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The most recent financial statements for Cornwall, Inc., areshown here: Income Statem

The most recent financial statements for Cornwall, Inc., areshown here: Income Statem

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

 

Income Statement

 

Balance Sheet

 

  Sales

$

7,600

 

Current assets

$

4,300

 

Current liabilities

$

2,200

 

  Costs

 

6,100

 

Fixed assets

 

9,800

 

Long-term debt

 

3,750

 

 

 

 

 

 

 

 

 

 

 

 

 

  Taxable income

$

1,500

 

 

 

 

 

Equity

 

8,150

 

 

 

 

 

 

 

 

 

 

 

 

 

  Taxes (34%)

 

510

 

  Total

$

14,100

 

  Total

$

14,100

 

 

 

 

 

 

 

 

 

 

 

 

 

    Netincome

$

990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

Assets, costs, and current liabilities are proportional tosales. Long-term debt and equity are not. The company maintains aconstant 30 percent dividend payout ratio. As with every other firmin its industry, next year’s sales are projected to increase byexactly 15 percent.

 

What is the external financing needed?

 

Abhinav 02-Dec-2019

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