The most recent financial statements for Zoso, Inc., are shown here (assuming no income taxes): Income Statement Balance Sheet Sales $4,200 Assets $14,900 Debt $10,900 Costs 3,420 Equity 4,000 Net income $780 Total $14,900 Total $14,900 Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next year's sales are projected to be $5,965. What is the external financing needed?

$26,949.40

Explanation:

Growth rate in sales = ($5,965-$4,200)/$4,200 = 0.4202381 = 42.02%

Sales                              $5,965

Less:costs(3,420*1.42)  $4,856.4

Net income                    $1,108.60

Total assets would be = $14,900 * 142% = $21,158

Total equity would be = $4,000 + $1,108.60 = $5,108.60

Total assets = Total equity +Total liabilities

Hence, external financing needed = $21,158 - $5,108.60 + $10,900 = $26,949.40

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