Homework Answers
Percentage increase in sales = ($3,600 - $3,200) / $3,200
= $400 / $3,200
= 12.5%
Net income = Sales - costs
= $3,600 - ($2,600 * (1+12.5%))
= $3,600 - $2,925
= $675
Changes in assets = $3,600 * 12.5% = $450
Changes in short term debt = $192 * 12.5% = $24
Retained earnings = Net income * (1 - payout ratio)
= $675 * (1 - 0.20)
= $540
External fund needed = Changes in assets - changes in short term
debt - retained earnings
= $450 - $24 - $540
= -$114.
External fund needed = -$114.
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