The most recent financial statements for Moose Tours , Inc ., appear below . Sales for 2016 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 . MOOSE TOURS , INC 2015 Income Statement Sales $ 747, 000 Costs 582 ,000 Other expenses 18 , 000 Earnings before* Interest and 147, 000 taxes Interest Expense 15, 000 Taxable income* 132, 000 Taxes ( 30%/0 ) 39 , 600 Net income* $ 92 , 400 Dividends* $18, 480 Addition to retained 73. 920 earnings MOOSE TOURS , INC.` Balance Sheet as of December 31 , 2015 ASSETS Liabilities and Owners' Equity Current Current assets liabilities Cash 20, 640 Accounts payable $ 54, 800 Accounts Notes receivable 32, 960\ payable 14, 000 Inventory 69, 920 Total 68, 800 Total $ 123, 520) Long -term* ~` debt 130, 000 Fixed assets Owners equity Net plant Common and 410.000 Stock and equipment paid - in $ 1 16, 000 Surplus Retained earnings * 218 , 720 Total $ 3:34 , 720