The most recent financial statements for Minnie's Manufacturing Co. are shown below: Income Statement Balance Sheet...
| The most recent financial statements for Minnie's Manufacturing Co. are shown below: |
| Income Statement | Balance Sheet | |||||||
| Sales | $ | 96,000 | Current assets | $ | 36,000 | Debt | $ | 46,800 |
| Costs | 68,550 | Fixed assets | 95,600 | Equity | 84,800 | |||
| Taxable income | $ | 27,450 | Total | $ | 131,600 | Total | $ | 131,600 |
| Tax | 6,588 | |||||||
| Net Income | $ | 20,862 | ||||||
|
Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 35 percent dividend payout ratio. No external financing is possible. |
|
|
What is the internal growth rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
Homework Answers
ROA=Net income/Total assets
=20,862/131,600
=0.158525836
Retention ratio=1-payout ratio
=(1-0.35)=0.65
Internal growth rate=(ROA*Retention ratio)/[1-(ROA*Retention ratio)]
=(0.158525836*0.65)/[1-(0.158525836*0.65)
=11.49%(Approx).
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The most recent financial statements for Minnie's Manufacturing
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