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DuPont Identity.

Suppose that the Bethesda Mining Company had sales of


$2,945,376 and net income of $89,351 for the year 2 ending . Calculate the
DuPont identity.

Input area:

Sales $ 2,945,376
Net income $ 89,351

Year 1 Year 2
Assets Liabilities
Current assets Current liabilities
Cash $ 21,396 $ 24,385 Accounts p
Accounts receivable 51,552 58,318 Notes paya
Inventory 121,807 143,615 Total
Total $ 194,755 $ 226,318 Long-term deb
Owners' equity
Common st
Fixed assets Accumulat
Net plant and equipment $ 722,862 $ 757,328 Total
Total assets $ 917,617 $ 983,646 Total liabiliti

Output area:

Return on equity 24.06%

PM 3.03%

TAT 299.43%

EM 264.88%
Year 1 Year 2
Liabilities and owners' equity
Current liabilities
Accounts p $ 214,414 $ 192,480
Notes paya 99,022 134,508
Total $ 313,436 $ 326,988
Long-term deb$ 271,700 285,300
Owners' equity
Common st $ 200,000 $ 200,000
Accumulat 132,481 171,358
Total $ 332,481 $ 371,358
Total liabiliti $ 917,617 $ 983,646
DuPont Identity. The Cavo Company has an ROA of 9 percent, a profit
margin of 6 percent, and an ROE of 17 percent. What is the company's
total asset turnover? What is the equity multiplier?

Input area:

Return on assets 9%
Profit margin 6% ROE=
Return on equity 17% TAT=
EM=

Output area:

Total asset turnover 1.50

Equity multiplier 1.89


Calculating Internal & Sustainable Growth. The most recent financial statements for Shinoda Manufacturing
Co. are shown below. Assets and costs are proportional to sales. Debt and equity are not. The company
maintains a constant 40 percent dividend payout ratio. No external financing is possible. What is the internal
growth rate? What is the sustainable growth rate?

Input area:

Sales $ 75,300 Current assets $ 27,000 Debt $ 37,200


Costs 55,380 Fixed assets 89,300 Equity 79,100
Taxable income $ 19,920
Taxes 6,972 Total $ 116,300 Total $ 116,300
Net income $ 12,948

Payout ratio 40%


Tax rate 35%

Output area:

Return on assets 11.13%


Retention ratio 0.6

Internal growth rate 7.16%

Return on equity 16.37%


Sustainable growth rate 10.89%