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Category > Management Posted 15 Oct 2017 My Price 9.00

Retro Machine, Inc.

The most recentfinancial statementsfor Retro Machine, Inc., follow. Sales for 2010 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets,and accounts payable increase spontaneously with sales. The tax rate is 35 percent.

 

RETRO MACHINE INC
2009 Income Statement
Sales $ 937,000
Costs   716,000
Other expenses   18,000
 
Earnings before interest and taxes $ 203,000
Interest paid   12,000
 
Taxable income $ 191,000
Taxes (35%)   66,850
 
Net income $ 124,150
 
Dividends $ 37,245
Addition to retained earnings   86,905
RETRO MACHINE, INC
Balance Sheet as of December 31, 2009
ASSETS   LIABILITIES AND OWNERS’ EQUITY
Current assets       Current liabilities    
Cash $ 25,800   Accounts payable $ 67,800
Accounts receivable   41,300   Notes payable   15,500
         
Inventory   87,900   Total $ 83,300
 
     
Total $ 155,000   Long-termdebt $ 151,000
 
     
        Owners’ equity    
Fixed assets       Common stockand paid-in surplus $ 126,000
Net plant and equipment $ 431,000   Accumulated retained earnings   225,700
 
 
        Total $ 351,700
         
Total assets $ 586,000   Total liabilities and owners’ equity $ 586,000
 
 

 

Required:

If the firm is operating at full capacity and no new debt or equity are issued, what is theexternal financing needed to support the 20 percent growth rate in sales?(Do not include the dollar sign ($). Negative amount should be indicated by a minus sign.)

 

External financing needed $

Answers

Maurice Tutor
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Status NEW Posted 15 Oct 2017 08:10 PM My Price 9.00

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