The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 are projected to grow by 25 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expense

The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 are projected to grow by 25 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

$

750,000

  Costs

585,000

  Other expenses

21,000

  Earnings before interest and taxes

$

144,000

  Interest expense

17,000

  Taxable income

$

127,000

  Taxes (20%)

25,400

  Net income

$

101,600

    Dividends

$

20,320

    Addition to retained earnings

81,280

MOOSE TOURS, INC.
Balance Sheet as of December 31, 2015

Assets

Liabilities and Owners’ Equity

  Current assets

  Current liabilities

    Cash

$

20,940

    Accounts payable

$

55,100

    Accounts receivable

33,260

    Notes payable

14,300

    Inventory

70,220

      Total

$

69,400

      Total

$

124,420

  Long-term debt

$

133,000

  Fixed assets

  Owners’ equity

    Net plant and equipment

$

360,000

    Common stock and paid-in surplus

$

119,000

    Retained earnings

163,020

      Total

$

282,020

  Total assets

$

484,420

  Total liabilities and owners’ equity

$

484,420

If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 25 percent growth rate in sales? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

  External financing needed

$ [removed]