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ADDITIONAL FUNDS NEEDED Morrissey Technologies Inc.'s 2016 financial statements are shown here Morrissey Technologies Inc.: Balance Sheet as of December 31, 2016 Cash Receivables Inventories Total current assets $360,000 56,000 180,000 $596,000 100,000 1,800,000 204,000 $2,700,000 $180,000 Acounts payable 360,000 720,000 $1,260,000 Notes payable Accrued liabilities Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity rent assets Fixed assets 1,440,000 Total assets $2,700,000 Morrissey Technologies Inc.: Income Statement for December 31, 2016 Sales Operating costs including depreciation EBIT Interest EBT Taxes (40%) Net Income Per Share Data: Common stock price Earnings per share (EPS) Dividends per share (DPS) $3,600,000 3,279,720 $320,280 20,280 $300,000 120,000 $180,000 $45.00 $1.80 1.08 Suppose that in 2017, sales increase by 15% over 2016 sales. The firm currently has 100,000 shares outstanding. It expects to maintain its 2016 dividend payout ratio and believes that its assets should grow at the same rate as sales The firm has no excess capacity. However, the firm would like to reduce its operating costs/sales ratio to 85% and increase its total liabilities-to-assets ratio to 30%. (It believes its liabilities-to-assets ratio currently is too low relative to the industry average.) The firm will raise 30% of the 2017 forecasted interest-bearing debt as notes payable, and it will issue long-term bonds for the remainder. The firm forecasts that its before-tax cost of debt (which includes both short-term and long-term debt) is 12%. Assume that any common stock issuances or repurchases can be made at the firm's current stock price of $45 ADDITIONAL FUNDS NEEDED Morrissey Technologies Inc.'s 2016 financial statements are shown here Morrissey Technologies Inc.: Balance Sheet as of December 31, 2016 Cash Receivables Inventories Total current assets $360,000 56,000 180,000 $596,000 100,000 1,800,000 204,000 $2,700,000 $180,000 Acounts payable 360,000 720,000 $1,260,000 Notes payable Accrued liabilities Total current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity rent assets Fixed assets 1,440,000 Total assets $2,700,000 Morrissey Technologies Inc.: Income Statement for December 31, 2016 Sales Operating costs including depreciation EBIT Interest EBT Taxes (40%) Net Income Per Share Data: Common stock price Earnings per share (EPS) Dividends per share (DPS) $3,600,000 3,279,720 $320,280 20,280 $300,000 120,000 $180,000 $45.00 $1.80 1.08 Suppose that in 2017, sales increase by 15% over 2016 sales. The firm currently has 100,000 shares outstanding. It expects to maintain its 2016 dividend payout ratio and believes that its assets should grow at the same rate as sales The firm has no excess capacity. However, the firm would like to reduce its operating costs/sales ratio to 85% and increase its total liabilities-to-assets ratio to 30%. (It believes its liabilities-to-assets ratio currently is too low relative to the industry average.) The firm will raise 30% of the 2017 forecasted interest-bearing debt as notes payable, and it will issue long-term bonds for the remainder. The firm forecasts that its before-tax cost of debt (which includes both short-term and long-term debt) is 12%. Assume that any common stock issuances or repurchases can be made at the firm's current stock price of $45