Fiance300 project ‘Construct pro forma balance’
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In examining records from 1992 to 2015, the company found consistent relationships among the following accounts as a percent of sales:
Current assets 20%
Net fixed assets 60% if Sales < $53 million
70%, otherwise.
Accounts payable 8%
Other current liab. 6%
Profit margin 12%
The company’s sales for 2016 were $40 million. The company expects to grow by $6 million per year over the next 5 years. The company wants to project its financial requirements for each of the next 5 years, assuming that the projected sales levels are achieved. Assume further that the company pays out 25 percent of earnings as dividends.
Construct pro forma balance sheets for the end of each of the next 5 years (from 2017 to 2021), assuming that 20 percent by issuing long-term debt, and 80 percent by selling new common stock.
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