Find the external financing needed

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Reference no: EM1358826

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

INCOME STATEMENT BALANCE SHEET

Sales $19,200 Assets $93,000 Debt $20,400

Costs $15550 Equity $72,600

Taxable income $ 3,650 Total $93,000 Total $93,000

Taxes (34%) 1,241

Net income $2,409

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $963.60 was paid, and Martin wishes to maintain a constant payout ratio. Next year's sales are projected to be $23,040. What is the external financing needed?

Reference no: EM1358826

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