Given the financial statements below for Dragonfly Enterprises, what is the external financing need for a...
Given the financial statements below for Dragonfly Enterprises, what is the external financing need for a pro forma increase in sales of 13% if the firm is operating at 94% capacity? Enter your answer as the nearest whole (e.g., 123), but do not include the $ sign.
|
Dragonfly Enterprises |
||
|
Income Statement ($ Million) |
2011 |
|
|
Sales |
370 |
|
|
Cost of Goods Sold |
226 |
|
|
Selling, General, & Admin Exp. |
62 |
|
|
Depreciation |
20 |
|
|
Earnings Before Interest & Taxes |
62 |
|
|
Interest Expense |
12 |
|
|
Taxable Income |
50 |
|
|
Taxes at 40% |
20 |
|
|
Net Income |
30 |
|
|
Dividends |
9 |
|
|
Addition to Retained Earnings |
21 |
|
|
Balance Sheets as of 12-31 |
||
|
Assets |
2010 |
2011 |
|
Cash |
10 |
10 |
|
Account Receivable |
46 |
50 |
|
Inventory |
43 |
45 |
|
Total Current Assets |
99 |
105 |
|
Net Fixed Assets |
166 |
195 |
|
Total Assets |
265 |
300 |
|
Liabilities and Owners Equity |
2010 |
2011 |
|
Accounts Payable |
26 |
30 |
|
Notes Payable |
0 |
0 |
|
Total Current Liabilities |
26 |
30 |
|
Long-Term Debt |
140 |
150 |
|
Common Stock |
22 |
22 |
|
Retained Earnings |
77 |
98 |
|
Total Liab. and Owners Equity |
265 |
300 |
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