EFN Define the following: S = Previous years sales A = Total assets D = Total debt
Question:
EFN Define the following:
S = Previous year’s sales
A = Total assets
D = Total debt
E = Total equity
g = Projected growth in sales
PM = Profit margin
b =Retention (plowback) ratio
Show that EFN can be written as follows:
EFN = – PM(S)b + (A – PM(S)b) X g
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We know that EFN is EFN Increase in assets Addition to re...View the full answer
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Related Book For 
Fundamentals of Corporate Finance
ISBN: 978-0077861629
8th Edition
Authors: Stephen A. Ross, Randolph W. Westerfield, Bradford D.Jordan
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