Calculating EFN: The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2012 are projected to grow by 20 percent. Interest expense will remain constant; 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?

Moose Tours, INC. 2011 Income Statement
Sales		$ 836,100.00
Costs		$ 650,700.00
Other Expenses		$ 17,100.00
Earining before interest and		$ 168,300.00
Taxes		$ 12,600.00
Interest expense		$ 155,700.00
Taxable income		$ 54,495.00
Taxes		$ 101,205.00
Net Income
Divedends		$ 30,300.00
Addition to retained earnings		$ 70,905.00

Moose Tours, INC. Balance Sheet as of Dec 3, 2011
Assets		Liabilities and Owners Equity
Current Assets		Current liabilities
Cash	$ 24,035.00	Accounts payable	$ 64,600.00
Accounts receivable	$ 38,665.00	Notes payable	$ 16,150.00
Inventory	$ 82,555.00	Total	$ 80,750.00
Total	$ 145,255.00	Long-term debt	$ 150,000.00
		Owners Equity
Fixed Assets		Common stock and paid-in surplus	$ 130,000.00
Net plant and equipment	$ 392,350.00	Retained earnings	$ 176,855.00
		Total	$ 306,855.00
Total assets	$ 537,605.00	Total liabilites and owners equity	$ 537,605.00