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please give answers as formulas!!! thank you!A B The most recent financial statements for Schenkel Co. are shown below. Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 30 percent dividend payout ratio. What is the internal growth rate? Sales Costs Taxable income Taxes Net income $ 16,200 Current assets 10,400 Fixed assets 10,100 Debt 26,500 Equity $ 16,400 20,200 $ 36,600 $5,800 Total $ 36,600 Total 2,320 $ 3,480 30% 21% 12 Payout ratio 13ax rate 15 16 17 18R 19 20 21 Complete the following analysis. Do not hard code values in your calculations. Return on assets Retention ratio Internal growth rate (using cell names)

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C16 C14*C15)/(1-(C14 C15)) Answer: Sales Costs Taxable Income Taxes Net Income 16200 10400 5800 2320 3480 Current Assets Fixed Assets Total 10100 Debt 26500 Equi 36600 Total 16400 20200 36600 4 10 Payout Ratio Tax Rate 30% 21% 12 13 14 15 16 17 18 19 20 21 Formulas Used Return on Assets Retenetion Ratio Internal Growth Rate 0.0951 700 0.0713 N14 15/[1-(N14 15)] Return on Assets Net Income /Total Assets Retenetion Ratio (b) 1 Payout Ratio Internal Growth Rate ROAb [1- (ROA*b)]

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