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Tax Rate And The Dividend Payout Rate

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.
2015 Income Statement
  Sales   $747,000 
  Costs    582,000 
  Other expenses    18,000 
  Earnings before interest and taxes   $147,000 
  Interest expense    15,000 
  Taxable income   $132,000 
  Taxes (30%)    39,600 
  Net income   $92,400 
  Addition to retained earnings 73,920    
Balance Sheet as of December 31, 2015
Assets Liabilities and Owners’ Equity 
  Current assets     Current liabilities   
    Cash$20,640     Accounts payable$54,800 
    Accounts receivable 32,960     Notes payable 14,000 
    Inventory 69,920   
      Total$123,520   Long-term debt$130,000 
  Fixed assets     Owners’ equity   
    Net plant and equipment$410,000     Common stock and paid-in surplus$116,000 
      Retained earnings 218,720 
  Total assets$533,520   Total liabilities and owners’ equity$533,520 
What is the EFN if the firm was operating at only 80 percent of capacity in 2015? Assume that fixed assets are sold so that the company has a 100 percent asset utilization. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
  EFN$ [removed]  
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