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Question - Ey-ef-en Company's sales are forecasted to increase from P1M in 2020 to P2M in 2021. Hereunder is the December 31, 2020, balance sheet:
Cash P 100,000
Accounts receivable 200,000
Inventories 200,000
Net fixed assets 500,000
Total assets P1,000,000
Accounts payable P 50,000
Notes payable 150,000
Accruals 50,000
Long-term debt 400,000
Common stock 100,000
Retained earnings 250,000
Total Liabilities & Equity P1,000,000
Ey-ef-en's fixed assets were used to only 50 percent of capacity during 2020, buts its current assets were at their proper levels. All assets except fixed assets increase at the same rate as sales, and fixed assets would also increase at the same rate if the current excess capacity did not exist. Heart's after-tax profit margin is forecasted to be 5 percent, and its payout ratio will be 60 percent. What is Heart's additional funds needed for the coming year?
Prepare a revised income statement assuming the envelope product line is eliminated. Assume that a pro rata amount of advertising is avoidable, product line supervisor salaries are avoidable, depreciation and general overhead are unavoidable.
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