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Question
A firm has current sales of $32,000. Projected sales for next year are $35,520. 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 expected increase in retained earnings is $2,200. What is the projected external financing need given the following current account values?
A. -$3,532
B. -$1,969
C. -$1,390
D. $231
E. $1,341
Answer
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