Income Statement

Net Sales
Cost of Sales
Gross Profit
Selling, general, and
administrative expenses
Depreciation
Net inerest expense
Pre-tax income
Income taxes
Net income
Dividends
Balance Sheet
Assets
Cash
Accounts Receivable
Inventories
Total current assets
Gross plant and equipment
Accumulated depreciation
net plant and equipment
total assets

2011
16,230
9,430
6,800

2012
20,355
11,898
8,457

2013
23,505
13,612
9,893

5,195
160
119
1,326
546
780
155

6,352
180
106
1,819
822
997
200

7,471
213
94
2,115
925
1,190
240

58.10%

Proportion of S
32.01%

Proportion of Incom
41.18%

Proportion of PAT p
19.87%

Proportion of C
3.13%
508
2,545
1,630
4,683
3,232
1,335
1,897
6,580

609
3,095
1,838
5,542
3,795
1,515
2,280
7,822

706
3,652
2,190
6,548
4,163
1,728
2,435
8,983

125
1,042
1,145
2,312
1,000
1,135
2,133
3,268
6,580

125
1,325
1,432
2,882
875
1,135
2,930
4,065
7,822

125
1,440
1,653
3,218
750
1,135
3,880
5,015
8,983

Liabilities
Current maturities of longterm debt
Accounts payable
Accrued expenses
Total current liabilities
Long-term debt
Common stock
Retained earnings
Total shareholders equity
Total Liabilities

Proportion of C

Proportion of Accounts
15.68%

Portion of Gross plant an

19.91%

Proportion of COGS to Sales

58.45%

Average
57.91%
58.16%

Proportion of SGA to Sales

31.21%

Average
31.78%

31.67%

Proportion of Income tax to Pre tax

Average
45.19%
43.74%
43.37%
Proportion of PAT paid as Dividends
Average
20.06%
20.17%
20.03%
Proportion of Cash to Sales
2.99%

Average
3.00%
3.04%

Proportion of Accounts receivables to sales

Average
15.21%
15.54%
15.47%
Portion of Gross plant and equipment to sales
18.64%
17.71%

18.76%

Liquidity
Current Ratio
Quick Ratio
Cash Ratio
Leverage
Equity Multiplier
Debt Ratio
Debt/Equity Ratio
Profitability
Profit Margin
Return on Assets
Return on Equity
Activity Ratios
Total Asset Turnover
Receivables turnover
Days sales in Receivables
Capital Intensity

2011
2.03
1.32
0.22

2012
1.92
1.29
0.21

2013
2.03
1.35
0.22

2.01
0.50
2.01

1.92
0.48
1.92

1.79
0.44
1.79

4.81%
11.85%
23.87%

4.90%
12.75%
24.53%

5.06%
13.25%
23.73%

2.47
6.38
57.24
0.41

2.60
6.58
55.50
0.38

2.62
6.44
56.71
0.38

Income Statement
Net Sales
Cost of Sales
Gross Profit

2014
2015
28206 33847.2
16415.89 19699.07
11790.11 14148.13

Selling, general, and

administrative expenses

8941.30 10729.56

Depreciation
Net inerest expense
Pre-tax income
Income taxes
Net income

213
129
2506.81
1087.95
1418.85

213
116
3089.57
1340.87
1748.70

283.77

349.74

Balance Sheet
Assets
Cash
Accounts Receivable

846.18
4371.93

1015.42
5246.32

Inventories
Total current assets
Gross plant and equipment
Accumulated depreciation
net plant and equipment
total assets

1,625
6843.11
5291.45
1,941
3,350
10,194

3147.79
9409.52
6349.73
2274
4,076
13,485

125
1776.98
1974.42
3876.40
625
1,350
5,015
6,365
10,866

125
2132.37
2369.30
4626.68
500
1,350
6,414
7,764
12,891

Dividends

Liabilities
Current maturities of long-term
debt
Accounts payable
Accrued expenses
Total current liabilities
Long-term debt
Common stock
Retained earnings
Total shareholders equity
Total Liabilities

Assumptions
20% growth per year on left, 10% growth per year on right
Cost of Sales will be 58.2 of Net Sales
Selling, general, and administrative expenses will be 31.7% of
Sales
Dollar value of TCI's depreciation expense on its oher assets in
2014 and 2015 would be the same as 2013

Income Taxes will be 43.4% of Pre-Tax income

Dividends will continue to grow as before and be 20% of Net
Income

3% of sales
Accounts Receivables will be 15.5% of Sales
Inventory temporarily decrease its inventories to a level of
$1,625,000 in 2014, but would increase back to same
relationship to sales in 2015
Will have steady relationship with sales (Average 18.76%)

Current maturaties of long term debt is constant

Accounts payable is 6.3% of sales
Accrued expenses is 7% of sales
Decreases by 125 per year (payment of original loan)
This will stay constant

Income Statement
Net Sales
Cost of Sales
Gross Profit

2014
2015
25855.5
28441.05
15047.90 16552.6911
10807.60 11888.3589

Selling, general, and

administrative expenses

8196.19 9015.81285

Depreciation
Net inerest expense
Pre-tax income
Income taxes
Net income

213
129
2269.41
984.92
1284.48

213
116
2543.55
1103.90
1439.65

256.90

287.93

Balance Sheet
Assets
Cash
Accounts Receivable

775.665
4007.6025

853.23
4408.36

Inventories
Total current assets
Gross plant and equipment
Accumulated depreciation
net plant and equipment
total assets

1,625 2645.01765
6408.2675
7906.61
4850.49
5335.54
1,941
2274
2,909
3,062
9,318
10,968

Dividends

Liabilities
Current maturities of long-term
debt
Accounts payable
Accrued expenses
Total current liabilities
Long-term debt
Common stock
Retained earnings
Total shareholders equity
Total Liabilities

125
1628.90
1809.885
3563.78
625
1,350
1,028
2,378
6,566

125
1791.79
1990.87
3907.66
500
1,350
2,179
3,529
7,937

20% increase
Liquidity
Current Ratio
Quick Ratio
Cash Ratio

1.765327 2.033753
1.346123 1.353397
0.21829 0.21947

10% increase
Liquidity
Current Ratio
Quick Ratio
Cash Ratio

Leverage
Equity Multiplier
Debt Ratio
Debt/Equity Ratio

1.601481 1.736887
0.375578 0.424257
1.707202 1.660311

Leverage
Equity Multiplier
Debt Ratio
Debt/Equity Ratio

Profitability
Profit Margin
Return on Assets
Return on Equity
Activity Ratios
Total Asset Turnover
Receivables turnover
Days sales in Receivables
Capital Intensity

2014

5.03%
13.92%
22.29%

2015

5.17%
12.97%
22.52%

2.767042 2.509941
6.451613 6.451613
56.575
56.575
0.361397 0.398416

Profitability
Profit Margin
Return on Assets
Return on Equity
Activity Ratios
Total Asset Turnover
Receivables turnover
Days sales in Receivables
Capital Intensity

2014

2015

1.798165 2.023362
1.342189 1.346482
0.217652 0.218348

3.918999 3.107738
0.744833 0.678223
2.761779 2.248875

4.97%
13.79%
54.02%

5.06%
13.13%
40.79%

2.774862 2.593057
6.451613 6.451613
56.575
56.575
0.360378 0.385645