Question: What am I doing wrong? my additional funds is wrong. Please correct the question: Income Statement and Balance Sheets 2022 Sales 287,318 COGS 220,396 Depreciation
What am I doing wrong? my additional funds is wrong. Please correct the question:
Income Statement and Balance Sheets 2022 Sales 287,318 COGS 220,396 Depreciation 10,913 EBIT 56,009 Interest 2,264 EBT 53,745 Taxes 11,286 Net income 42,259 Dividends 16,000 2,021 2022 2021 2022 Cash 6,358 7,866 Accounts payable 4,880 5,38: Accounts receivable 9,248 11,445 Notes payable 4,157 4,908 Inventory 14,580 29,641 Current liabilities 9,037 10,289 Current assets 30,186 48,952 Long-term debt 32,100 40,000 Fixed assets 90,361 107,206 Owners' equity 79,410 105,869 Current assets 120,547 156,158 Total liabilities and owners' equit 120,547 156,158 2022 ratios Dupont Identity Current Ratio 4.757702401 ROE = Profit margin * Asset turnover * Equity multiplier Quick Ratio 1.876858781 ROE 40% Asset turnover 1.839918544 Inventory turnover 7.435511622 Receivables turnover 25.10423766 Return on Assets 279% Return on Equity 40% Equity multiplier 1.475011571 Profit margin 14.71%The Company expects sales to grow by 25% in 2023. Assets, costs, and accounts payable are proportional to sales. Depreciation, interest, long-term debt and notes payable will remain the same year over year and not increase at the 25% rate. The company expects to distribute 40% of earnings to shareholders ratio and pay taxes at a 21% rate. What is the external financing needed? Use the percentage of sales method Expected sales growth 0.25 Depreciation same 2022 Interest same Cash 7.866 Long-term debt same Accounts receivable 11,445 Notes payable same Accounts payable 5,381 Dividend payout ratio 0.4 Fixed assets 107,206 Tax rate 0.21 Cost of goods sold 220,396 Net income 42,259 2022 Sales 287,318 Percentage of each account (Account/total sales) * 100% Calculation of external financing need Cash 2.737733104 Current net income (2022) $ $ 42,259.00 Accounts receivable 3.983391225 Forecasted net income (202) $5,282,375.00 Accounts payable 1.872837762 Additional funds $5,240,116.00 Fixed assets 37.31266402 Cost of goods sold 76.70803778 Net income 14.70809347 Forecasted sales = current sales(1+growth rate/100) Current Sales 287,318.00 Expected sales growth rate 0.25 1.2 Assumed sales 359,147.50 Forecast = percentage for account * assumed sales 2023 Cash $ 983,250.00 Accounts receivable $ 1,430,625.00 Accounts payable $ 672,625.00 Fixed assets $ 13,400,750.00 Cost of goods sold $ 27,549,500.00 Net income $ 5,282,375.00
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