my question is Q23- internal growth rates. Thank you !

PART 2 Financial Statements and Long-Term Financial Planning What is the sustainable growth rate for the company? If it does grow at this ra how much new borrowing will take place in the coming year, assuming a consta debt-equity ratio? What growth rate could be supported with no outside financing at all? 22. Sustainable Growth Rate [LO3] Gilmore, Inc., had equity of $161,000 at the be ginning of the year. At the end of the year, the company had total assets of $305,000 During the year, the company sold no new equity. Net income for the year was $29,000 and dividends were $6,200. What is the sustainable growth rate for the com- pany? What is the sustainable growth rate if you use the formula ROE X b and be. ginning of period equity? What is the sustainable growth rate if you use end of period equity in this formula? Is this number too high or too low? Why? 23. Internal Growth Rates (LO3] Calculate the internal growth rate for the company in the previous problem. Now calculate the internal growth rate using ROA X b for both beginning of period and end of period total assets. What do you observe? 24. Calculating EFN (LO2] 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. If the firm is operating at full capacity and no new actor equity is issued, what external financing is needed to support the 20 percent gowth rate in sales? FLEURY, INC. 2014 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (35%) Net income Dividends Addition to retained earnings $891,600 693,600 18,240 $179,760 13,400 $166,360 58,226 $108,134 $35,684 72,450 FLEURY, INC. Balance Sheet as of December 31, 2014 Assets