Cheryl Colby, CFO of Charming Florist Ltd., has created the firm’s pro forma balance sheet for the next fiscal year. Sales are projected to grow by 10 percent to $420 million. Current assets, fixed assets and short-term debt are 20 percent, 75 percent and 15 percent of sales, respectively. Charming Florist pays out 30 percent of its net income in dividends. The company currently has $120 million of long-term debt and $48 million in common stock par value. The profit margin is 9 percent. Net Income/Net Sales=9%
What is the external financing need amount?