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Following this balance sheet for 2006 Assets Cash $15,000 Accounts Receivable 90,000 Inventory 60,000 Current Assets $165,000 Fixed Assets 60,000 Total Assets $225,000 Liabilities Accounts Payable $90,000 Notes Payable 30,000 Accrued Expenses 7,000 Current Liabilities 127,000 Common Stock 75,000 Retained Earnings 22,500 Total Liabilities and Equity 225,000 Sales for 2005 were $300,000
Following this balance sheet for 2006
Assets
Cash $15,000
Accounts Receivable 90,000
Inventory 60,000
Current Assets $165,000
Fixed Assets 60,000
Total Assets $225,000
Liabilities
Accounts Payable $90,000
Notes Payable 30,000
Accrued Expenses 7,000
Current Liabilities 127,000
Common Stock 75,000
Retained Earnings 22,500
Total Liabilities and Equity 225,000
Sales for 2005 were $300,000. Sales for 2006 have been projected to Increase by 20%. Assuming that my company is operating below capacity, calculate the amount of new funds required to finance the projected growth. My company has an 8% return on sales and 70% is paid out as dividends. I will need to prepare a Percent of Sales table.
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