Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 21 Sep 2017 My Price 4.00

Ambrose Inc.

LONG-TERM FINANCING NEEDED At year-end 2014, total assets for Ambrose Inc. were $1 2 million and accounts payable were $375,000. Sales, which in 2014 were $2 5 million, are expected to increase by 25% in 2015. Total assets and accounts payable are proportional to sales, and that relationship will be maintained; that is, they will grow at the same rate as sales. Ambrose typically uses no current liabilities other than accounts payable. Common stock amounted to $425,000 in 2014, and retained earnings were $295,000. Ambrose plans to sell new common stock in the amount of $75,000. The firm’s profit margin on sales is 6%; 60% of earnings will be retained.

a. What was Ambrose’s total liabilities in 2014?

b. How much new long-term debt financing will be needed in 2015?

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Sep 2017 08:09 PM My Price 4.00

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