The most recent financial statements for Reply, Inc., are shown here: Income Statement Balance…

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

Income Statement Balance Sheet
Sales $ 26,600 Assets $ 61,000 Debt $ 27,600
Costs 17,900 Equity 33,400






Taxable income $ 8,700 Total $ 61,000 Total $ 61,000








Taxes (40%) 3,480


Net income $ 5,220





Assets and costs are proportional to sales. Debt and equity are not. A dividend of $2,200 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected to be $31,920.

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


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