Mickey Inc. is about to open a new amusement park and expects sales to grow by 50% next year. The income statement and balance sheet for the previous year are given below (in $ million): Line item Previous
Sales 125
Operating costs 87.5
Depreciation 25
EBIT 12.5
Interest 5
Taxes 2.625
Net income 4.875
- Dividends 1.95
- Addition to retained earnings 2.925
Interest expenses and the tax rate and payout ratio will stay the same.

Assets Liabilities and Equity
Cash 16 Accounts payable 21
Accounts receivable 8.6 Accrued wages 12
Inventory 19 Notes payable 2.8
Current assets 43.6 Current liabilities 35.8
Machines 34 Long-term debt 48
Real estate 21 Total liabilities 83.8
Fixed assets 55 Total equity 14.8
Total assets 98.6 Liabilities & equity 98.6
Accounts payable and accrued wages are expected to increase at the same rate as sales. Assets would grow at the same rate if the company operated at full capacity, but capacity utilization was only 89% last year.

Part 1

What are projected assets for next year (in $ million)?

Part 2

What are projected current liabilities (in $ million)?

Part 3

What is projected equity for next year (in $ million)?

Part 4

What is the external funding required (EFR) for next year (in $ million)?