15 Con the trate de and payoutworm Cont Co. e expenses current and accounts paymes CROSBY INC 2017 in $75.000 61000 25.000 10.00 est paid Tube $10.00 230 5 Act 15 CROSEC Best of December 2011 $58.200 23.00 70.700 $120.920 Long term debet $7.00 59.000 56.520 520.000 $40 $340-900 15 Complete the forma income woments below. Do not found intermed consend your answers to the whole dar) 15 the EN 15.20 and 45 percent the negatiewe should be indicated sign. De und intermediate clations and round you UN 15 The most recent financial statements for Crosby, Inc., follow. 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. Assume the firm is operating at full capacity and the debt- equity ratio is held constant. 4 points eBook Print $755,000 611,000 25,000 References CROSBY, INC. 2017 Income Statement Sales Costs Other expenses Earnings before interest and taxes Interest paid Taxable income Taxes (22%) Net income $ 119,000 10,800 $ 108,200 23,804 $ 84,396 Dividends Addition to retained earnings $ 41,940 42,456 15 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 24,440 Accounts payable $ 58,200 Accounts receivable 33,780 Notes payable 15,200 4 points eBook Inventory 70,700 Total $ 73,400 Print Total $ 128,920 Long-term debt $ 103,000 References Owners' equity Common stock and paid-in surplus Retained earnings Fixed assets Net plant and equipment $ 98,000 $ 212,000 66,520 Total $164,520 Total assets $340,920 Total liabilities and owners' equity $340,920 15 Complete the pro forma income statements below. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) 4 points Pro Forma Income Statement 15% Sales Growth 20% Sales Growth 45% Sales Growth Sales eBook $ $ Print 868,250 702,650 28,750 136,850 10,800 References $ $ Costs Other expenses EBIT Interest paid Taxable income Taxes (22%) Net income Dividends Add to RE 906,000 $ 733,200 30,000 142,800 $ 10,800 132,000 $ 29,040 102,960 $ 1,094,750 885,950 36,250 172,550 10,800 161.750 35,585 126,165 $ 126,050 S $ 27,731 98,319 $ 48,859 49,460 S Calculate the EFN for 15, 20 and 45 percent growth rates. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole dollar amount.) 15% 20% 45% EFN