S&S Air, INC.
2009 Income Statement
Sales
$30,499,420
Cost of goods sold
$22,224,580
Other expenses
$3,867,500
Depreciation
$1,366,680
EBIT
$3,040,660
Interest
$478,240
Taxable income
$2,562,420
Taxes (40%)
$1,024,968
Net income
$1,537,452
Dividends
$560,000
Add to retained earnings
$977,452
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Finance
S&S Air, INC.
2009 Income Statement
Sales
$30,499,420
Cost of goods sold
$22,224,580
Other expenses
$3,867,500
Depreciation
$1,366,680
EBIT
$3,040,660
Interest
$478,240
Taxable income
$2,562,420
Taxes (40%)
$1,024,968
Net income
$1,537,452
Dividends
$560,000
Add to retained earnings
$977,452
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          Â
S&S Air, INC.
2009 Balance Sheet
Assets
Liabilities and Equity
Current assets
Current liabilities
Cash
$441,000
Accounts payable
$889,000
Accounts receivable
$708,400
Notes payable
$2,030,000
Inventory
$1,037,120
Total current liabilities
$2,919,000
Total current assets
$2,186,520
Long term debt
$5,320,000
Fixed assets
Net plant and equipment
$16,122,400
Shareholder equity
Common stock
$350,000
Retained earnings
$9,719,920
Total equity
$10,069,920
Total assets
$18,308,920
Total liabilities and equity
$18,308,920
Calculate the external financing needed (EFN) assuming 12%growth rate and full capacity operation. Use Excel to createpro-forma financial reports.
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