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Practice1 INPUT DATA Forecasted annual sales growth 10% COGS/SALES 55% SG&A/SALES 20% DEPRECIATION/Gross PPE 8% INTEREST RATE 10% TAX

February 26, 2024

Practice1

INPUT DATA
Forecasted annual sales growth	10%
COGS/SALES	55%
SG&A/SALES	20%
DEPRECIATION/Gross PPE	8%
INTEREST RATE	10%
TAX RATE	35%
CASH/SALES	Plug
ACCOUNT RECEIVABLE/SALES	35%
INVENTORY/SALES	85%
ACCOUNTS PAYABLE/SALES	14%
OTHER CURRENT LIAB/SALES	25%
GROSS PPE	70% of sales if Sales <=45000
	27000+0.7(Sales-40000) if 45000< Sales <= 50000
	38500+0.3(Sales-50000) if Sales > 50000
No change in dividend
No change in long-term debt and stock
SHORT-TERM BORROWING	No change
	2001	2002	2003	2004	2005	2006
INCOME STATEMENT
Sales	39,792	43,771	48,148	52,963	58,259	64,085
Cost of goods sold	(22,335)	(24,074)	(26,482)	(29,130)	(32,043)	(35,247)
Selling, general, & admin. expenses	(7,970)	(8,754)	(9,630)	(10,593)	(11,652)	(12,817)
Depreciation	(2,667)	(2,292)	(2,534)	(2,884)	(3,215)	(3,348)
Operating income	6,820	8,651	9,503	10,357	11,350	12,673
Interest expense	(3,200)	(3,580)	(3,580)	(3,580)	(3,580)	(3,580)
Earnings before taxes	3,620	5,070	5,923	6,777	7,770	9,093
Income taxes	(1,267)	(1,775)	(2,073)	(2,372)	(2,719)	(3,183)
Net Earnings	2,353	3,296	3,850	4,405	5,050	5,910
Dividends	1,500	1,500	1,500	1,500	1,500	1,500
Retentions of Earnings	853	1,796	2,350	2,905	3,550	4,410
BALANCE SHEET
Assets
Cash	1,540	(817)	(1,543)	(6,340)	(5,453)	(4,161)
Accounts Receivable	13,316	15,320	16,852	18,537	20,391	22,430
Inventories	34,717	37,206	40,926	45,019	49,521	54,473
Total Current Assets	49,573	51,708	56,235	57,216	64,458	72,741
Gross Property Plant & Equipt.	26,667	30,640	32,704	39,389	40,978	42,726
Accumulated Depreciation	(10,205)	(12,497)	(15,031)	(17,915)	(21,130)	(24,478)
Net Property Plant & Equipt.	16,462	18,142	17,673	21,474	19,848	18,248
Total Assets	66,035	69,850	73,908	78,690	84,306	90,989
Liabilities and Stockholders’ Equity
Short Term Borrowings	25,802	25,802	25,802	25,802	25,802	25,802
Accounts Payable	5,328	6,128	6,741	7,415	8,156	8,972
Other Current Liabilities	9,723	10,943	12,037	13,241	14,565	16,021
Total Current Liabilities	40,853	42,873	44,580	46,458	48,523	50,795
Long Term Debt	10,000	10,000	10,000	10,000	10,000	10,000
Total Liabilities	50,853	52,873	54,580	56,458	58,523	60,795
Stock	10,000	10,000	10,000	10,000	10,000	10,000
Retained earnings	5,182	6,978	9,328	12,233	15,783	20,194
Stockholders’ Equity	15,182	16,978	19,328	22,233	25,783	30,194
Total Liabs. & Stkhldrs’ Eq.	66,035	69,850	73,908	78,690	84,306	90,989

Practice2

INPUT DATA
Forecasted annual sales growth	10%		You find that the Cash account balance drops below zero in some years in the first question.
COGS/SALES	55%		In this question, build the the pro forma assuming that if the cash balance should be at least 2000. If needed, borrow short-term debt to make up the shortfall.
SG&A/SALES	20%
DEPRECIATION/Gross PPE	8%
INTEREST RATE	10%
TAX RATE	35%
CASH/SALES	Plug
ACCOUNT RECEIVABLE/SALES	35%
INVENTORY/SALES	85%
ACCOUNTS PAYABLE/SALES	14%
OTHER CURRENT LIAB/SALES	25%
GROSS PPE	70% of sales if Sales <=45000
	27000+0.7(Sales-40000) if 45000< Sales <= 50000
	38500+0.3(Sales-50000) if Sales > 50000
No change in dividend
No change in long-term debt and stock
SHORT-TERM BORROWING	Plug
	2001	2002	2003	2004	2005	2006
INCOME STATEMENT
Sales	39,792	43,771	48,148	52,963	58,259	64,085
Cost of goods sold	(22,335)	(24,074)	(26,482)	(29,130)	(32,043)	(35,247)
Selling, general, & admin. expenses	(7,970)	(8,754)	(9,630)	(10,593)	(11,652)	(12,817)
Depreciation	(2,667)	(2,292)	(2,534)	(2,884)	(3,215)	(3,348)
Operating income	6,820	8,651	9,503	10,357	11,350	12,673
Interest expense	(3,200)	(3,726)	(3,919)	(4,227)	(4,488)	(4,488)
Earnings before taxes	3,620	4,925	5,585	6,130	6,863	8,186
Income taxes	(1,267)	(1,724)	(1,955)	(2,146)	(2,402)	(2,865)
Net Earnings	2,353	3,201	3,630	3,985	4,461	5,321
Dividends	1,500	1,500	1,500	1,500	1,500	1,500
Retentions of Earnings	853	1,701	2,130	2,485	2,961	3,821
BALANCE SHEET
Assets
Cash	1,540	2,000	2,000	2,000	2,296	2,998
Accounts Receivable	13,316	15,320	16,852	18,537	20,391	22,430
Inventories	34,717	37,206	40,926	45,019	49,521	54,473
Total Current Assets	49,573	54,525	59,778	65,556	72,208	79,901
Gross Property Plant & Equipt.	26,667	30,640	32,704	39,389	40,978	42,726
Accumulated Depreciation	(10,205)	(12,497)	(15,031)	(17,915)	(21,130)	(24,478)
Net Property Plant & Equipt.	16,462	18,142	17,673	21,474	19,848	18,248
Total Assets	66,035	72,668	77,451	87,030	92,056	98,149
Liabilities and Stockholders’ Equity
Short Term Borrowings	25,802	28,714	29,660	34,877	34,877	34,877
Accounts Payable	5,328	6,128	6,741	7,415	8,156	8,972
Other Current Liabilities	9,723	10,943	12,037	13,241	14,565	16,021
Total Current Liabilities	40,853	45,785	48,438	55,532	57,598	59,870
Long Term Debt	10,000	10,000	10,000	10,000	10,000	10,000
Total Liabilities	50,853	55,785	58,438	65,532	67,598	69,870
Stock	10,000	10,000	10,000	10,000	10,000	10,000
Retained earnings	5,182	6,883	9,013	11,498	14,458	18,279
Stockholders’ Equity	15,182	16,883	19,013	21,498	24,458	28,279
Total Liabs. & Stkhldrs’ Eq.	66,035	72,668	77,451	87,030	92,056	98,149

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