A) Given the most recent financial statements for the Kellogg Company (FY2020). Sales for FY2021 are expected to grow by 10%. The following assumption must hold in the pro forma financial statements. The tax rate (percentage) and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation, Cash, Account Receivable, Inventory, Other CA, Net Fixed Assets, Accounts payable and other current liabilities increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, calculate the internal growth rate - using the textbook equation. (Enter percentages as decimals and round to 4 decimals)

B) Given the most recent financial statements for the Kellogg Company (FY2020). Sales for FY2021 are expected to grow by 10%. The following assumption must hold in the pro forma financial statements. The tax rate (percentage) and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation, Cash, Account Receivable, Inventory, Other CA, Net Fixed Assets, Accounts payable and other current liabilities increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, calculate the pro forma value for dividends. (Enter a value in millions, eg. 50,000,000 as 50)

C) Given the most recent financial statements for the Kellogg Company (FY2020). Sales for FY2021 are expected to grow by 10%. The following assumption must hold in the pro forma financial statements. The tax rate (percentage) and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation, Cash, Account Receivable, Inventory, Other CA, Net Fixed Assets, Accounts payable and other current liabilities increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, calculate the pro forma value for total equity (Enter a value in millions, eg. 50,000,000 as 50)

D) Given the most recent financial statements for the Kellogg Company (FY2020). Sales for FY2021 are expected to grow by 10%. The following assumption must hold in the pro forma financial statements. The tax rate (percentage) and the dividend payout ratio (percentage) will remain constant. COGS, SGA, Depreciation, Cash, Account Receivable, Inventory, Other CA, Net Fixed Assets, Accounts payable and other current liabilities increase spontaneously with sales. If the firm is operating at full capacity and no new debt or equity is issued, calculate the external financing needed for the firm. (Enter a value in millions, eg. 50,000,000 as 50)

Income Statement FY 2020

Net Sales 13,770

COGS 9,043

SGA 2,487

Depreciation 479

EBIT 1,761

Interest Expense 249

EBT 1,512

Taxes 323

Net Income 1,189

Dividends 782

Add to RE 407

Balance Sheet FY 2020

Cash 435

AR 1537

Inventories 1284

Other Current Assets 226

Total Current Assets 3482

Net PPE 1451

Total Assets 17996

Notes Payable (interest bearing) 729

Accounts Payable 2471

Other Current Liabilities 2038

Total Current Liabilities 5238

Long Term Debt 9494

Total Liabilities 14732

Common Stock 110

Accum RE 3,154

Total Equity 3264

Total Liabilities & Equity 17996