Question #$1($Chapter $4)$

The most recent financial statements for Hopington Tours Inc. follow. 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, and

accounts payable increase spontaneously with sales. 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? $(10$ points$)$

HOPINGTON TOURS INC.

Statement of Flnanclal Position as of December $31,2015$

Please give the complete process, thank you very much!