Business, 13.10.2020 03:01 mem8163

The most recent financial statements for Summer Tyme, Inc., are shown here:. Income Statement Balance Sheet
Sales $3,700 Current assets $4,200 Current liabilities $970
Costs 1,800 Fixed assets 5,700 Long-term debt 3,500
Taxable
income $1,900 Equity 5,430
Taxes (34%) 646 Total $9,900 Total $9,900
Net income $1,254
Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 50 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 25 percent.
Required:
What is the external financing needed? (Do not round your intermediate calculations.)
EFN = needed new long-term debt and/or external equity

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The most recent financial statements for Summer Tyme, Inc., are shown here:. Income Statement Balan...

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