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These are the simplified financial statements for Johns Car Rental.
Income statement
Current
Projected
Sales
na
1,000
Costs
700
Profit before tax
300
Taxes
90
Net income
210
Dividends
63
Balance sheets
Current assets
100
115
Net fixed assets
900
1,080
Current liabilities
70
81
Long-term debt 400
Common stock 300
Retained earnings 230
a. What is Johns' projected addition to retained earnings under this plan? Explain
b. If John does not plan on issuing new stock and will finance any shortfall by issuing additional long-term debt what will be the Long-term debt for the projected year (including the additional financing)? Explain
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