24. Calculating EFN CLO2] The most recent financial statements for Fleury, Inc follow. Sales for 2012 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. 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? FLEURY, INC. 2011 Income Statement $743,000 Sales 578,000 Costs 15,200 Other expenses $149,800 Earnings before interest and taxes 11,200 Interest paid $138,600 Taxable income 48,510 Taxes 90,090 Net income $27,027 Dividends Addition to retained earnings 63,063 FLEURY, INC, Balance Sheet as of December 31, 2011 Liabilities and owners' Equity Assets Current assets Current liabilities 20,240 Accounts payable 54,400 Cash 32,560 Notes payable Accounts receivable 13,600 69,520 Total 68,000 Inventory $122,320 Long-term debt $126.000 Total Owners' equity Fixed assets Net plant and equipment $330,400 Common stock and paid-in surplus $112,000 Retained earnings 146,720 Total $258,720 $452,720 Total liabilities and owners' equity $452,720 Total assets