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  3. s&s air, inc. 2009 income statement sa

S&S Air, INC. 2009 Income Statement Sales $30,499,420 Cost of goods sold $22,224,580 Other expenses $3,867,500 Depreciation $1,366,680 EBIT $3,040,660 Interest $478,240 Taxable income $2,562,420 Taxes (40%) $1,024,968 Net income $1,537,452 Dividends $560,000 Add to retained earnings $977,452                S&S...

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Finance

S&S Air, INC.

2009 Income Statement

Sales

$30,499,420

Cost of goods sold

$22,224,580

Other expenses

$3,867,500

Depreciation

$1,366,680

EBIT

$3,040,660

Interest

$478,240

Taxable income

$2,562,420

Taxes (40%)

$1,024,968

Net income

$1,537,452

Dividends

$560,000

Add to retained earnings

$977,452

  

           

S&S Air, INC.

2009 Balance Sheet

Assets

Liabilities and Equity

Current assets

Current liabilities

Cash

$441,000

Accounts payable

$889,000

Accounts receivable

$708,400

Notes payable

$2,030,000

Inventory

$1,037,120

Total current liabilities

$2,919,000

Total current assets

$2,186,520

Long term debt

$5,320,000

Fixed assets

Net plant and equipment

$16,122,400

Shareholder equity

Common stock

$350,000

Retained earnings

$9,719,920

Total equity

$10,069,920

Total assets

$18,308,920

Total liabilities and equity

$18,308,920

  1. Calculate the external financing needed (EFN) assuming 12%growth rate and full capacity operation. Use Excel to createpro-forma financial reports.

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