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? 
Definitions:
Household Duties
Tasks and responsibilities associated with the maintenance and functioning of a home, such as cleaning and cooking.
Committed Relationships
Long-term relationships where partners are emotionally and usually legally bound to each other.
Psychological Benefits
Advantages that pertain to improved mental health, such as reduced stress or enhanced well-being.
Health Concerns
Issues or matters related to the maintenance of health, including the prevention, diagnosis, and treatment of diseases.
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