The most recent financial statements for GulFam Tours as follow. Sales for 2008 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, and accounts payable increase spontaneously with sales Gulfam Tours 2007 Income Statement Sales Rs. 980,000 Costs 770,00 Other expenses 14,000 EBIT 196,000 Interest paid 23,800 Taxable Income 172,200 Taxes 35 % 60,270 Net Income 111,930 Dividends Rs. 44,772 Addition to retained earnings 67,158 Balance Sheet as of December, 2007 Assets Liabilities and Owners Equity Cash Rs. 28,000 Accounts Payable Rs.70, 000 Accounts Receivable 49,000 Notes Payable 7,000 Inventory 84,000 Total Current Assets 161,000 Total Current Liabilities 77,000 Net fixed assets 385,000 Long term debt 168,000 Common stock 21,000 Retained earnings 280,000 Total Assets 546,000 Total Liabilities and owners equity 546,000 Required: a. If the firm is operating at full capacity and no new debt or equity is issued, what is the external financing needed to support the 20 percent growth rate in sales?. b. Suppose the firm was operating at only 80 percent capacity in 2007. What is EFN now?

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Balance Sheet as of December, 2007 Assets Liabilities and Owners Equity Cash Rs. 28,000 Accounts Payable Rs.70, 000 Accounts Receivable 49,000 Notes Payable 7,000 Inventory 84,000 Total Current Assets 161,000 Total Current Liabilities 77,000 Net fixed assets 385,000 Long term debt 168,000 Common stock 21,000 Retained earnings 280,000 Total Assets 546,000 Total Liabilities and owners equity 546,000

This is the balance sheet

i dont know the formula thats why i am taking help