The most recent financial statements for Crosby, Incorporated, follow. Interest expense will remain constant, the tax...

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The most recent financial statements for Crosby, Incorporated, follow. Interest expense will remain constant, the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. Assume the firm is operating at full capacity and the debt- equity ratio is held constant. Sales Costs Other expenses CROSBY, INCORPORATED 2020 Income Statement Earnings before interest and taxes Interest paid Taxable income Taxes (23%) Net income Dividends $ 38,340 $ 761,000 617,000 28,000 $116,000 13,200 $ 102,800 23.644 $79,156 4 ends Addition to retained earnings 40,816 CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Assets Current assets Cash Accounts receivable Inventory Total Total assets $ 25,040 34,440 71,240 $ 130,720 Fixed assets Net plant and equipment $218.000 $348,720 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in. surplus Retained earnings Total Total liabilities and owners' equity $ 60,600 17,000 $ 77,600 $ 109,000 $104.000 58,120 $ 162,120 $ 348,720 Calculate the EFN for 15, 20 and 45 percent growth rates. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.) The most recent financial statements for Crosby, Incorporated, follow. Interest expense will remain constant, the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. Assume the firm is operating at full capacity and the debt- equity ratio is held constant. Sales Costs Other expenses CROSBY, INCORPORATED 2020 Income Statement Earnings before interest and taxes Interest paid Taxable income Taxes (23%) Net income Dividends $ 38,340 $ 761,000 617,000 28,000 $116,000 13,200 $ 102,800 23.644 $79,156 4 ends Addition to retained earnings 40,816 CROSBY, INCORPORATED Balance Sheet as of December 31, 2020 Assets Current assets Cash Accounts receivable Inventory Total Total assets $ 25,040 34,440 71,240 $ 130,720 Fixed assets Net plant and equipment $218.000 $348,720 Liabilities and Owners' Equity Current liabilities Accounts payable Notes payable Total Long-term debt Owners' equity Common stock and paid-in. surplus Retained earnings Total Total liabilities and owners' equity $ 60,600 17,000 $ 77,600 $ 109,000 $104.000 58,120 $ 162,120 $ 348,720 Calculate the EFN for 15, 20 and 45 percent growth rates. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)

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