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EXERCISE 9-4 A
Lyon Corp.
Cash Forecast
For July, Year 6
NB: a
Ending inventory $ 15
Cost of goods sold (5/6 of sales) 125
140
Less beginning inventory 25
Purchases $ 115
PROBLEM 9-2
a.
Year 3
Best Buy Estimate Year 2 Year 1
Income statement
Net sales $ 18.800 $ 15.326 $ 12.494
Cost of goods 15.048 12.267 10.101
Gross profit 3.752 3.059 2.393
Selling general & Adm. Expense 2.761 2.251 1.728
Depreciation & amortization expenses 304 167 103
Income before tax 687 641 562
Income tax expense 263 245 215
Net income 424 396 347
Outstanding shares $ 208 $ 208 $ 200
Ratio
Sales growth 22,67% 22,67%
Gross profit margin 19,96% 19,96%
Selling general & administrative exp/sales 14,69% 14,69%
Depreciation expense/Prior-year PPE gross 15,28% 15,28%
Income tax expense/Pre tax income 38,22% 38,22%
Year 3
Balance Sheet Estimate Year 2 Year 1
Cash $ 196 $ 746 $ 751
Receivable 384 313 262
Inventories 2168 1767 1184
Other 102 102 41
Total current assests 2850 2928 2238
Common stock 20 20 20
Capital surplus 576 576 247
Retained earning 1650 1225 828
Shareholder equity 2246 1821 1095
Total liabilities & net worth $ 5.719 $ 4.838 $ 2.995
Ratio
A/R turnover 48,96 48,96 47,69
Inventories Turnover 6,94 6,94 8,53
A/P Turnover 4,96 4,96 5,93
Taxes payable/Tax expense 51,84% 51,84% 30,23%
Total assets/Stockholders’ equity (fin. leverage) 2,55 2,66 2,74
Dividends per share $ - $ - $ -
Capital expenditures 1262 1029 416
Capital expenditures/Sales 6,71% 6,71% 3,33%
Year 3
Statement of Cash Flows Estimate
Net income $ 425
Depreciation 304
Accounts receivable -71
Inventories -401
Accounts payable 561
Income taxes 9
Net cash flow form operation 827
b.
Berdasarkan proyeksi bahwa Best Buy akan membutuhkan $550 (in million) dari external
financing untuk menghasilkan balance $750 (in million) dan analis bisa mendapatkan
pendanaan ini antara debt dan equity sehingga dapat mempertahankan financial
leverage level presentasi yang digunakan pada best buy.
PROBLEM 9-5A
a
Talnet Corp
Pro Forma Income Statement ($000s)
Six Months Encded June 30, Year 2
Sales revenue ($250 x 6 mos.) $ 1.500
Cost of goods sold 1199
Gross margin 301
Selling & adm. Expenses 285
Expected pre tax income 16
Estimated income taxes (50%) 8
Expected net income $ 196