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Forecasting Financial Statements $75.00 Common stock price Eamings per share Dividends per share $2.40 $1.44 Growth rate of sales 12% Common stock outstanding 100.000 Operating costs/sales ratio 91.5% Total liabilities to assets ration 35% Proportion of short-term interest-bearing debt 40% Tax rate 25% Before-tax cost of debt 13.50% a Constructing the forecasted financial statements (Parts II, III, and IV.) Part II income Statements 2021 Sales $6,400,000.00 Operating costs including depreciation 6.041.500.00 $358.500.00 Eamings before interest and taxes (EBIT) interest 38.500.00 Eamings before taxes (EBT) $320.000.00 Taxes 80.000.00 Net income (N) $240.000.00 Dividends Addition to retained earnings Part II Balance Sheets 2021 Assets Cash $320.000.00 640.000.00 Receivables Inventories 1.280.000.00 Total current assets $2.240.000.00 Fixed assets 2.560.000.00 Total assets $4.000.000.00 Liabilities and Equity 5040,000.00 Accounts payable Accrued liabilities Notes payable 320.000.00 95.000.00 Total current liables $1,056.000.00 Long-term det 180.000.00 Total liabilites $1.235.000.00 3.200 000 00 Common stock 365.000.00 Retained earnings Total common equity Total liabiltes and equity $3.500.000.00 $4.800,000.00 Part V. Notes on Calculations Total labiltes Less: Payables and accruals interest-bearing det Alocated to notes payable Alocated to long-term bonds Interest expense Target equity-to-assets rato Required total equity Retained earnings Required common stock b. Calculating the growth rate in sales at which the additional financing requirements will be exactly zero Profit margin 3.75% Dividend payout rato 60% Formulas Addition to retained earnings Growth rate in sales 2022 2022 Form Forecasting Financial Statements Common stock price Earnings per share2021 Dividends per share2021 Growth rate of sales Common stock outstanding 2021 Operating costs/sales ratio2021 Total liabilities-to-assets ratio2021 Proportion of short-term interest-bearing debt2021 Tax rate Before-tax cost of debt a. Constructing the forecasted financial statements (Parts II., III., and IV.) Part II. Income Statements Sales Operating costs including depreciation Earnings before interest and taxes (EBIT) Interest Earnings before taxes (EBT) Taxes Net income (NI) Dividends Addition to retained earnings $75.00 $2.40 $1.44 12% 100,000 91.5% 35% 40% 25% 13.50% 2021 $6,400,000.00 6,041,500.00 $358,500.00 38,500.00 $320,000.00 80,000.00 $240,000.00 2022 LE F Part III. Balance Sheets 2021 Assets Cash $320,000.00 640,000.00 Receivables Inventories 1,280,000.00 Total current assets Fixed assets $2,240,000.00 2,560,000.00 $4,800,000.00 Total assets Liabilities and Equity $640,000.00 Accounts payable Accrued liabilities 320,000.00 Notes payable 95,000.00 Total current liabilities $1,055,000.00 Long-term debt 180,000.00 Total liabilities $1,235,000.00 Common stock 3,200,000.00 Retained earnings 365,000.00 Total common equity $3,565,000.00 $4,800,000.00 Total liabilities and equity Part V. Notes on Calculations Total liabilities Less: Payables and accruals Interest-bearing debt Allocated to notes payable Allocated to long-term bonds Interest expense Target equity-to-assets ratio Required total equity Retained earnings Required common stock b. Calculating the growth rate in sales at which the additional financing requirements will be exactly zero Profit margin 3.75% Dividend payout ratio 60% Formulas Addition to retained earnings2021 Growth rate in sales A 2022 Forecasting Financial Statements $75.00 Common stock price Eamings per share Dividends per share $2.40 $1.44 Growth rate of sales 12% Common stock outstanding 100.000 Operating costs/sales ratio 91.5% Total liabilities to assets ration 35% Proportion of short-term interest-bearing debt 40% Tax rate 25% Before-tax cost of debt 13.50% a Constructing the forecasted financial statements (Parts II, III, and IV.) Part II income Statements 2021 Sales $6,400,000.00 Operating costs including depreciation 6.041.500.00 $358.500.00 Eamings before interest and taxes (EBIT) interest 38.500.00 Eamings before taxes (EBT) $320.000.00 Taxes 80.000.00 Net income (N) $240.000.00 Dividends Addition to retained earnings Part II Balance Sheets 2021 Assets Cash $320.000.00 640.000.00 Receivables Inventories 1.280.000.00 Total current assets $2.240.000.00 Fixed assets 2.560.000.00 Total assets $4.000.000.00 Liabilities and Equity 5040,000.00 Accounts payable Accrued liabilities Notes payable 320.000.00 95.000.00 Total current liables $1,056.000.00 Long-term det 180.000.00 Total liabilites $1.235.000.00 3.200 000 00 Common stock 365.000.00 Retained earnings Total common equity Total liabiltes and equity $3.500.000.00 $4.800,000.00 Part V. Notes on Calculations Total labiltes Less: Payables and accruals interest-bearing det Alocated to notes payable Alocated to long-term bonds Interest expense Target equity-to-assets rato Required total equity Retained earnings Required common stock b. Calculating the growth rate in sales at which the additional financing requirements will be exactly zero Profit margin 3.75% Dividend payout rato 60% Formulas Addition to retained earnings Growth rate in sales 2022 2022 Form Forecasting Financial Statements Common stock price Earnings per share2021 Dividends per share2021 Growth rate of sales Common stock outstanding 2021 Operating costs/sales ratio2021 Total liabilities-to-assets ratio2021 Proportion of short-term interest-bearing debt2021 Tax rate Before-tax cost of debt a. Constructing the forecasted financial statements (Parts II., III., and IV.) Part II. Income Statements Sales Operating costs including depreciation Earnings before interest and taxes (EBIT) Interest Earnings before taxes (EBT) Taxes Net income (NI) Dividends Addition to retained earnings $75.00 $2.40 $1.44 12% 100,000 91.5% 35% 40% 25% 13.50% 2021 $6,400,000.00 6,041,500.00 $358,500.00 38,500.00 $320,000.00 80,000.00 $240,000.00 2022 LE F Part III. Balance Sheets 2021 Assets Cash $320,000.00 640,000.00 Receivables Inventories 1,280,000.00 Total current assets Fixed assets $2,240,000.00 2,560,000.00 $4,800,000.00 Total assets Liabilities and Equity $640,000.00 Accounts payable Accrued liabilities 320,000.00 Notes payable 95,000.00 Total current liabilities $1,055,000.00 Long-term debt 180,000.00 Total liabilities $1,235,000.00 Common stock 3,200,000.00 Retained earnings 365,000.00 Total common equity $3,565,000.00 $4,800,000.00 Total liabilities and equity Part V. Notes on Calculations Total liabilities Less: Payables and accruals Interest-bearing debt Allocated to notes payable Allocated to long-term bonds Interest expense Target equity-to-assets ratio Required total equity Retained earnings Required common stock b. Calculating the growth rate in sales at which the additional financing requirements will be exactly zero Profit margin 3.75% Dividend payout ratio 60% Formulas Addition to retained earnings2021 Growth rate in sales A 2022