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Owen's Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. The firm is working at full capacity. Balance Sheet(in $ millions)
Assets
Liabilities and Stockholders' Equity
Cash $2
Accounts payable $16
Accounts receivable 22
Accrued wages 4
Inventory 24
Accrued taxes 10
Current assets $48
Current liabilities $30
Fixed assets 43
Notes payable 12
Common stock 17
Retained earnings 32
Total assets $91
Total liabilities and stockholders' equit y$91 Owen's Electronics has an aftertax profit margin of 6 percent and a dividend payout ratio of 45 percent. Problem 1: If sales grow by 20 percent next year, determine how many dollars of new funds are needed to finance the growth. (Do not round intermediate calculations. Enter your answer in dollars, not millions, (e.g., $1,234,567).)
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