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.
CROSBY, INC. 2017 Income Statement Sales Costs Other expenses $980,760 792,960 20,060 Earnings before interest and taxes Interest paid $ 167,740 14,740 Taxable income Taxes (21%) $ 153,000 32,130 Net income $ 120,870 Dividends Addition to retained earnings $39,250 81,620 CROSBY, INC. Balance Sheet as of December 31, 2017 Assets Liabilities and Owners' Equity Current assets Current liabilities Cash $ 27,920 Accounts payable $ 71,720 Accounts receivable 42,630 Notes payable 17,620 Inventory 95,910 Total $ 89,340 Total $ 166,460 Long-term debt $ 170,000 Owners'
equity Common stock and paid-in surplus Retained earnings Fixed assets Net plant and equipment $140.000 $455,980 223,100 Total $363,100 Total assets $622,440 210 Total liabilities and owners' owners $622,440 22. Complete the pro forma Income statements below. (Do not round Intermediate calculations. Input all amounts as positive values.) Pro Forma Income Statement 15% Sales Growth 20% Sales Growth 25% Sales Growth Sales Costs Other expenses EBIT Interest paid Taxable income Taxes (21%) Net income Dividends Add to RE Calculate the EFN for 15, 20, and 25 percent growth rates. (Do not round Intermediate calculations. A negative answer should be indicated by a minus sign.) 15% 20% 25% EFN
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