The most recent financial statements for GPS, Inc., are shown here:
| Income Statement |
| Sales |
$23816 |
| Costs |
$12615 |
| Taxable Income |
? |
| Taxes (40%) |
? |
| Net Income |
? |
| Balance Sheet |
| Assets |
$51853 |
Debt |
$23771 |
|
|
Equity |
? |
Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1996 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $27317.
What is the external financing needed?