Mark has sales of $4,650 net income of $490, total assets of $5,820, and total debt...
Mark has sales of $4,650 net income of $490, total assets of $5,820, and total debt of $2,760. Assets and costs are proportional to sales. Debt and equity are not. No dividends or taxes are paid. Next year's sales are projected to be $5,487. What is the amount of the external financing needed?
Homework Answers
EFN = [A0 x ΔS/So] - [L0 x ΔS/So] - [S1 x PM x b]
Where,
Ao = current level of assets
Lo = current level of liabilities
ΔS/So = percentage increase in sales i.e. change in
sales divided by current sales
S1 = new level of sales
PM = profit margin
b = retention rate = 1 – payout rate
EFN = [$5,820 x {($5,487 - $4,650) / $4,650}] - [$2,760 x {($5,487 - $4,650) / $4,650}] -
[$5,487 x ($490 / $4,650) x 1]
= $1,047.60 - $496.80 - $578.20 = -$27.40
A negative figure for additional funds needed means that there is a surplus of capital.
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