INCOME STATEMENT BALANCE SHEET Sales $ 26,700 Assets $ 119,000 Debt $ 27,800 Costs 16,400...
| INCOME STATEMENT | BALANCE SHEET | |||||||
| Sales | $ | 26,700 | Assets | $ | 119,000 | Debt | $ | 27,800 |
| Costs | 16,400 | Equity | 91,200 | |||||
| Taxable income | $ | 10,300 | Total | $ | 119,000 | Total | $ | 119,000 |
| Taxes (32%) | 3,296 | |||||||
| Net income | $ | 7,004 | ||||||
Assets and costs are proportional to sales. Debt and equity are not. A dividend of $3,242.8 was paid, and the company wishes to maintain a constant payout ratio. Next year’s sales are projected to be $37,113. What is the external financing needed?
Homework Answers
Growth rate in sales=(37113-26700)/26700=39%
Dividend payout ratio=Dividend/Net income
(3242.8/7004)=0.462992575
| Sales | 37113 |
| Costs(16400*1.39) | 22796 |
| Taxable income | $14317 |
| Taxes(32%*$14317) | $4581.44 |
| Net income | $9735.56 |
| Less:Dividends($9735.56*0.462992575) | 4507.492 |
| Addition to Retained earnings | $5228.068 |
Total Assets would be=$119,000*1.39=$165410
Total equity=$91200+Addition to retained earnings
=(91200+5228.068)=$96428.068
Total Assets=Total equity+Total debt
Hence external financing needed=$165410-(96428.068+27800)
=$41181.932
Add Answer to:
INCOME STATEMENT
BALANCE SHEET
Sales
$
26,700
Assets
$
119,000
Debt
$
27,800
Costs
16,400...
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