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Problem Set on Financial Planning and Forecasting 1. Last year’s balance sheet

Problem Set on Financial Planning and Forecasting

1. Last year’s balance sheet and income statement for the Lewis Company are shown below. The firm operated at full capacity. It expects sales to increase by 20 percent during this year and expects this year’s dividends per share to increase to $1.10.

a. Use percent of sales method (i.e., constant ratio method) to determine how much outside financing is required, developing the firm’s pro forma balance sheet and income statement, and use the AFN as the balancing item.

b.If the firm must maintain a current ratio of 2.3 and a debt ratio of 40 percent, how much financing will be obtained using notes payable, long-term debt, and common stock?

Balance Sheet

Cash80

Accounts receivable240

Inventory720

Net fixed assets3,200

Total assets 4,240

Accounts payable160

Notes payable252

Accruals40

Long-term debt1,244

Common stocks1,605

Retained earnings939

Total liabilities and equity4,240

Income Statement

Sales8,000

Operating costs7,450

EBIT550

Interest expense150

EBT400

Taxes @ 400

Net income240

Per Share Data

Share price16.96

Earnings per share (EPS)1.60

Dividends per share (DPS)1.04

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