Reference no: EM131551322

In 2016, Company ABC reported revenue of $16,000,000, net income of $800,000, and dividends of $400,000. Company ABC expects that revenues will increase to $20,000,000 in 2017 In 2016, ABC’s total assets consisted of inventories of $4,000,000; accounts receivable of $4,000,000; marketable securities of $2,000,000; and equipment of $2,000,000 (which was at 80% capacity). Total liabilities consisted of accounts payable of $1,000,000; accrued salary, wages and benefits of $1,000,000; and long-term debt of 2,000,000. Owner’s Equity was $8,000,000 (common stock of $4,000,000; retained earnings of $4,000,000). Calculate the following for 2017: Total Assets, Total Liabilities, Owner’s Equity and External Financing Needed (EFN).