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

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

  Income StatementBalance Sheet  Sales$3,800    Current assets$4,700    Current liabilities$820    Costs2,100  

  Fixed assets6,000    Long-term debt3,490    Taxable income$1,700      Equity6,390    Taxes (31%)527      Total$10,700  

    Total$10,700  

    Net income$1,173  

    Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 40 percent dividend payout ratio. As with every other firm in its industry, next year’s sales are projected to increase by exactly 25 percent.

Required:What is the external financing needed? (Do not round your intermediate calculations.)

rev: 09_17_2012

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