Income Statement Balance Sheet Sales $9,300 Assets 20,000 Costs 7,330 Debt Equity $8,000 12,000 Net income $1,970 Total 20,000 Total $ 20,000 Assets and costs are proportional to sales; debt and equity are not. No dividends ar paid. Next year's sales are projected to be $10,788. What is

Income Statement Balance Sheet Sales $9,300 Assets 20,000 Costs 7,330 Debt Equity $8,000 12,000 Net income $1,970 Total 20,000 Total $ 20,000 Assets and costs are proportional to sales; debt and equity are not. No dividends ar paid. Next year's sales are projected to be $10,788. What is

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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Question

The most recent financial statements for Hu, Incorporated, are shown here (assuming no
income taxes):
Income Statement
Sales
Costs
Net income
$9,300
Assets
20,000
Balance Sheet
Debt
$8,000
7,330
Equity
12,000
$1,970 Total
20,000
Total
$ 20,000
Assets and costs are proportional to sales; debt and equity are not. No dividends are
paid. Next year's sales are projected to be $10,788.
What is the external financing needed? (Do not round intermediate calculations and
round your answer to the nearest whole number, e.g., 32.)
External financing needed

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