Accounting Assignment | College Homework Help

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.College Homework Help
CROSBY, INC.
2017 Income Statement
  Sales $ 768,000
  Costs 624,000
  Other expenses 31,500
  Earnings before interest and taxes $ 112,500
  Interest paid 16,000
  Taxable income $ 96,500
  Taxes (25%) 24,125
  Net income $ 72,375
Dividends $ 22,740
Addition to retained earnings 49,635
CROSBY, INC.
Balance Sheet as of December 31, 2017
Assets Liabilities and Owners’ Equity
  Current assets   Current liabilities
    Cash $ 25,740     Accounts payable $ 63,400
    Accounts receivable 35,210     Notes payable 19,100
    Inventory 71,870       Total $ 82,500
      Total $ 132,820   Long-term debt $ 116,000
  Owners’ equity
  Fixed assets     Common stock and paid-in surplus $ 111,000
    Net plant and equipment $ 225,000     Retained earnings 48,320
      Total $ 159,320
  Total assets $ 357,820   Total liabilities and owners’ equity $ 357,820
Complete the pro forma income statements below. (Input all answers as positive values. Do not round intermediate calculations.)
Calculate the EFN for 20, 25 and 30 percent growth rates. (Do not round intermediate calculations. A negative answer should be indicated by a minus sign.)Get Accounting Homework Help Today

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