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Most recent financial statements for cornwall

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

Income Statement Balance Sheet Sales $ 6,200 Current assets $ 2,900 Current liabilities $ 2,200 Costs 5,050 Fixed assets 9,300 Long-term debt 3,750 Taxable income $ 1,150 Equity 6,250 Taxes (34%) 391 Total $ 12,200 Total $ 12,200 Net income $ 759

Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 20 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 10 percent.

What is the external financing needed? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Reference no: EM132523387

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