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 22 percent for next year, what will be the amount of external financing needed to support this level of growth?

$63,200

$66,270

$47,520

$63,200

$53,640

$47,520

$56,400

$53,640

$56,400

The Lumber Mil 2015 Income Statement $608,400 427,800 Net sales Cost of goods sold EBIT Interest Taxable income Taxes Net income Dividends $101,500 17,600 S 83,900 28 500 55,400 $12,000 The Lumber Mill Balance Sheets as of December 31, 2014 and 2015 2014 S 33,600 33,900A Accounts payable49,70059,200 20,000 25,000 155,000 175,000 Cash Accounts receivable 54,2005 53,300 Notes payable 96,7008 5,800 Long-term debt Common stock and paid-in surplus Net fixed assets 407.100 409,700 ($1 par value 150,000150,000 Retained eamings216900 173500 Total liabilities & Total assets $591600 582 700owners' eqiy,600582.700