Question

The most recent financial statements for GPS, Inc., are shown here: Income Statement Sales $23617 Costs...

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

Income Statement
Sales $23617
Costs $10915
Taxable Income ?
Taxes (40%) ?
Net Income ?
Balance Sheet
Assets $50141 Debt $17575
Equity ?

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1655 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected to be $29929.

What is the external financing needed? (round 2 decimal places)

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