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 A firm's balance sheet and income statements for 2015 & 2016 are shown below

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 A firm's balance sheet and income statements for 2015 & 2016 are shown below. It is currently utilizing 90% of its production capacity.
a) what is the External Funds Needed if sales grow 5% in the next year?
b) what is the External Funds Needed if sales grow 20% in the next year?


Income Statement
Year ended Year ended
12/31/2015 12/31/2016




Total Revenue 12,000 11,000
Cost of Goods Sold 5,000 4,890
Depreciation & Amortization 1,231 1,122
Earnings Before Interest and Taxes (EBIT) 5,769 4,988
Interest Expense 332 290
Taxable Income 5,437 4,698
Tax Expense 1,080 931
Net Income (Loss) 4,357 3,767
Dividends Paid 1,300 1,200


Balance Sheet
Assets
Current assets:
Cash and cash equivalents 27,157 24,161
Accounts receivable 598 345
Inventory 898 1,234
Total current assets 28,653 25,740
Net Fixed Assets 34,000 33,712
Total assets 62,653 59,452


Liabilities and stockholders' equity
Current liabilities:
Accounts payable & Accrued Operating Liabilities 361 451
Short-term Notes Payable 2,357 2,123
Total current liabilities 2,718 2,574
Long Term Debt 4,578 4,578
Total liabilities 7,296 7,152
Stockholders' equity:
Common stock & Paid-in Capital 2,300 2,300
Retained Earnings 53,057 50,000
Total stockholders' equity 55,357 52,300
Total liabilities and stockholders' equity 62,653 59,452