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2016 Actual Results 2017 Initial Forecast $24,000 $20,000 (16,000) $4,000 (19,200) $4,800 (1,200) (480) (1,000) (400) $2,600 (400) $2,200 $3,120 Net sales Cost of goods sold Gross profit Fixed operating costs except depreciation Depreciation Earnings before interest and taxes Interest Earnings before taxes Taxes Net income Common dividends Addition to retained earnings Earnings per share Dividends per share Number of common shares (millions) (400) (880) $2,720 (1,088) 1,632 $1,320 (712.8) $607.2 (712.8) $919.2 $66 $81.6 $35.64 $35.64 20.0 20.0 Which of the following are assumptions made by the initial income statement forecast? Check all that apply. Black Sheep Broadcasting Company will be issuing additional shares of common stock in the coming year. No excess capacity currently exists. Spontaneously generated funds will sufficiently cover any financing needs. Black Sheep Broadcasting Company will be issuing additional debt in the coming year. The forecasted increase in net sales is 20%. The cost of sales percentage for Black Sheep Broadcasting Company will decrease due to economies of scale. Which of the following are assumptions made by the initial income statement forecast? Check all that apply. Black Sheep Broadcasting Company will be issuing additional shares of common stock in the coming year. No excess capacity currently exists. Spontaneously generated funds will sufficiently cover any financing needs. Black Sheep Broadcasting Company will be issuing additional debt in the coming year. The forecasted increase in net sales is 20%. The cost of sales percentage for Black Sheep Broadcasting Company will decrease due to economies of scale. Which of the following could be a direct cause of financing feedback? 1. Issuing additional common stock 11. Purchasing additional buildings with internally generated funds III. An unexpected increase in sales IV. Borrowing from the bank I and II TV I and IV II and IV 11 III and IV What is one of the potential consequences of financing feedback that might cause the actual financing needs to be higher than initially thought? Financing feedback might reduce the level of cash on hand. Increase the length of the operating cycle. increase charges against net income, reducing the amount of available internally generated funds. spontaneously increase liabilities associated with the cost of goods sold