Assume that all costs, assets, and accounts payable change spontaneously with sales. For simplicitys sake, assume interest expense also changes spontaneously with sales (even though you know if may not). The tax rate and dividend payout ratios remain constant. If the firms managers project a firm growth rate of 15 percent for next year, what will be the amount of external financing needed to support this level of growth

BALANCE SHEET Narrow falls lumber 2015

net sales	$848,600
cost of good sold	542,800
depreciation	147,400
EBIT	158,400
interest	12,600
taxable income	458,800
taxes	51,800
net income	94,000
dividends	28,200

Balance sheet as of December 31, 2014 and 2015

	2015	2014			2015	2014
cash	$32,300	269,000		accounts payable	$78,900	$79200
accounts receivable	74,700	72,300		notes payable	50,000	40,000
inventory	99,500	97,800		long-term debt	295,600	354,500
net fixed assets	707,100	705,000		common stock and paid-in surplus	170,000	175,000
				retained earnings	319,000	253,300
total assets	913,600	902,000		total liabilities and owners' equity	913,600	902,000