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Cholesterol Dairy Products has plants in five provinces andoperates a very large home delivery service. Sales last year were$100 million, and the balance sheet at year-end is similar inpercent of sales to that of previous years (and this will continuein the future). All assets and current liabilities will varydirectly with sales. Assume the firm is already using capitalassets at full capacity. Balance Sheet (in $ millions) AssetsLiabilities and Shareholders' Equity Cash $5 Accounts payable $7Accounts receivable 11 Accrued wages 6 Inventory 22 Accrued taxes 5Current assets $38 Current liabilities $18 Capital assets 38Long-term debt 15 Common stock 20 Retained earnings 23 Total assets$76 Total liabilities and shareholder's equity $76 The firm has anaftertax profit margin of 6 percent and a dividend payout ratio of20 percent. a. If sales grow by 15 percent next year, determine howmany dollars of new funds are needed to finance the expansion.(Enter the answer in millions. Round the final answer to 3 decimalplaces.) The firm needs $ million in external funds. b. Prepare apro forma balance sheet with any financing adjustment made to longterm debt. (Input all answers as positive values. Be sure to listthe assets and liabilities in order of their liquidity. Enter theanswers in millions. Round the final answers to 3 decimal places.)Balance Sheet ($ millions) Assets Liabilities and Shareholders'Equity Current assets Current liabilities $ $ Current assets $Current liabilities $ $ Total assets $ Total liabilities andshareholders' equity $ c. Calculate the current ratio and totaldebt to assets ratio for each year. (Round the final answers to 2decimal places.) Year 1 Year 2 Current ratio X X Total debt /assets % %