UAS ALK – REGULER PAGI

KASUS TARGET CORPORATION

Berikut laporan keuangan Target Corporation berikut rasio keuangan sebagai dasar
penyusunan projected financial statements.

Target Corporation Income Statement (in $)

2018 2017 2016
Net sales 39,888 36,903 33,702
Cost of goods sold 27,246 25,295 23,029
Gross profit 12,642 11,608 10,673
Selling, general and administrative exp. 8,883 8,190 7,490
Depreciation and amortization expenses 1,079 940 854
Interest expense 464 425 393
Income before tax 2,216 2,053 1,936
Income tax expense 842 789 751
Loss from extraordinary items and dis-
counted operations 6 0 41
Net income 1,368 1,264 1,144
Outstanding shares 905 898 912

Selected ratios
Sales growth 7.50 % 9.50 % 9.91 %
Gross profit margin 30.00 31.46 31.67
Selling, general and admin. Exp./Sales 25.00 22.19 22.22
Depreciation exp./Gross prior year PP&E 7.50 6.80 6.70
Interest exp./Prior year long term debt 7.00 8.47 8.35
Income tax expense/Pretax expense 30.00 38.43 38.79

Balance sheet 2018 2017 2016

Asset
Current assets
Cash 499 356 220
Receivables 3,831 1,941 1,724
Inventories 4,449 4,248 3,798
Other current assets 869 759 741
Total current assets 9,648 7,304 6,483
Property, plant and equipment (PP&E) 18,442 15,759 13,824
Accumulated depreciation 4,909 4,341 3,925
Net PPE 13,553 11,418 9,899
Other non-current assets 973 768 761

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 Total assets 24,154 19,490 17,143
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable 4,160 3,576 3,514
Current portion of long term debt 905 857 498
Accrued expenses 1,566 1,507 1,520
Income tax payable 423 361 318

Total current liabilities 7,054 6,301 5,850

Deferred income taxes and other liab. 1,152 1,036 910
Long-term debt 8,088 5,634 4,521
Total liabilities 16,294 12,971 11,281

Shareholders’ Equity
Preferred stock 0 0 0
Common stock 75 75 76
Capital surplus 1,098 902 730
Retained earnings 6,687 5,542 5,056
Shareholders’ equity 7,860 6,519 5,862
Total liabilities and net worth 24,154 19,490 17,143

Selected ratios
Accounts receivable Turnover rate 10.50 19.01 19.55
Inventory turnover rate 6.00 5.95 6.06
Accounts payable turnover rate 6.50 7.07 6.55
Accrued expenses turnover rate 25.50 24.49 22.17
Tax payable / Tax expense 50.00 % 45.75 % 42.34 %
Financial leverage 3.00 2.99 2.92
Dividends per share $ 0.225 $ 0.215 $ 0.214
Capital expenditures (CAPEX) $ 3,163 $ 2,528 $ 1,918
CAPEX / Sales 7.90 % 6.85 % 5.69 %

Diminta :
a. Buatlah Projected Income Statement untuk tahun berakhir 2019 dan Projected
Balance Sheet tahun 2019 jika current portion of LTD sebesar $ 750, ESOP $ 25!
b. Jika nilai kas perusahaan negatif, berikan saran kepada perusahaan terkait
kemampuan Financial Leverage Perusahaan adalah 3,00 namun perusahaan masih
dapat meningkatkannya sampai ke nilai 3,50.

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