Multiple Choice
A firm has the following account balances for this year. Sales for the year are $420,000. Projected sales for next year are $441,000. The percentage of sales approach is used for pro forma purposes. All balance sheet accounts, except long-term debt and common stock, change according to that approach. The firm plans to decrease the long-term debt balance by $23,500 next year. Retained earnings is expected to increase by $5,400 next year. What is the projected external financing need? 
A) -$14,150
B) -$6,850
C) $32,850
D) $36,000
E) $56,350
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Stephen's Auto recently purchased Auto Express for
Q18: Which one of the following is an
Q33: Handy Man Services,Inc.has net income of $525,000.What
Q41: Green Recycling, Inc., has 150,000 shares of
Q43: Smith's Corner Market had annual sales of
Q46: Gold Jewelry,Inc.has annual sales of $4.5 million
Q58: Which one of the following is equal
Q97: What is the financing cash flow, given
Q98: A firm has $3,800 of cash, equipment
Q100: A firm has net income of $18,000