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The most recent financial statements for Fleury, Inc., follow. Sales for 2012 are projected to grow by 20 percent. Interest expense will remairn constant; the

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The most recent financial statements for Fleury, Inc., follow. Sales for 2012 are projected to grow by 20 percent. Interest expense will remairn 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 debt or equity is issued, what external financing is needed to support the 20 percent growth rate in sales? Sales Costs Other expenses EBIT Interest expense Taxable income Taxes Net income 743,000 Assets Liabilities and owners' equit Current liabilities 578,000 Current assets 149,800 138,600 15,200 11,200 48,510 Fixed assets 20,240 32,560 69,520 Accounts payable $ 54,400 13,600 $ 68,000 $ 126,000 Cash Accounts receivable Inventory Notes payable Total Total $ 122,320 Long-term debt Net plant and equipment Owners' equity $ 330,400 Dividends Add. to retained earnings 27,027 63,063 Common stock and paid-in surplus Retained earnings $ 112,000 146,720 $ 258,720 Total Total liabilities and $ 452,720 owners' equity 20.00% 35% Total assets 452,720 Sales increase Tax rate

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