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External Financing Assignment | Homework For You

The Manning Company has financial statements as shown next, which are representative of the company’s historical average. The firm is expecting a 30 percent increase in sales next year, and management is concerned about the company’s need for external funds. The increase in sales is expected to be carried out without any expansion of fixed assets, but rather through more efficient asset utilization in the existing store. Among liabilities, only current liabilities vary directly with sales.Homework For You

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Income Statement
Sales $ 260,000
Expenses 197,800
Earnings before interest and taxes $ 62,200
Interest 7,600
Earnings before taxes $ 54,600
Taxes 15,600
Earnings after taxes $ 39,000
Dividends $ 9,750
Balance Sheet
Assets Liabilities and Stockholders’ Equity
Cash $ 9,000 Accounts payable $ 23,000
Accounts receivable 74,000 Accrued wages 1,800
Inventory 99,000 Accrued taxes 3,800
Current assets $ 182,000 Current liabilities $ 28,600
Fixed assets 86,000 Notes payable 7,600
Long-term debt 18,000
Common stock 126,000
Retained earnings 87,800
Total assets $ 268,000 Total liabilities and stockholders’ equity $ 268,000

 

Using the percent-of-sales method, determine whether the company has external financing needs, or a surplus of funds. (Hint: A profit margin and payout ratio must be found from the income statement.) (Do not round intermediate calculations.) Get Finance homework help today

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