2024 – The most recent financial statements for Moose Tours Inc appear below Sales
The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses – 2024
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The most recent financial statements for Moose Tours, Inc., appear below. Sales for 2016 are projected to grow by 20 percent. Interest expense will remain constant; the tax rate and the dividend payout rate will also remain constant. Costs, other expenses, current assets, fixed assets, and accounts payable increase spontaneously with sales. |
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MOOSE TOURS, INC. |
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Sales |
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$ |
747,000 |
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Costs |
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582,000 |
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Other expenses |
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18,000 |
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Earnings before interest and taxes |
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$ |
147,000 |
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Interest expense |
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15,000 |
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Taxable income |
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$ |
132,000 |
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Taxes (30%) |
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39,600 |
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Net income |
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$ |
92,400 |
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Dividends |
$ |
18,480 |
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Addition to retained earnings |
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73,920 |
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MOOSE TOURS, INC. |
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Assets |
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Liabilities and Owners’ Equity |
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Current assets |
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Current liabilities |
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Cash |
$ |
20,640 |
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Accounts payable |
$ |
54,800 |
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Accounts receivable |
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32,960 |
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Notes payable |
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14,000 |
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Inventory |
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69,920 |
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Total |
$ |
68,800 |
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Total |
$ |
123,520 |
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Long-term debt |
$ |
130,000 |
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Fixed assets |
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Owners’ equity |
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Net plant and equipment |
$ |
410,000 |
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Common stock and paid-in surplus |
$ |
116,000 |
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Retained earnings |
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218,720 |
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Total |
$ |
334,720 |
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Total assets |
$ |
533,520 |
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Total liabilities and owners’ equity |
$ |
533,520 |
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What is the EFN if the firm was operating at only 80 percent of capacity in 2015? Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) |
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EFN |
$ [removed] |
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