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The most recent financial statements for Fleury Inc., follow. Sales for next year are projected to...

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Accounting

The most recent financial statements for Fleury Inc., follow.Sales for next year are projected to grow by 19 percent. Interestexpense will remain constant; the tax rate and the dividend payoutrate will also remain constant. Costs, other expenses, currentassets, fixed assets and accounts payable increase spontaneouslywith sales. FLEURY, INC. Income Statement

Sales $ 552738

Costs 500801

Other expenses 10363

Earnings before interest and taxes $ ? I

nterest paid 10852 Taxable income $ ?

Taxes (30%) ? Net income ?

Dividends $ 6869 FLEURY,

INC Balance Sheet Assets Liabilities and Owners’ Equity Currentassets Current liabilities Cash $ 21829

Accounts payable $ 57564

Accounts receivable 31641

Notes payable 15616

Inventory 74265

Long-term debt $ 109420

Fixed assets Net plant and equipment $ 412140

Owners’ equity Common stock and paid-in surplus $ 149257

Retained earnings ?

If the firm is operating at full capacity and no new debt orequity is issued, what external financing is needed to support the19 percent growth rate in sales (round 2 decimal places)

Answer & Explanation Solved by verified expert
3.6 Ratings (566 Votes)

Last Year Basis for projections Next Year
Sales 552738.00 +19.00% 657758.22
Costs 500801.00 90.60% of sales 595953.19
Other expenses 10363.00 1.87% of sales 12331.97
EBIT 41574.00 49473.06
Interest 10852.00 10852.00
EBIT 30722.00 38621.06
Taxes (30%) 9216.60 11586.32
Net Income 21505.40 27034.74
Dividend 6869.00 31.94% of NI 8634.90
Addition to retained earnings 14636.40 18399.85
BALANCE SHEET:
Cash 21829.00 3.94% of sales 25976.51
Acounts Receivable 31641.00 5.72% of sales 37652.79
Inventory 74625.00 13.50% of sales 88803.75
Total current assets 128095.00 152433.05
Net PP&E 412140.00 74.56% of sales 490446.60
Total assets 540235.00 642879.65
Accounts payable 57564.00 6.00% of sales 68501.16
Notes payable 15616.00 15616.00
Total current liabilities 73180.00 84117.16
Long term debt 109420.00 109420.00
Common stock 149257.00 149257.00
Retained earnings 208378.00 +18399.85 226777.85
Total liabilities and Equity 540235.00 569572.01
EFN Needed 73307.64

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