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- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness
- Principles: Life and Work
- The Intelligent Investor, Rev. Ed
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- I Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a 6-Week Program That Works
- Rich Dad Poor Dad: What The Rich Teach Their Kids About Money - That the Poor and Middle Class Do Not!
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- The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers
- Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth
- Secrets of Six-Figure Women: Surprising Strategies to Up Your Earnings and Change Your Life
- The Total Money Makeover: A Proven Plan for Financial Fitness
- The Intelligent Investor Rev Ed.
- The Total Money Makeover Workbook: Classic Edition: The Essential Companion for Applying the Book’s Principles
- The Intelligent Investor
- Alibaba: The House That Jack Ma Built
- Rich Dad's Guide to Investing: What the Rich Invest In, That the Poor and Middle Class Do Not!
- MONEY Master the Game: 7 Simple Steps to Financial Freedom
- Rich Dad Poor Dad

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LONGTERMFINANCIALPLANNING

ANDGROWTH

Learning Objectives

LO1Theobjectivesandgoalsoffinancialplanning.

LO2Howtocomputetheexternalfinancingneededtofundafirmsgrowth.

LO3Howtoapplythepercentagesalesmethod.

LO4Thefactorsdeterminingthegrowthofthefirm.

LO5Howtocomputethesustainableandinternalgrowthrates.

LO6Someoftheproblemsinplanningforgrowth.

Answers to Concepts Review and Critical Thinking Questions

1.

(LO1) The reason is that, ultimately, sales are the driving force behind a business. A firms assets, employees,

and, in fact, just about every aspect of its operations and financing exist to directly or indirectly support sales.

Put differently, a firms future need for things like capital assets, employees, inventory, and financing are

determined by its future sales level.

2.

(LO1) Its probably more important for a capital intensive company because such companies must make large

cash outlays long in advance of actual needs. For example, a new manufacturing facility might have to be

started years before the planned output is needed.

3.

(LO2) The internal growth rate is greater than 15%, because at a 15% growth rate the negative EFN indicates

that there is excess internal financing. If the internal growth rate is greater than 15%, then the sustainable

growth rate is certainly greater than 15%, because there is additional debt financing used in that case (assuming

the firm is not 100% equity-financed). As the retention ratio is increased, the firm has more internal sources of

funding, so the EFN will decline. Conversely, as the retention ratio is decreased, the EFN will rise. If the firm

pays out all its earnings in the form of dividends, then the firm has no internal sources of funding (ignoring the

effects of accounts payable); the internal growth rate is zero in this case and the EFN will rise to the change in

total assets.

4.

(LO2, 3) The sustainable growth rate is greater than 20%, because at a 20% growth rate the negative EFN

indicates that there is excess financing still available. If the firm is 100% equity financed, then the sustainable

and internal growth rates are equal and the internal growth rate would be greater than 20%. However, when the

firm has some debt, the internal growth rate is always less than the sustainable growth rate, so it is ambiguous

whether the internal growth rate would be greater than or less than 20%. If the retention ratio is increased, the

firm will have more internal funding sources available, and it will have to take on more debt to keep the

debt/equity ratio constant, so the EFN will decline. Conversely, if the retention ratio is decreased, the EFN will

rise. If the retention rate is zero, both the internal and sustainable growth rates are zero, and the EFN will rise to

the change in total assets.

5.

(LO6) Presumably not, but, of course, if the product had been much less popular, then a similar fate would have

awaited due to lack of sales.

6.

(LO6) Since customers did not pay until shipment, receivables rose. The firms NWC, but not its cash,

increased. At the same time, costs were rising faster than cash revenues, so operating cash flow declined. The

firms capital spending was also rising. Thus, all three components of cash flow from assets were negatively

impacted.

7.

(LO6) Apparently not! In hindsight, the firm may have underestimated costs and also underestimated the extra

demand from the lower price.

8.

(LO6) Financing possibly could have been arranged if the company had taken quick enough action. Sometimes

it becomes apparent that help is needed only when it is too late, again emphasizing the need for planning.

9.

(LO6) All three were important, but the lack of cash or, more generally, financial resources ultimately spelled

doom. An inadequate cash resource is usually cited as the most common cause of small business failure.

10. (LO6) Demanding cash up front, increasing prices, subcontracting production, and improving financial

resources via new owners or new sources of credit are some of the options. When orders exceed capacity, price

increases may be especially beneficial.

NOTE:Allendofchapterproblemsweresolvedusingaspreadsheet.Manyproblemsrequiremultiplesteps.Dueto

spaceandreadabilityconstraints,whentheseintermediatestepsareincludedinthissolutionsmanual,rounding

mayappeartohaveoccurred.However,thefinalanswerforeachproblemisfoundwithoutroundingduringany

stepintheproblem.

Basic

1.

(LO3)Itisimportanttorememberthatequitywillnotincreasebythesamepercentageastheotherassets. If

everyotheritemontheincomestatementandbalancesheetincreasesby15percent,theproformaincome

statementandbalancesheetwilllooklikethis:

Proformaincomestatement

Sales

Costs

Netincome

$ 26,450

19,205

$

7,245

Proformabalancesheet

Assets

Total

$ 18,170

$18,170

Debt

Equity

Total

$ 5,980

12,190

$18,170

Inorderforthebalancesheettobalance,equitymustbe:

Equity=TotalliabilitiesandequityDebt

Equity=$18,170$5,980

Equity=$12,190

Equityincreasedby:

Equityincrease=$12,19010,600

Equityincrease=$1,590

Netincomeis$7,245butequityonlyincreasedby$1,590;therefore,adividendof:

Dividend=$7,2451,590

=$5,655

musthavebeenpaid.Dividendspaidistheplugvariable.

2.

(LO2,3)Herewearegiventhedividendamount,sodividendspaidisnotaplugvariable.Ifthecompanypays

outonehalfofitsnetincomeasdividends,theproformaincomestatementandbalancesheetwilllooklike

this:

Proformaincomestatement

Sales

Costs

Netincome

Dividends

Add.toRE

$ 26,450

19,205

$

7,245

Proformabalancesheet

Assets

Total

$ 18,170

$18,170

Debt

Equity

Total

$ 5,200

14,222.50

$19,422.50

$3,622.50

3,622.50

Notethatthebalancesheetdoesnotbalance.ThisisduetoEFN.TheEFNforthiscompanyis:

EFN=TotalassetsTotalliabilitiesandequity

EFN=$18,17019,422.50

EFN=$1,252.50

3.

(LO2)Anincreaseofsalesto$7,434isanincreaseof:

Salesincrease=($7,4346,300)/$6,300

Salesincrease=.18or18%

Assumingcostsandassetsincreaseproportionally,theproformafinancialstatementswilllooklikethis:

Proformaincomestatement

Sales

Costs

Netincome

$ 7,434.00

4,590.20

$2,843.80

Proformabalancesheet

Assets

Total

$ 21,594

$

21,594

Debt

Equity

Total

$ 12,400

8,743.80

$21,143.80

Ifnodividendsarepaid,theequityaccountwillincreasebythenetincome,so:

Equity=$5,900+2,843.80

Equity=$8,743.80

Notethatthebalancesheetdoesnotbalance.ThisisduetoEFN.TheEFNforthiscompanyis:

EFN=TotalassetsTotalliabilitiesandequity

EFN=$21,59421,1434=$450

4.

(LO2)Anincreaseofsalesto$21,840isanincreaseof:

Salesincrease=($21,84019,500)/$19,500

Salesincrease=.12or12%

Assumingcostsandassetsincreaseproportionally,theproformafinancialstatementswilllooklikethis:

Proformaincomestatement

Sales

Costs

EBIT

Taxes(40%)

Netincome

$

21,840

16,800

5,040

2,016

$

3,024

Proformabalancesheet

Assets

Total

$109,760

$109,760

Debt

Equity

Total

$52,500

46,956

$99,456

Thepayoutratioisconstant,sothedividendspaidthisyearisthepayoutratiofromlastyeartimesnetincome,

or:

Dividends=($1,400/$2,700)($3,024)

Dividends=$1,568

Theadditiontoretainedearningsis:

Additiontoretainedearnings=$3,0241,568

Additiontoretainedearnings=$1,456

Andthenewequitybalanceis:

Equity=$45,500+1,456

Equity=$46,956

SotheEFNis:

EFN=TotalassetsTotalliabilitiesandequity

EFN=$109,76099,456

EFN=$10,304

5.

(LO2)Assumingcosts,assetsandcurrentliabilitiesincreaseproportionally,theproformafinancialstatements

willlooklikethis:

Proformaincomestatement

Sales

Costs

Taxableincome

Taxes(34%)

Netincome

$ 4,830.00

3795.00

1,035.00

351.90

$

683.10

Proformabalancesheet

CA

FA

Total

$ 4,140.00

9085.00

$13,225.00

CL

LTD

Equity

Total

$ 2,415.00

3,650.00

6,159.86

$12,224.86

Thepayoutratiois40percent,sodividendswillbe:

Dividends=0.40($683.10)

Dividends=$273.24

Theadditiontoretainedearningsis:

Additiontoretainedearnings=$683.10273.24

Additiontoretainedearnings=$409..86

SotheEFNis:

EFN=TotalassetsTotalliabilitiesandequity

EFN=$13,22512,224.86

EFN=$1,000.14

6.

(LO5)Tocalculatetheinternalgrowthrate,wefirstneedtocalculatetheROA,whichis:

ROA=NI/TA

ROA=$2,262/$39,150

ROA=.0577or5.77%

Theretentionratio,R,isoneminusthepayoutratio,so:

R=1.30

R=.70

Nowwecanusetheinternalgrowthrateequationtoget:

Internalgrowthrate=(ROAR)/[1(ROAR)]

Internalgrowthrate=[0.0577(.70)]/[10.0577(.70)]

Internalgrowthrate=.04209or4.209%

7.

(LO5)Tocalculatethesustainablegrowthrate,wefirstneedtocalculatetheROE,whichis:

ROE=NI/TE

ROE=$2,262/$21,650

ROE=.1045or10.45%

Theretentionratio,R,isoneminusthepayoutratio,so:

R=1.30

R=.70

Nowwecanusethesustainablegrowthrateequationtoget:

Sustainablegrowthrate=(ROER)/[1(ROER)]

Sustainablegrowthrate=[0.1045(.70)]/[10.1045(.70)]

Sustainablegrowthrate=.0789or7.89%

8.

(LO2) Themaximumpercentagesalesincreaseisthesustainablegrowthrate.Tocalculatethesustainable

growthrate,wefirstneedtocalculatetheROE,whichis:

ROE=NI/TE

ROE=$8,910/$56,000

ROE=.159107142

Theretentionratio,R,isoneminusthepayoutratio,so:

R=1.30

R=.70

Nowwecanusethesustainablegrowthrateequationtoget:

Sustainablegrowthrate=(ROER)/[1(ROER)]

Sustainablegrowthrate=[.1591(.70)]/[1.1591(.70)]

Sustainablegrowthrate=.125334083or12.53%

So,themaximumdollarincreaseinsalesis:

Maximumincreaseinsales=$42,000(.125334083)

Maximumincreaseinsales=$5,264.03

9.

(LO3)Assumingcostsvarywithsalesanda20percentincreaseinsales,theproformaincomestatementwill

looklikethis:

DartmoorCORPORATION

ProFormaIncomeStatement

Sales

$45,600.00

Costs

22,080.00

Taxableincome

$23,520.00

Taxes(34%)

7,996.80

Netincome

$15,523.20

Thepayoutratioisconstant,sothedividendspaidthisyearisthepayoutratiofromlastyeartimesnetincome,

or:

Dividends=($5,200/$12,936)($15,523.20)

Dividends=$6,240.00

Andtheadditiontoretainedearningswillbe:

Additiontoretainedearnings=$15,523.706,240

Additiontoretainedearnings=$9,283.20

10. (LO3)Belowisthebalancesheetwiththepercentageofsalesforeachaccountonthebalancesheet.Notes

payable,totalcurrentliabilities,longtermdebt,andallequityaccountsdonotvarydirectlywithsales.

DartmoorCORPORATION

BalanceSheet

($)

(%)

Assets

Currentassets

Cash

Accountsreceivable

Inventory

Total

Fixedassets

Netplantand

equipment

Totalassets

$ 3,050

8.02

6,900

18.15

7,600 20.00

$17,550

46.18

34,500 90.79

$52,050 136.97

LiabilitiesandOwnersEquity

Currentliabilities

Accountspayable

Notespayable

Total

Longtermdebt

Ownersequity

Commonstockand

paidinsurplus

Retainedearnings

Total

Totalliabilitiesandowners

equity

($)

(%)

$ 1,300

6,800

$

8,100

25,000

3.42

n/a

n/a

n/a

$ 15,000

3,950

$18,950

n/a

n/a

n/a

$52,050

n/a

11. (LO2,3)Assumingcostsvarywithsalesanda15percentincreaseinsales,theproformaincomestatement

willlooklikethis:

DartmoorCORPORATION

ProFormaIncomeStatement

Sales

$43,700.00

Costs

21,160.00

Taxableincome

$22,540.00

Taxes(34%)

7,663.60

Netincome

$14,876.40

Thepayoutratioisconstant,sothedividendspaidthisyearisthepayoutratiofromlastyeartimesnetincome,

or:

Dividends=($5,200/$12,936)($14,876.40)

Dividends=$5,980.00

Andtheadditiontoretainedearningswillbe:

Additiontoretainedearnings=$14,876.405,980

Additiontoretainedearnings=$8,896.40

Thenewaccumulatedretainedearningsontheproformabalancesheetwillbe:

Newaccumulatedretainedearnings=$3,950+8,896.40

Newaccumulatedretainedearnings=$12,846.40

Theproformabalancesheetwilllooklikethis:

DartmoorCORPORATION

ProFormaBalanceSheet

Assets

Currentassets

Cash

Accountsreceivable

Inventory

Total

Fixedassets

Netplantand

equipment

Totalassets

3,507.50

7,935.00

8,740.00

$20,182.50

39,675

$

59,857.50

LiabilitiesandOwnersEquity

Currentliabilities

Accountspayable

$ 1,495.00

Notespayable

6,800.00

Total

$ 8,295.00

Longtermdebt

25,000.00

Ownersequity

Commonstockand

paidinsurplus

Retainedearnings

Total

Totalliabilitiesandowners

equity

$ 15,000.00

12,846.40

$

27,846.40

$

61,141.40

SotheEFNis:

EFN=TotalassetsTotalliabilitiesandequity

EFN=$59,857.5061,141.40

EFN=$1,283.90

12. (LO5)Weneedtocalculatetheretentionratiotocalculatetheinternalgrowthrate.Theretentionratiois:

R=1.2

R=.8

Nowwecanusetheinternalgrowthrateequationtoget:

Internalgrowthrate=(ROAR)/[1(ROAR)]

Internalgrowthrate=[.08(.8)]/[1.08(.8)]

Internalgrowthrate=.0684or6.84%

13. (LO5)Weneedtocalculatetheretentionratiotocalculatethesustainablegrowthrate.Theretentionratiois:

R=1.25

R=.75

Nowwecanusethesustainablegrowthrateequationtoget:

Sustainablegrowthrate=(ROER)/[1(ROER)]

Sustainablegrowthrate=[.15(.75)]/[1.15(.75)]

Sustainablegrowthrate=.1268or12.68%

14. (LO5)WefirstmustcalculatetheROEusingtheDuPontratiotocalculatethesustainablegrowthrate.Todo

thiswemustrealizetwootherrelationships.Thetotalassetturnoveristheinverseofthecapitalintensityratio,

andtheequitymultiplieris1+D/E.Usingtheserelationships,weget:

ROE=(PM)(TAT)(EM)

ROE=(.082)(1/.75)(1+.40)

ROE=.1531or15.31%

Theretentionratioisoneminusthedividendpayoutratio,so:

R=1($12,000/$43,000)

R=.7209

Nowwecanusethesustainablegrowthrateequationtoget:

Sustainablegrowthrate=(ROER)/[1(ROER)]

Sustainablegrowthrate=[.1531(.7209)]/[1.1531(.7209)]

Sustainablegrowthrate=.1241or12.41%

15. (LO5)WemustfirstcalculatetheROEusingtheDuPontratiotocalculatethesustainablegrowthrate.The

ROEis:

ROE=(PM)(TAT)(EM)

ROE=(.078)(2.50)(1.80)

ROE=.351or35.1%

Theretentionratioisoneminusthedividendpayoutratio,so:

R=1.60

R=.40

Nowwecanusethesustainablegrowthrateequationtoget:

Sustainablegrowthrate=(ROER)/[1(ROER)]

Sustainablegrowthrate=[.351(.40)]/[1.351(.40)]

Sustainablegrowthrate=.1633or16.33%

Intermediate

16. (LO3)Todeterminefullcapacitysales,wedividethecurrentsalesbythecapacitythecompanyiscurrently

using,so:

Fullcapacitysales=$550,000/.95

Fullcapacitysales=$578,947.37

Themaximumsalesgrowthisthefullcapacitysalesdividedbythecurrentsales,so:

Maximumsalesgrowth=($578,947.37/$550,000)1

Maximumsalesgrowth=.0526or5.26%

capacitysales.Doingso,wefind:

Fixedassets/Fullcapacitysales=$440,000/$578,947.37

Fixedassets/Fullcapacitysales=.76

Next,wecalculatethetotaldollaramountoffixedassetsneededatthenewsalesfigure.

Totalfixedassets=.76($630,000)

Totalfixedassets=$478,800

Thenewfixedassetsnecessaryisthetotalfixedassetsatthenewsalesfigureminusthecurrentleveloffixed

assts.

Newfixedassets=$478,800440,000

Newfixedassets=$38,800

18. (LO3) We first need to determine full capacity sales. To do so we divide the current sales by the capacity the

company is currently using:

Full capacity sales = $350,000 / .60

Full capacity sales = $583,333.33

The maximum sales growth is the full capacity sales divided by the current sales, so:

Maximum sales growth = ($583,333.33 / 350,000) 1

Maximum sales growth = .6667 or 66.67%

19. (LO4) At full fixed asset capacity: sales = $200,000/0.94 = $212,765.96

This means that sales can grow from $200,000 to $212,765.96 before new fixed assets are needed.

Therefore the most that sales can grow before new fixed assets are needed =

($212,765.96/200,000) 1 = 0.0638 or 6.38%

20. (LO4) We have all the variables to calculate ROE using the DuPont identity except the profit margin. If we

find ROE, we can solve the DuPont identity for profit margin. We can calculate ROE from the sustainable

growth rate equation. For this equation we need the retention ratio, so:

R = 1 .30

R = .70

Using the sustainable growth rate equation and solving for ROE, we get:

Sustainable growth rate = (ROE R) / [1 (ROE R)]

.12 = [ROE(.70)] / [1 ROE(.70)]

ROE = .1531 or 15.31%

Now we can use the DuPont identity to find the profit margin as:

ROE = PM(TAT)(EM)

.1531 = PM(1 / 0.75)(1 + 1.20)

PM = (.1531) / [(1 / 0.75)(2.20)]

PM = .0522 or 5.22%

21. (LO4) We have all the variables to calculate ROE using the DuPont identity except the equity multiplier.

Remember that the equity multiplier is one plus the debt-equity ratio. If we find ROE, we can solve the DuPont

identity for equity multiplier, then the debt-equity ratio. We can calculate ROE from the sustainable growth

rate equation. For this equation we need the retention ratio, so:

R = 1 .30

R = .70

Using the sustainable growth rate equation and solving for ROE, we get:

Sustainable growth rate = (ROE R) / [1 (ROE R)]

.115 = [ROE(.70)] / [1 ROE(.70)]

ROE = .1473 or 14.73%

Now we can use the DuPont identity to find the equity multiplier as:

ROE = PM(TAT)(EM)

.1474 = (.062)(1 / .6)EM

EM = (.1474)(.6) / .062

EM = 1.426

So, the D/E ratio is:

D/E = EM 1

D/E = 1.4267 1

D/E = 0.426

22. (LO4) We are given the profit margin. Remember that:

ROA = PM(TAT)

We can calculate the ROA from the internal growth rate formula, and then use the ROA in this equation to find

the total asset turnover. The retention ratio is:

R = 1 .25

R = .75

Using the internal growth rate equation to find the ROA, we get:

Internal growth rate = (ROA R) / [1 (ROA R)]

.07 = [ROA(.75)] / [1 ROA(.75)]

ROA = .0872 or 8.72%

Plugging ROA and PM into the equation we began with and solving for TAT, we get:

ROA = (PM)(TAT)

.0872 = .05(TAT)

TAT = .0872 / .05

TAT = 1.74 times

23. (LO5) We should begin by calculating the D/E ratio. We calculate the D/E ratio as follows:

Total debt ratio = .65 = TD / TA

Inverting both sides we get:

1 / .65 = TA / TD

Next, we need to recognize that

TA / TD = 1 + TE / TD

Substituting this into the previous equation, we get:

1 / .65 = 1 + TE /TD

Subtract 1 (one) from both sides and inverting again, we get:

D/E = 1 / [(1 / .65) 1]

D/E = 1.86

With the D/E ratio, we can calculate the EM and solve for ROE using the DuPont identity:

ROE = (PM)(TAT)(EM)

ROE = (.048)(1.25)(1 + 1.86)

ROE = .1714 or 17.14%

Now we can calculate the retention ratio as:

R = 1 .30

R = .70

Finally, putting all the numbers we have calculated into the sustainable growth rate equation, we get:

Sustainable growth rate = (ROE R) / [1 (ROE R)]

Sustainable growth rate = [.1714(.70)] / [1 .1714(.70)]

Sustainable growth rate = .1363 or 13.63%

24. (LO2, 5) To calculate the sustainable growth rate, we first must calculate the retention ratio and ROE. The

retention ratio is:

R = 1 $9,300 / $17,500

R = .4686

And the ROE is:

ROE = $17,500 / $58,000

ROE = .3017 or 30.17%

So, the sustainable growth rate is:

Sustainable growth rate = (ROE R) / [1 (ROE R)]

Sustainable growth rate = [.3017(.4686)] / [1 .3017(.4686)]

Sustainable growth rate = .1647 or 16.47%

If the company grows at the sustainable growth rate, the new level of total assets is:

Current TA = $86,000 + 58,000 = $144,000

New TA = 1.1647($144,000) = $167,716.80

To find the new level of debt in the companys balance sheet, we take the percentage of debt in the capital

structure times the new level of total assets. The additional borrowing will be the new level of debt minus the

current level of debt. So:

New TD = [D / (D + E)](TA)

New TD = [$86,000 / ($86,000 + 58,000)]($167,716.80)

New TD = $100,164.20

And the additional borrowing will be:

Additional borrowing = $100,164.20 86,000

Additional borrowing = $14,164.20

The growth rate that can be supported with no outside financing is the internal growth rate. To calculate the

internal growth rate, we first need the ROA, which is:

ROA = $17,500 / $144,000

ROA = .1215 or 12.15%

This means the internal growth rate is:

Internal growth rate = (ROA R) / [1 (ROA R)]

Internal growth rate = [.1215(.4686)] / [1 .1215(.4686)]

Internal growth rate = .06038 or 6.038%

25. (LO5) Since the company issued no new equity, shareholders equity increased by retained earnings. Retained

earnings for the year were:

Retained earnings = NI Dividends

Retained earnings = $19,000 2,500

Retained earnings = $16,500

So, the equity at the end of the year was:

Ending equity = $135,000 + 16,500

Ending equity = $151,500

The ROE based on the end of period equity is:

ROE = $19,000 / $151,500

ROE = 12.54%

The retention ratio is:

Retention ratio = Addition to retained earnings/NI

Retention ratio = $16,500 / $19,000

Retention ratio = .8684 or 86.84%

Using the equation presented in the text for the sustainable growth rate, we get:

Sustainable growth rate = [.1254(.8684)] / [1 .1254(.8684)]

Sustainable growth rate = .1222 or 12.22%

The ROE based on the beginning of period equity is

ROE = $19,000 / $135,000

ROE = .1407 or 14.07%

Using the shortened equation for the sustainable growth rate and the beginning of period ROE, we get:

Sustainable growth rate = ROE R

Sustainable growth rate = .1407 .8684

Sustainable growth rate = .1222 or 12.22%

Using the shortened equation for the sustainable growth rate and the end of period ROE, we get:

Sustainable growth rate = ROE R

Sustainable growth rate = .1254 .8684

Sustainable growth rate = .1089 or 10.89%

Using the end of period ROE in the shortened sustainable growth rate results in a growth rate that is too low.

This will always occur whenever the equity increases. If equity increases, the ROE based on end of period

equity is lower than the ROE based on the beginning of period equity. The ROE (and sustainable growth rate)

in the abbreviated equation is based on equity that did not exist when the net income was earned.

26. (LO5) The ROA using end of period assets is:

ROA = $19,000 / $250,000

ROA = .076 or 7.6

The beginning of period assets had to have been the ending assets minus the addition to retained earnings, so:

Beginning assets = Ending assets Addition to retained earnings

Beginning assets = $250,000 ($19,000 2,500)

Beginning assets = $233,500

And the ROA using beginning of period assets is:

ROA = $19,000 / $233,500

ROA = .081370449 or .8.14%

Using the internal growth rate equation presented in the text, we get:

Internal growth rate = (ROA R) / [1 (ROA R)]

Internal growth rate = [.076(.8684)] / [1 .076(.8684)]

Internal growth rate = .0707 or 7.07%

Using the formula ROA R, and end of period assets:

Internal growth rate = .076 .8684

Internal growth rate = .0659984 or 6.6%

Using the formula ROA R, and beginning of period assets:

Internal growth rate = .081370449 .8684

27. (LO2) Assuming costs vary with sales and a 20 percent increase in sales, the pro forma income statement will

look like this:

HOPINGTON TOURS INC.

Pro Forma Income Statement

Sales

$ 1,114,800

Costs

867,600

Other expenses

22,800

EBIT

$

224,400

Interest

14,000

Taxable income

$

210,400

Taxes(35%)

73,640

Net income

$

136,760

The payout ratio is constant, so the dividends paid this year is the payout ratio from last year times net income,

or:

Dividends = ($33,735/$112,450)($136,760)

Dividends = $41,028

And the addition to retained earnings will be:

Addition to retained earnings = $136,760 41,028

Addition to retained earnings = $95,732

The new addition to retained earnings on the pro forma balance sheet will be:

New retained earnings = $182,900 + 95,690

New retained earnings = $278,590

The pro forma balance sheet will look like this:

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

$

30,360

48,840

104,280

183,480

495,600

679,080

Current liabilities

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

$

$

81,600

17,000

98,600

158,000

140,000

278,632

418,632

675,232

EFN = Total assets Total liabilities and equity

EFN = $679,080 675,232

EFN = 3,848

28. (LO2) First, we need to calculate full capacity sales, which is:

Full capacity sales = $929,000 / .80

Full capacity sales = $1,161,250

The capital intensity ratio at full capacity sales is:

Capital intensity ratio = Fixed assets / Full capacity sales

Capital intensity ratio = $413,000 / $1,161,250

Capital intensity ratio = .355651237

The fixed assets required at full capacity sales is the capital intensity ratio times the projected sales level:

Total fixed assets = .35565($1,114,800) = $396,480

So, EFN is:

EFN = ($183,480 + $396,480) $675,232 = $95,272

Note that this solution assumes that fixed assets are decreased (sold) so the company has a 100 percent fixed

asset utilization. If we assume fixed assets are not sold, the answer becomes:

EFN = ($183,480 + 413,000) $675,232 = $78,752

29. (LO2) The D/E ratio of the company is:

D/E = ($85,000 + 158,000) / $322,900

D/E = .75255

So the new total debt amount will be:

New total debt = .75255($418,632)

New total debt = $315,043.59

This is the new total debt for the company. Given that our calculation for EFN is the amount that must be

raised externally and does not increase spontaneously with sales, we need to subtract the spontaneous increase

in accounts payable. The new level of accounts payable will be, which is the current accounts payable times

the sales growth, or:

Spontaneous increase in accounts payable = $68,000(.20)

Spontaneous increase in accounts payable = $13,600

This means that $13,600 of the new total debt is not raised externally. So, the debt raised externally, which will be

the EFN is:

EFN = New total debt (Beginning LTD Beginning CL Spontaneous increase in AP)

EFN = $315,043.59 [$158,000 + (68,000 + 17,000)] 13,600 = $58,443.59

The pro forma balance sheet with the new long-term debt will be:

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

$

30,360

48,840

104,280

183,480

495,600

679,080

Current liabilities

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

81,600

17,000

$

98,600

216,443.59

$

$

140,000

278,632

418,632

$ 731,675.59

The funds raised by the debt issue can be put into an excess cash account to make the balance sheet balance.

The excess debt will be:

Excess debt = $731,675.59 679,080 = $54,595.59

To make the balance sheet balance, the company will have to increase its assets. We will put this amount in an

account called excess cash, which will give us the following balance sheet:

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Excess Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

30,360

54,595.59

48,840

104,280

$238,075.59

495,600

$ 733,675.59

Current liabilities

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

81,600

17,000

98,600

216,443.59

$

$

140,000

278,632

418,632

$ 733,675.59

The excess cash has an opportunity cost that we discussed earlier. Increasing fixed assets would also not be a

good idea since the company already has enough fixed assets. A likely scenario would be the repurchase of

debt and equity in its current capital structure weights. The companys debt-assets and equity assets are:

Debt-assets = .75255 / (1 + .75255) = .4294

Equity-assets = 1 / (1 + .75255) = .5706

So, the amount of debt and equity needed will be:

Total debt needed = .4294($679,080) = $291,600

Equity needed = .5706($679,080) = $387,480

So, the repurchases of debt and equity will be:

Debt repurchase = ($98,600 + 216,443.59) 291,600 = $23,443.59

Equity repurchase = $418,632 387,480 = $31,152

Assuming all of the debt repurchase is from long-term debt, and the equity repurchase is entirely from the

retained earnings, the final pro forma balance sheet will be:

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

$

30,360

48,840

104,280

183,480

495,600

679,080

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

$

$

81,600

17,000

98,600

193,000

140,000

247,480

387,480

679,080

Challenge

30. (LO2, 5) The pro forma income statements for all three growth rates will be:

HOPINGTON TOURS INC.

Pro Forma Income Statement

Sales

Costs

Other expenses

EBIT

Interest

Taxable income

Taxes (35%)

Net income

Dividends

Add to RE

15 % Sales

Growth

$1,068,350

831,450

21,850

$ 215,050

14,000

$ 201,050

70,367.50

$ 130,682.50

20% Sales

Growth

$1,114,800

867,600

22,800

$ 224,400

14,000

$ 210,400

73,640

$ 136,760

39,204.75

91,477.75

25% Sales

Growth

$1,161,250

903,750

23,750

$233,750

14,000

$219,750

76,912.50

$142,837.50

41,028

95,372

$42,851.25

99,986.25

We will calculate the EFN for the 15 percent growth rate first. Assuming the payout ratio is constant, the

dividends paid will be:

Dividends = ($33,735/$112,450)($130,682.50)

Dividends = $39,204.75

And the addition to retained earnings will be:

Addition to retained earnings = $130,682.50

Addition to retained earnings = $91,477.75

The new retained earnings on the pro forma balance sheet will be:

New retained earnings = $182,900 + 91,477.75

New retained earnings = $274,377.75

The pro forma balance sheet will look like this:

15% Sales Growth:

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

$

$

29,095

46,805

99,935

175,835

474,950

Current liabilities

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

$

$

78,200

17,000

95,200

158,000

140,000

274,377.75

$ 414,377.75

Total assets

650,785

equity

$ 667,577.75

EFN = Total assets Total liabilities and equity

EFN = $650,785 667,577.75

EFN = $16,792.75

At a 20 percent growth rate, and assuming the payout ratio is constant, the dividends paid will be:

Dividends = ($33,735/$112,450)($136,760)

Dividends = $41,028

And the addition to retained earnings will be:

Addition to retained earnings = $$136,760 41,028

Addition to retained earnings = $95,732

The new retained earnings on the pro forma balance sheet will be:

New retained earnings = $182,900 + 95,732

New retained earnings = $3278,632

The pro forma balance sheet will look like this:

20% Sales Growth:

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

$

30,360

48,840

104,280

183,480

495,600

$ 679,080

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

$

$

$

$

EFN = Total assets Total liabilities and equity

EFN = $679,080 675,232

EFN = $3,848

At a 25 percent growth rate, and assuming the payout ratio is constant, the dividends paid will be:

Dividends = (33,735/$112,450)($142,837.50)

Dividends = $42,851.25

81,600

17,000

98,600

158,000

140,000

278,632

418,632

$ 675,232

Addition to retained earnings = $142,837.50 - $42,851.25

Addition to retained earnings = $99,986.25

The new retained earnings on the pro forma balance sheet will be:

New retained earnings = $182,900 + 99,986.25

New retained earnings = $282,886.25

The pro forma balance sheet will look like this:

25% Sales Growth:

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

$

31,625

50,875

108,625

191,125

516,250

707,375

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

$

$

85,000

17,000

102,500

158,000

140,000

282,886.25

$ 422,886.25

$ 682,886.25

EFN = Total assets Total liabilities and equity

EFN = $707,375 682,886.25

EFN = $24,488.75

Inspection of the plot shows that EFN = 0 at approximately 18% growth rate. The formula for EFN is:

EFN = -(PM)(R) + [(TA) (PM)(R)](g) = Increase in total assets Addition to retained earnings

g = (PM)(R) / [(TA) (PM)(R)]

This EFN equation is derived under the assumption that current liabilities are lumped together with long-term

liabilities and that neither of these liabilities varies with sales, so that the only change on the right-hand side of

the balance sheet occurs in retained earnings. However, in this question accounts payable vary with sales.

Hence, we will not obtain exactly the same growth rate in this question at EFN = 0 from the plot as from the

formula.

31. (LO2, 5) The pro forma income statements for all three growth rates will be:

Sales

Costs

Other expenses

EBIT

Interest

Taxable income

Taxes (35%)

Net income

Dividends

Add to RE

Pro Forma Income Statement

20% Sales

30% Sales

Growth

Growth

$1,114,800

$1,207,700

867,600

939,900

22,800

24,700

$ 224,400

$ 243,100

14,000

14,000

$ 210,400

$ 229,100

73,640

80,185

$ 136,760

$ 148,915

$

41,028

95,732

44,674.50

104,240.50

35% Sales

Growth

$1,254,150

976,050

25,650

$ 252,450

14,000

$ 238,450

83,457.50

$ 154,992.50

$ 46,497.75

108,494.75

Under the sustainable growth rate assumption, the company maintains a constant debt-equity ratio. The D/E

ratio of the company is:

D/E = ($158,000 + 85,000) / $322,900

D/E = .75255

At a 20 percent growth rate, and assuming the payout ratio is constant, the dividends paid will be:

Dividends = ($33,735/$112,450)($136,760)

Dividends = $41,028

And the addition to retained earnings will be:

Addition to retained earnings = $136,760 41,028

Addition to retained earnings = $95,732

The new retained earnings on the pro forma balance sheet will be:

New retained earnings = $182,900 + 95,732

New retained earnings = $278,632

The new total debt will be:

New total debt = .75255($418,632)

New total debt = $315,043.59

So, the new long-term debt will be the new total debt minus the new short-term debt, or:

New long-term debt = $315,043.59 98,600

New long-term debt = $216,443.59

The pro forma balance sheet will look like this:

Sales growth rate = 20% and Debt/Equity ratio = .75225:

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

$

30,360

48,840

104,280

183,480

495,600

$ 679,080

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

81,600

17,000

$

98,600

216,443.59

$

$

EFN = Total assets Total liabilities and equity

EFN = $679,080 735,675.59

EFN = $54,595.59

At a 30 percent growth rate, and assuming the payout ratio is constant, the dividends paid will be:

Dividends = ($33,735/$112,450)($148,915)

Dividends = $44,674.50

And the addition to retained earnings will be:

Addition to retained earnings = $148,915 44,674.50

Addition to retained earnings = $104,240.50

The new retained earnings on the pro forma balance sheet will be:

New retained earnings = $182,900 + 104,240.50

New retained earnings = $287,140.50

The new total debt will be:

New total debt = .75255($427,140.50)

New total debt = $321,446.71

140,000

278,632

418,632

$735,675.59

So, the new long-term debt will be the new total debt minus the new short-term debt, or:

New long-term debt = $321,446.71 105,400

New long-term debt = $216,046.71

Sales growth rate = 30% and debt/equity ratio = .75255:

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

$

32,890

52,910

112,970

198,770

536,900

735,670

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

88,400

17,000

$

105,400

216,046.71

$ 140,000.00

287,140.50

$ 427,140.50

$ 748,587.21

EFN = Total assets Total liabilities and equity

EFN = $735,670 748,587.21

EFN = -12,917.21

At a 35 percent growth rate, and assuming the payout ratio is constant, the dividends paid will be:

Dividends = ($33,735/$112,450)($154,992.50)

Dividends = $46,497.75

And the addition to retained earnings will be:

Addition to retained earnings = $154,992.50 46,497.75

Addition to retained earnings = $108,494.75

The retained earnings on the pro forma balance sheet will be:

New retained earnings = $182,900 + 108,494.75

New retained earnings = $291,394.75

The new total debt will be:

New total debt = .75255($431,394.75)

New total debt = $324,648.26

So, the new long-term debt will be the new total debt minus the new short-term debt, or:

New long-term debt = $324,648.26 108,800

HOPINGTON TOURS INC.

Pro Forma Balance Sheet

Assets

Current assets

Cash

Accounts receivable

Inventory

Total

Fixed assets

Net plant and

equipment

Total assets

$

$

34,155

54,945

117,315

206,415

557,550

763,965

Accounts payable

Notes payable

Total

Long-term debt

Owners equity

Common stock and

paid-in surplus

Retained earnings

Total

Total liabilities and owners

equity

91,800

17,000

$

108,800

215,848.26

140,000

291,394.75

$ 431,394.75

$ 756,043.01,

EFN = Total assets Total liabilities and equity

EFN = $763,965 756,043.01

EFN = 7,921.99

Inspection of the plot shows that EFN = 0 at approximately 38% growth rate. The formula for EFN is:

EFN = -(PM)(R) + [(TA) (PM)(R)](g) = Increase in total assets Addition to retained earnings

Setting EFN = 0 gives :

g = (PM)(R) / [(TA) (PM)(R)]

This EFN equation is derived under the assumption that current liabilities are lumped together with long-term

liabilities and that neither of these liabilities varies with sales, so that the only change on the right-hand side of

the balance sheet occurs in retained earnings. However, in this question accounts payable vary with sales and

long term debt varies with equity. Hence, we will not obtain exactly the same growth rate in this question at

EFN = 0 from the plot as from the formula.

32. (LO4) We must have the ROE to calculate the sustainable growth rate. The ROE is:

ROE = (PM)(TAT)(EM)

ROE = (.067)(1 / 1.35)(1 + 0.3)

ROE = .0645 or 6.45%

Now we can use the sustainable growth rate equation to find the retention ratio as:

Sustainable growth rate = (ROE R) / [1 (ROE R)]

Sustainable growth rate = .12 = [.0645(R)] / [1 .0645(R)]

R = 1.66

This implies the payout ratio is:

Payout ratio = 1 R

Payout ratio = 1 1.66

Payout ratio = 0.66

This is a negative dividend payout ratio of 66 percent, which is impossible. The growth rate is not consistent

with the other constraints. The lowest possible payout rate is 0, which corresponds to retention ratio of 1, or

total earnings retention.

The maximum sustainable growth rate for this company is:

Maximum sustainable growth rate = (ROE R) / [1 (ROE R)]

Maximum sustainable growth rate = [.0645(1)] / [1 .0645(1)]

Maximum sustainable growth rate = .06896 or 6.896%

33. EFN (LO2)

External Financing Needed (EFN) = Asset needs Additions to Retained Earnings

EFN = A(g) PM(S)b x (1+g) (then we expand the formula)

EFN = A(g) PM(S)b PM(S)b(g) (then simply rearrange formula and isolate g)

EFN = -PM(S)b + (A PM(S)b) x g

34. Growth Rates (LO3)

The Internal Growth Rate is the rate of growth that a company can maintain with only internal financing (or

from earnings.

Since there is no External Financing Needed we set EFN = 0 as the retained earnings are sufficient to fund the

growth

EFN = -PM (S) b + (A PM (S) b) x g

0 = -PM(S)b + (A-PM(S)b) x g (simply rearrange and isolate g)

g = PM (S) b

A PM (S) b

Divide the equation through by A

You get = (PM(S) x b) / ( A PM (S) b)

A

A

The sustainable growth rate is the growth rate a firm can maintain given its debt capacity, ROE and retention ratio.

Assuming you wish to maintain the same D/E ratio of the firm.

Therefore D/E = New Borrowings/Additions to Retained Earnings

New Borrowings = D/E ( PM(S)b x (1+g) )

Since Additions to RE = (PM(S)b x (1+g) )

EFN = Increase in total Assets Additions to RE New borrowings

Therefore EFN = A ( g ) PM (S) b x (1+g) PM (S) b x (1+g) x D/E

Set EFN = O = A (g) PM(S)b x (1+g) PM(S)b x (1+g) x D/E

We solve for g and then divide both the numerator and denominator by A which results in

g = PM(S)b x (1+D/E) / (A PM(S)b (1+D/E))

g = (ROA (1+D/E) b) / (1 ROA (1+ D/E) b) Note ROA = PM(S) / A

g = (ROE x b) / (1 ROE x b)

35. Sustainable Growth Rate (LO3)

In the following derivations, the subscript E refers to end of period numbers, and the subscript

B refers to beginning of period numbers. TE is total equity and TA is total assets.

For the sustainable growth rate:

Sustainable growth rate = (ROEE b) / (1 ROEE b)

Sustainable growth rate = (NI/TEE b) / (1 NI/TEE b)

We multiply this equation by:

(TEE / TEE)

Sustainable growth rate = (NI / TEE b) / (1 NI / TEE b) (TEE / TEE)

Sustainable growth rate = (NI b) / (TEE NI b)

Recognize that the numerator is equal to beginning of period equity, that is:

(TEE NI b) = TEB

Substituting this into the previous equation, we get:

Sustainable rate = (NI b) / TEB

Which is equivalent to:

Since ROEB = NI / TEB

The sustainable growth rate equation is:

Sustainable growth rate = ROEB b

For the internal growth rate:

Internal growth rate = (ROAE b) / (1 ROAE b)

Internal growth rate = (NI / TAE b) / (1 NI / TAE b)

We multiply this equation by:

(TAE / TAE)

Internal growth rate = (NI / TAE b) / (1 NI / TAE b) (TAE / TAE)

Internal growth rate = (NI b) / (TAE NI b)

Recognize that the numerator is equal to beginning of period assets, that is:

(TAE NI b) = TAB

Substituting this into the previous equation, we get:

Internal growth rate = (NI b) / TAB

Which is equivalent to:

Internal growth rate = (NI / TAB) b

Since ROAB = NI / TAB

The internal growth rate equation is:

Internal growth rate = ROAB b

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