Homework Answers
New sales = 7900*115% = 9085
New Costs = 5500* 115% = 6325
Taxable income = 9085 - 6325 = 2760
Tax@25% = 690
Net income = 2760 - 690 = 2070
Dividend payout is at 40%, plowback is at 60%
Plowback@60% = 2070 * 60% = 1242
Previous equity was 6,700, after plowback addition new equity will be 6700 + 1242 = 7942
New total assets = 12500 * 115% = 14375
New current liabilities = 2100 *115% = 2415
External financing = Total assets - total equity - total liabilities
=14375 - 7942 - 2415 - 3700
=$318
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