales $ 25,400 Assets $ 61,000 Debt $ 26,900 Costs 17,300 Equity 34,100 Taxable income $ 8,100 Total $ 61,000 Total $ 61,000 Taxes (21%) 1,701 Net income $ 6,399 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2,100 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected to be $29,210. What is the external financing needed? (Do not round intermediate calculations.)

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jeff jeffy answered 2 years ago
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