Response to the following problem:
Calculating EFNThe most recent financial statements for Bradley, Inc., are shown here (assuming no income taxes):
|
Income Statement
|
|
Balance Sheet
|
|
Sales
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$5,700
|
Assets
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$14,100
|
Debt
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$ 6,300
|
|
Costs
|
3,820
|
|
|
Equity
|
7,800
|
|
Net income
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$1,880
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Total
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$14,100 Total
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$14,100
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Assets and costs are proportional to sales. Debt and equity are not. No dividends are paid. Next year's sales are projected to be $7,280. What is the external financing needed?