1. JWs shareholders are once again causing problems. This time, the issue concerns the CCE. Shareholders want to see the firm become more efficient at turning revenues into operating cash flow. Assuming that revenues remain unchanged from fiscal year 2016, what level of operating cash flow will be required to generate the following values for the CCE?
   1. 10%
   2. 15%
   3. 20%
   4. 25%

Income Statement Revenues COGS Gross Profit Operating Expense Depreciation EBIT Interest Expense EBT Taxes NI Dividends ARE 2016 2015 $ 5,700.00 $ 5,050.00 $ (4,560.00) $ (4,040.00) $ 1.140.00 $ 1,010.00 $ (500.00) $ (420.00) $ (27.00) $ (26.00) $ 613.00 $ 564.00 $ (35.00) $ (30.00) $ 578.00 $ 534.00 $ (231.20) $ (145.60) S 346.80 $ 388.40 $ $ $ 346.80 $ 388.40 Statement of Cash Flow for year T+1 Operations NI + Depreciation -AAccounts Receivable -Alnventory +Aaccruals +AAccounts Payable Cash Flow From Operations $ 346.80 $ 27.00 $ $ 40.00 $ 1.00 $ 20.00 $ 434.80 Investing -AFixed Assets Cash Flow from Investing $ 140.00 $ 140.00 $ (10.00) $ 30.00 $ $ 20.00 Balance Sheet Cash and Equivalents Accounts Receivable Inventory Total Current Assets Fixed Assets Accumulated Depreciation Net Fixed Assets Total Assets Acounts payable Short-Term Notes Payasble Accruals Total Current Liabilities Long-Term Debt Total Liabilities Common Stock Retained Earnings Total Shareholders' Equity Total Libailities & Shareholders' Equity Year T+1 Year T A Value Financing $ 714.80 $ 120.00 $ 594.80 +AShort-Term Notes Payable $ 500.00 $ 500.00 $ +ALong-Term Debt S 300.00 $ 340.00 $ (40.00) -Dividends $ 1,514.80 $ 960.00 $ 554.80 Cash Flow From Financing $ 660.00 $ 800.00 $ (140.00) $ (227.00) $ (200.00) $ (27.00) S 433.00 $ 600.00 $ (167.00) $ 1,947.80 $ 1,560.00 $ 387.80 $ 320.00 $ 300.00 $ 20.00 S 40.00 $ 50.00 $ (10.00) S 11.00 $ 10.00 $ 1.00 $ 371.00 $ 360.00 $ 11.00 $ 780.00 $ 750.00 S 30.00 $ 1,151.00 $ 1,110.00 $ 41.00 $ 120.00 $ 120.00 S $ 676.00 $ 330.00 $ 346.00 $ 796.00 $ 450.00 $ 346.00 $ 1,947.00 $ 1,560.00 $ 387.00 CCE Cash Ratio DCH DCH with Op Expense NLB New Cash Ratio Change New cash level New CCE ratio Change New Op Cash Flow 2016 7.63% 36.70% 57.21535 51.56166 $ 343.80 0.05 $ 649.91 $ 64.89 $