Reference no: EM131917111
Suppose that Gyp Sum Industries currently has the balance sheet shown below, and that sales for the year just ended were $10.8 million. The firm also has a profit margin of 30 percent, a retention ratio of 20 percent, and expects sales of $8.8 million next year.
ASSETS LIABILITY AND EQUITY
Current assests 2,544,000 Current Liabilities 2,423,520
Fixed assets 4,800,000 Long-term debt 1,900,000
Total Assets 7,344,000 Equity 3,020,000
Total Liabilities and equity $7,344,000
If all the assets and current labilities are expected to shrink with sales, what amount of additional funds ill Gyp Sum Industries nee from external sources to fund the expected growth. (Enter answer n dollars ot million. Negative amount should be indicted by a minus sign). What are the additional funds needed.
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