A firm has the following account balances for this year.Sales for the year are $500,000.Projected sales for next year are $545,000.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 $5,000 next year.Retained earnings is expected to increase by $3,500 next year.What is the projected external financing need?
Definitions:
Functional Currency
The currency of the primary economic environment in which an entity operates and carries out its transactions.
Life Expectancy
The average period that an individual is expected to live, based on statistical averages.
Functional Currency
The currency of the primary economic environment in which an entity operates and carries out its business activities.
Exchange Rates
The ratio at which one currency may be swapped for another, affecting global commerce and economic activities.
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