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Jawaban Excel

The document provides financial information for several companies. It includes sales figures, asset values, liabilities, profit margins, and retention ratios. Formulas are given to calculate required increases in assets based on sales growth and changes in payables, accruals, and retained earnings. The goal is to determine how much sales can increase before additional funding is required.

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Devenda Kartika Roffandi
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30 views9 pages

Jawaban Excel

The document provides financial information for several companies. It includes sales figures, asset values, liabilities, profit margins, and retention ratios. Formulas are given to calculate required increases in assets based on sales growth and changes in payables, accruals, and retained earnings. The goal is to determine how much sales can increase before additional funding is required.

Uploaded by

Devenda Kartika Roffandi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 9

S0 = 5,000,000 L0 =

S1 = 6,000,000 Retention ratio =


△S = 1,000,000 Profit margin (M) =

A0 = 3,000,000

Spontaneous increases in payable


AFN = Required increases in asset - -
and accruals

= (A0/S0) △ S - (L0/S0) △ S -
= (3.000.000/5.000.000) X 1.000000 - (500.000/5.000.000) X 1.000000 -
= 600,000 - 100,000 -
= 410,000
500,000
30%
5%

Fund
obtaines as
new R/E
based on
2016 sales

MS1 (1-payout)
0,05 X 6.000.000 X (1-0,7)
90,000
Sales 5,000,000,000 increase 12% ###
Fixed asset 1,700,000,000
Operating level 90%

a. Full capacity sales = Actual sales


% capacity of FA
= 5,000,000,000
90%
= 5,555,555,556

b. Target fixed asset/sales ratio = 1,700,000,000


5,555,555,556
= 0.306

c. No increase in FA up to 5.5555.556

Delta FA = target fixed asset/fixed ratio X (FA increase-FA full capacity)


= 13,600,000
ull capacity)
Next year
Sales 3,000 X 1.1 3,300
Ops cost (exl. Depreciation) 2,450 80% X sales 2,640
EBITDA 550 660
Depreciation 250 X 1.1 275
EBIT 300 385
Interest 125 125
EBT 175 260
Tax (40%) 70 104
Net income 105 156
Ao 1,200,000
Acc.payable (Lo) 375,000
So 2,500,000
Growth sales 25%
S1 3,125,000
△S 625,000
Common stock 425,000
R/E 295,000
New common stock 75,000
Profit margin on sales 6%
Retention ratio 60%

Total liabilities + equity = Account payable + Long term debt + Common stock
1,200,000 = 375,000 + Long term debt + 425,000
Long term debt = 105,000

Total liabilities = Long term debt + Account payable


= 105,000 + 375,000
= 480,000

Spontaneous
Required increases in Fund obtaines as new
AFN = - - R/E based on previous
increases in asset payable and
accruals sales

= (A0/S0) △ S - (L0/S0) △ S - MS1 (1-payout)

(1.200.000/2.500. (375.000/2.500.
= 000) X 625.000 - 000) X 625.000 - 6% X 3.125.000 (0,6)
= 300,000 - 93,750 - 112,500
= 18,750
+ R/E
+ 295,000

New
common
stock

- 75,000
- 75,000
2015 Increase
S0 2,000,000 0,75 X sales A0/S0 = 0.75
A0 1,500,000 Lo/So = 0.15
Liabilities 500,000
Lo 300,000
Profit margin (M) 5%
Retention ratio 40%

Spontaneous
increases in
AFN = Required increases in asset - -
payable and
accruals

= (A0/S0) △ S - (L0/S0) △ S -
(300.000/2.000
0= (1.500.000/2.000.000) X △ S - .000) X △ S -
0= 0,75 X △ S - 0,15 X △ S -
0= 0,6 X △ S - 0,02 S1
0= 0,6 X (S1- S0) - 0,02 S1
0= 0,6 X (S1-2.000.000) - 0,02 S1
0= 0,6 S1 - 2.000.000 - 0,02 S1
1,200,000 = 0,58 S1
S1 = 2,068,966
Sales can increase by 2.068.966 - 2.000.000 = 68.966 without additional funds bein
Fund obtaines
as new R/E
based on
previous sales

MS1 (1-payout)

5 % X S1 X 40%
0,02 S1

ithout additional funds being needed

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