The most recent financial statements for your company are as follows. Sales for 2018 are projected to grow by 20%. 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. If the firm is operating at only 80% capacity, and no new debt or equity is issued, what is the external financing needed to support the growth rate in sales?

For 2020, calculate the cash flow from assets, cash flow to creditors, and cash flow to shareholders. Assume the tax rate is 34%. Sales Depreciation Cost of goods sold Other expenses Interest Cash Account receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2019 11,573 1,661 3,979 946 776 6,067 8,034 1,171 20,320 50,888 4,384 14,283 1,411 2020 14,000 1,736 4,707 824 626 6,466 9,427 1,147 24,696 54,273 4,644 15,288 1,618 For 2020, calculate the cash flow from assets, cash flow to creditors, and cash flow to shareholders. Assume the tax rate is 34%. Sales Depreciation Cost of goods sold Other expenses Interest Cash Account receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2019 11,573 1,661 3,979 946 776 6,067 8,034 1,171 20,320 50,888 4,384 14,283 1,411 2020 14,000 1,736 4,707 824 626 6,466 9,427 1,147 24,696 54,273 4,644 15,288 1,618