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This is a homework question I am doing, but it doesn't mention how to use for the percentage of sales? So I'm not sure how to calculate the variable for current assets and accounts payable
TCC had sales for the year ended 12/31/15 of $50 million. The firm follows a policy of paying all net earnings out to its common stockholders in cash dividends. Thus, TCC generates no funds from its earnings that can be used to expand its operations. (Assume that depreciation expense is just equal to the cost of replacing worn-out assets.
Hompson Crown Company Balance Sheet, December 31, 2015 ($ millions)
Current assets $10 Net fixed assets $15 Total $25
Accounts payable $5 Notes payable $0 Bonds payable $10 Common equity $10 Total $25
TCC had sales for the year ended 12/31/15 of $50 million. The firm follows a policy of paying all net earnings out to its common stockholders in cash dividends. Thus, TCC generates no funds from its earnings that can be used to expand its operations. (Assume that depreciation expense is just equal to the cost of replacing worn-out assets.)
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