The most recent financial statements for Moose Tours, Inc.,
appear below. Sales for 2016 are projected to grow by 20 percent.
Interest expense will remain constant; the tax rate and the
dividend payout rate will also remain constant. Costs, other
expenses, current assets, fixed assets, and accounts payable
increase spontaneously with sales. MOOSE TOURS, INC. 2015 Income
Statement Sales $ 759,000 Costs 594,000
Other expenses 15,000 Earnings before
interest and taxes $ 150,000 Interest expense 16,000
Taxable income $ 134,000 Taxes (30%) 40,200
Net income $ 93,800
Dividends $ 28,140
Addition to retained earnings 65,660
MOOSE TOURS, INC. Balance Sheet as of December 31,
2015 Assets Liabilities and Owners’ Equity Current
assets Current liabilities Cash
$ 21,840 Accounts payable $ 56,000
Accounts receivable 34,160
Notes payable 15,200
Inventory 71,120
Total $ 71,200
Total $ 127,120
Long-term debt $ 142,000 Fixed assets
Owners’ equity Net plant and
equipment $ 363,000 Common stock and
paid-in surplus $ 128,000 Retained earnings
148,920 Total $ 276,920
Total assets $ 490,120 Total liabilities
and owners’ equity $ 490,120 If the firm is operating at full
capacity and no new debt or equity is issued, what external
financing is needed to support the 20 percent growth rate in sales?
(Do not round intermediate calculations and round your answer to
the nearest whole number, e.g., 32.)