The most recent financial statements for Fleury Inc , follow Sales for next year are projected to grow by 22 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 Income Statement Sales $ 572,274 Costs 504,110 Other expenses 16,373 Earnings before interest and taxes $ Interest paid 13,013 Taxable income $ Taxes (30 ) Net income Dividends $ 6,512 FLEURY, INC Balance Sheet Assets Liabilities and Owners Equity Current assets Current liabilities Cash $ 20,442 Accounts payable $ 50,825 Accounts receivable 37,505 Notes payable 15,612 Inventory 71,739 Long term debt $ 107,612 Fixed assets Net plant and equipment $ 409,239 Owners equity Common stock and paid in surplus $ 124,119 Retained earnings If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 22 percent growth rate in sales

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The most recent financial statements for Fleury Inc., follow. Sales for next year are projected to grow by 22 percent. Interest expense will remain constant;

The most recent financial statements for Fleury Inc., follow. Sales for next year are projected to grow by 22 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.
Income Statement
Sales	$	572,274
Costs		504,110
Other expenses		16,373
Earnings before interest and taxes	$	?
Interest paid		13,013
Taxable income	$	?
Taxes (30%)		?
Net income		?

Dividends	$	6,512

FLEURY, INC.
Balance Sheet
Assets			Liabilities and Owners Equity
Current assets			Current liabilities
Cash	$	20,442	Accounts payable	$	50,825
Accounts receivable		37,505	Notes payable		15,612
Inventory		71,739
			Long-term debt	$	107,612
Fixed assets
Net plant and equipment	$	409,239	Owners equity
			Common stock and paid-in surplus	$	124,119
			Retained earnings		?

If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 22 percent growth rate in sales?