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b. Complete the assets section of the pro forma balance sheet at December 31, 2013 below: (Round the to the nearest dollar.) Martin Manufacturing Company Pro Forma Balance Sheet December 31, 2013 Assets Current assets Cash Accounts receivable Inventories Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets Complete the liabilities and stockholders' equity section of the pro forma balance sheet at December 31, 2013 below: Round the to the nearest dollar) Martin Manufacturing Company Pro Forma Balance Sheet (Cont'd) December 31, 2013 Liabilities and stockholders' equity Current liabilities Accounts payable Notes payable Accruals Total current liabilities Long-term debts Total liabilities Stockholders' equity Preferred stock Common stock (at par) Paid-in capital in excess of par Retained earnings Total stockholders' equity External funds required Total liabilities and stockholders' equity c. Will Martin Manufacturing Company need to obtain external financing to fund the proposed equipment modernization program? Explain. (Select the best choice below.) O A. Based on the pro forma financial statements prepared above, Martin Manufacturing will need to raise about $200,000 ($195,764) in external financing in order to undertake its construction program O B. Based on the pro forma financial statements prepared above, Martin Manufacturing will need to raise about $225,000 ($225,000) in external financing in order to undertake its construction program. O C. Based on the pro forma financial statements prepared above, Martin Manufacturing will need to raise about $210,000 ($205,764) in external financing in order to undertake its construction program OD. Based on the pro forma financial statements prepared above, Martin Manufacturing will need to raise about $190,000 ($185,764) in external financing in order to undertake its construction program. i Data Table (Click on the icon located on the top-right corner of the data table below in order to copy its content into a spreadsheet.) $5,075,000 3,704,000 $1,371,000 Martin Manufacturing Company Income Statement for the Year Ended December 31, 2012 Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense $650,000 General and administrative expenses 416,000 Depreciation expense 152,000 Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders Earnings per share (EPS) 1,218,000 $153,000 93,000 $60,000 24,000 $36,000 3,000 $33,000 $0.33 Martin Manufacturing Company Balance Sheets December 31, 2012 Assets Current assets Cash Accounts receivable Inventories Total current assets Gross fixed assets (at cost) Less: Accumulated depreciation $25,000 805,556 700,625 $1,531,181 $2,093,819 500,000 i Data Table Martin Manufacturing Company Key Projected Financial Data (2013) Data item Value Sales revenue $6,500,000 Minimum cash balance $25,000 Inventory turnover (times) 7.0 Average collection period 50 days Fixed-asset purchases $400,000 Total dividend payments (preferred and common) $20,000 Depreciation expense $185,000 Interest expense $97,000 Accounts payable increase 20% Accruals and long-term debt Unchanged Notes payable, preferred and common stock Unchanged $0.33 Earnings per share (EPS) Martin Manufacturing Company Balance Sheets December 31, 2012 Assets Current assets Cash $25,000 Accounts receivable 805,556 Inventories 700,625 Total current assets $1,531,181 Gross fixed assets (at cost) $2.093,819 Less: Accumulated depreciation 500.000 Net fixed assets $1.593,819 Total assets $3.125.000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $230,000 Notes payable 311,000 Accruals 75,000 Total current liabilities $616,000 Long-term debt $1,165,250 Total liabilities $1.781,250 Stockholders' equity Preferred stock (2.500 shares $1. 20 dividend) 550.000 Common stock (100.000 shares at $4.00 par)" 400.000 Paid-in capital in excess of par value 593.750 Retained earnings 300.000 Total stockholders' equity $1,343.750 Total liabilities and stockholders' equity $3.125.000 The firm's 100.000 outstanding shares of common stock closed 2012 at a price of $11.38 per share Print Done b. Complete the assets section of the pro forma balance sheet at December 31, 2013 below: (Round the to the nearest dollar.) Martin Manufacturing Company Pro Forma Balance Sheet December 31, 2013 Assets Current assets Cash Accounts receivable Inventories Total current assets Gross fixed assets Less: Accumulated depreciation Net fixed assets Total assets Complete the liabilities and stockholders' equity section of the pro forma balance sheet at December 31, 2013 below: Round the to the nearest dollar) Martin Manufacturing Company Pro Forma Balance Sheet (Cont'd) December 31, 2013 Liabilities and stockholders' equity Current liabilities Accounts payable Notes payable Accruals Total current liabilities Long-term debts Total liabilities Stockholders' equity Preferred stock Common stock (at par) Paid-in capital in excess of par Retained earnings Total stockholders' equity External funds required Total liabilities and stockholders' equity c. Will Martin Manufacturing Company need to obtain external financing to fund the proposed equipment modernization program? Explain. (Select the best choice below.) O A. Based on the pro forma financial statements prepared above, Martin Manufacturing will need to raise about $200,000 ($195,764) in external financing in order to undertake its construction program O B. Based on the pro forma financial statements prepared above, Martin Manufacturing will need to raise about $225,000 ($225,000) in external financing in order to undertake its construction program. O C. Based on the pro forma financial statements prepared above, Martin Manufacturing will need to raise about $210,000 ($205,764) in external financing in order to undertake its construction program OD. Based on the pro forma financial statements prepared above, Martin Manufacturing will need to raise about $190,000 ($185,764) in external financing in order to undertake its construction program. i Data Table (Click on the icon located on the top-right corner of the data table below in order to copy its content into a spreadsheet.) $5,075,000 3,704,000 $1,371,000 Martin Manufacturing Company Income Statement for the Year Ended December 31, 2012 Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses Selling expense $650,000 General and administrative expenses 416,000 Depreciation expense 152,000 Total operating expense Operating profits Less: Interest expense Net profits before taxes Less: Taxes (rate = 40%) Net profits after taxes Less: Preferred stock dividends Earnings available for common stockholders Earnings per share (EPS) 1,218,000 $153,000 93,000 $60,000 24,000 $36,000 3,000 $33,000 $0.33 Martin Manufacturing Company Balance Sheets December 31, 2012 Assets Current assets Cash Accounts receivable Inventories Total current assets Gross fixed assets (at cost) Less: Accumulated depreciation $25,000 805,556 700,625 $1,531,181 $2,093,819 500,000 i Data Table Martin Manufacturing Company Key Projected Financial Data (2013) Data item Value Sales revenue $6,500,000 Minimum cash balance $25,000 Inventory turnover (times) 7.0 Average collection period 50 days Fixed-asset purchases $400,000 Total dividend payments (preferred and common) $20,000 Depreciation expense $185,000 Interest expense $97,000 Accounts payable increase 20% Accruals and long-term debt Unchanged Notes payable, preferred and common stock Unchanged $0.33 Earnings per share (EPS) Martin Manufacturing Company Balance Sheets December 31, 2012 Assets Current assets Cash $25,000 Accounts receivable 805,556 Inventories 700,625 Total current assets $1,531,181 Gross fixed assets (at cost) $2.093,819 Less: Accumulated depreciation 500.000 Net fixed assets $1.593,819 Total assets $3.125.000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $230,000 Notes payable 311,000 Accruals 75,000 Total current liabilities $616,000 Long-term debt $1,165,250 Total liabilities $1.781,250 Stockholders' equity Preferred stock (2.500 shares $1. 20 dividend) 550.000 Common stock (100.000 shares at $4.00 par)" 400.000 Paid-in capital in excess of par value 593.750 Retained earnings 300.000 Total stockholders' equity $1,343.750 Total liabilities and stockholders' equity $3.125.000 The firm's 100.000 outstanding shares of common stock closed 2012 at a price of $11.38 per share Print Done