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Category > Management Posted 21 Jan 2018 My Price 10.00

Retro Machine, Inc

The most recent financial statements for Retro Machine, Inc., follow. Sales for 2014 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 and accounts payable increase spontaneously with sales.

 

RETRO MACHINE, INC.
2013 Income Statement
  Sales       $ 750,850  
  Costs         582,450  
  Other expenses         18,350  
             
  Earnings before interest and taxes       $ 150,050  
  Interest paid         12,100  
             
  Taxable income       $ 137,950  
  Taxes (40%)         55,180  
             
  Net income       $ 82,770  
             
  Dividends $ 26,997        
  Addition to retained earnings   55,773        
 

 

RETRO MACHINE, INC.
Balance Sheet as of December 31, 2013
Assets   Liabilities and OwnersAc€?c Equity  
  Current assets         Current liabilities      
    Cash $ 24,750       Accounts payable $ 62,910  
    Accounts receivable   37,350       Notes payable   16,380  
               
    Inventory   78,840         Total $ 79,290  
               
      Total $ 140,940     Long-term debt $ 142,900  
  Fixed assets         OwnersAc€?c equity      
    Net plant and equipment $ 373,410       Common stock and paid-in surplus $ 135,000  
            Accumulated retained earnings   157,160  
               
              Total $ 292,160  
               
  Total assets $ 514,350     Total liabilities and ownersAc€?c equity $ 514,350  
               
 

In 2013, the firm operated at 80 percent of capacity. Construct the pro forma income statement and balance sheet for the company. Assume that the company cannot sell fixed assets. This implies that asset utilization may remain less than 100 percent next year as well. (Do not round intermediate calculations.)

 

Pro Forma Income Statement
  Sales $    
  Costs      
  Other expenses      
       
  EBIT $    
  Interest      
       
  Taxable income $    
  Taxes (40%)      
       
  Net income $    
       
 

 

Pro Forma Balance Sheet
Assets   Liabilities and OwnersAc€?c Equity  
  Current assets         Current liabilities      
    Cash $         Accounts payable $    
    Accounts receivable           Notes payable      
               
    Inventory             Total $    
               
      Total $       Long-term debt $    
  Fixed assets         OwnersAc€?c equity      
    Net plant and equipment $         Common stock and paid-in surplus $    
            Accumulated retained earnings      
               
              Total $    
               
  Total assets $       Total liabilities and ownersAc€?c equity $    
               
 

 

What is the EFN?

Answers

(5)
Status NEW Posted 21 Jan 2018 07:01 PM My Price 10.00

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