Steinhardt Wig Company has the following Income statement and balance sheet for 2005. The firm paid...
Steinhardt Wig Company has the following Income statement and balance sheet for 2005. The firm paid out 65% of it's Net Income as Dividends. What is the firms Cash Flow to Equity Holders? (Round to nearest penny and do not enter commas, e.g. 1234.56)
| Revenue | 176655 |
|---|---|
| Costs | 23271 |
| Depreciation | 16885 |
| Ebit | |
| Interest Expense | 7562 |
| Taxable Income | |
| Tax Expense @ 22% | |
| Net Income |
| Year | 2004 | 2005 | 2004 | 2005 | |
|---|---|---|---|---|---|
| Current Assets | 17455 | 17375 | Current Liabilities | 14757 | 17015 |
| Fixed Assets | 140357 | 157330 | Long-Term Debt | 136777 | 139901 |
| Common Stock | 30465 | 37106 |
Homework Answers
|
Income Statement |
|
|
Revenue |
1,76,655.00 |
|
Less: Costs |
23,271.00 |
|
Less: Depreciation |
16,885.00 |
|
EBIT |
1,36,499.00 |
|
Less: Interest Expenses |
7,562.00 |
|
Taxable Income |
1,28,937.00 |
|
Less: Tax at 22% |
28,366.14 |
|
Net Income |
1,00,570.86 |
|
Less: Dividends at 65% |
65,371.06 |
|
Addition to retained earnings |
35,199.80 |
Firms Cash Flow to Equity Holders
Cash Flow to Equity Holders = Dividend Paid – Net New Equity
= Dividend Paid – [Common stock at the end - Common stock at the beginning]
= $35,199.80 – [$37,106.00 - $30,465.00]
= $35,199.80 – $6,641.00
= $28,558.80
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