[管理學(xué)]chap003-longtermfinancialplaning(編輯修改稿)
2024-11-12 21:41 本頁面
【文章內(nèi)容簡介】 ma Balance Sheet: (continued) 4. Compute Projected retained earnings as Present retained earnings + Projected ine – Cash dividends Projected retained earnings 5. Add the asset accounts to determine projected assets. Next, add the liabilities and equity accounts to determine the total financing。 any difference is the shortfall. This equals the external funds needed. 6. Use the plug to fill EFN. McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 314 A Brief Example The Rosengarten Corporation is think of acquiring a new machine. The machine will increase sales from $20 million to $22 million—10% growth. The firm believes that its assets and liabilities grow directly with its level of sales. Its profit margin on sales is 10%, and its dividendpayout ratio is 50%. Will the firm be able to finance growth in sales with retained earnings and forecast increases in debt? McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 315 A Brief Example Current Balance Sheet Pro forma Balance Sheet (millions) Explanation Current assets $6 $ 30% of sales Fixed assets $24 $ 120% of sales Total assets $30 $33 150% of sales Shortterm debt $10 $11 50% of sales Longterm debt $6 $ 30% of sales Common stock $4 $4 Constant Retained Earnings $10 $ Net Ine Total financing $30 $ $300,000 Funds needed (millions) =10+22*10%*50% McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 316 The Percentage Sales Method: EFN ? The external funds needed for a 10% growth in sales: )1(Sa l e s ) Pr o j e c t e d(Δ Sa le sSa l e sD e b tSa l e sSa l e sA s s e t s dp ??????????????p = Net profit margin = d = Dividend payout ratio = ?Sales = Projected change in sales = $2 million $ 30$Sa le sSa le sA s s e t s ?????????? $16$S a le sD e bt ????????McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc. All rights reserved. 317 The Percentage Sales Method: EFN ? The external funds needed 000,300$$$)$()2$()2$()1(S a l e s ) P r oj e c t e d(Δ S a le sS a l e sD e btS a l e sS a l e sA s s e t smmmmmdp??????????????????????McGrawHill/Irwin Copyright 169。 2021 by The McGrawHill Companies, Inc.
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