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?

The most recent financial statements for Fleury Inc., follow. Sales for 2015 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. FLEURY, INC. 2014 Income Statement Sales Costs Other expenses $751,000 586,000 22,000 Earnings before interest and taxes Interest paid $143,000 18,000 $125,000 50,000 laxable income Taxes (40%) Net income $ 75,000 Dividends Addition to retained e $30,000 45,000 arnings FLEURY, INC. Balance Sheet as of December 31, 2014 Assets Liabilities and Owners Equity Current assets Current liabilities $ 21,040 Accounts payable $ 55,200 Cash Accounts receivable 14,400 $ 69,600 $134,000 Net plant and equipment $240,000 Common stock and paid-in surplus $120,000 33,360 Notes payable Inventory 70,320 Total Total Fixed assets $124,720 Long-term debt Owners' equity 41,120 $161,120 $364,720 Retained earnings Total Total assets $364,720 Total liabilities and owners' equity