Hi, could you please solve the

Balance sheet yera end 2015

Using Percentage of Sales. The 2015 financial statements for Growth Industries are presented below. Sales and costs in 2016 are projected to be 20% higher than in 2015. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at full capacity, so it plans to increase fixed assets in proportion to sales. What external financing will be required by the firm? Interest expense in 2016 will equal 10% of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of .40. INCOME STATEMENT, 2015 Sales $200,000 Costs 150,000 EBIT $ 50,000 Interest expense 10,000 Taxable income $ 40,000 Taxes (at 35%) 14,000 Net income $ 26,000 Dividends $10,400 Addition to retained earnings $15,600 BALANCE SHEET, YEAR-END, 2015 Assets Liabilities Current Current assets liabilities Cash $3,000 Accounts $ 10,000 payable Accounts 8,000 Total current $ 10,000 receivable liabilities Inventories 29,000 Long-term 100,000 debt Total $ 40,000 Stockholders' current equity assets Net plant 160,000 Common and stock plus equipment additional paid-in capital 15,000 Retained 75,000 earnings Total liabilities plus Total assets $200,000 stockholders' $200,000 equity