21 Calculating EFN 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 I Overview constant:; the tax rate and the dividend payout ratle will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontancously with sales. 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 r in sales? MOOSE TOURS, INC 2015 Income Statement Sales Costs Other expenses Earnings before interest and toes Interest expense Taxable income Taxes Net income $752.500 585.600 15.,400 $151,500 11,340 $140,160 49.056 $91,104 Dividends $27,33 Addition to retained earnings 63,773 MOOSE TOURS, INC Balance Sheet as of December 31, 201S Assets Liabilities and Owners' Equity Current assets Current liabilises Cash 21,632 Accounts payable 34,799 Notes payable 74.300 Total $ 58,140 14535 72675 $135,000 Accounts receivable 130.731 Long term debe Owners equity Total Fixed assets Common stock and paid-in surplus 115.000 161,176 $276176 Total liabilities and owners equity $483.851 Net plant and equipment $353,120 Retained earnings Total Total assets $483.85