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    Tugas Acc Iin Inayah Alief

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    Iin Inayah Alief
    Michael Jordan, Inc's balance sheet as of December 31, 2011 showed total assets of $52,050 and total liabilities and equity of $52,050. The addition to retained earnings for 2012 was projected to be $8,896, bringing equity to $12,846. The internal growth rate was calculated to be 17.53%.

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    Tugas Acc Iin Inayah Alief

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    Iin Inayah Alief
    41 views5 pages
    Michael Jordan, Inc's balance sheet as of December 31, 2011 showed total assets of $52,050 and total liabilities and equity of $52,050. The addition to retained earnings for 2012 was projected to be $8,896, bringing equity to $12,846. The internal growth rate was calculated to be 17.53%.

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    Michael Jordan, Inc's balance sheet as of December 31, 2011 showed total assets of $52,050 and total liabilities and equity of $52,050. The addition to retained earnings for 2012 was projected to be $8,896, bringing equity to $12,846. The internal growth rate was calculated to be 17.53%.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    41 views5 pages

    Tugas Acc Iin Inayah Alief

    Uploaded by

    Iin Inayah Alief
    Michael Jordan, Inc's balance sheet as of December 31, 2011 showed total assets of $52,050 and total liabilities and equity of $52,050. The addition to retained earnings for 2012 was projected to be $8,896, bringing equity to $12,846. The internal growth rate was calculated to be 17.53%.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 5

    Michael Jordan, Inc

    Balance Sheet Dec 31, 2011

    Assets
    $ %
    Cash 3.050 8.03
    Account Receivable 6.900 18.16
    Inventory 7.600 20.00
    Sub-total 177550 46.18
    Net Plant & Equipment 34500 90.79

    Total Assets 52050 136.97

    Liabilities and Owner's Equity


    $ %
    Account Payable 1.300 3.42
    Notes Payable 6.800 n/a
    Sub total 8.100 n/a
    Long-term debt 25.000 n/a
    Common Stock and APIC 15.000 n/a
    Retained earnings 3.950 n/a
    Total Liability & Equity 52.050 n/a

    a. What is the projected addition to retained earnings?

    Michael Jordan, Inc


    Balance Sheet Dec 31, 2011
    (in $)
    Sales 38.000 43.700
    Costs 18.400 21.160
    Taxable Income 19.600 22.540
    Taxes (34%) 6.664 7.664
    Net Income 12.936 14.876

    Dividens 5200 5.980


    Addition to retained earni 7736 8.896

    b. What is EFN?

    and the new equity balance is:


    Equity = $ 3,950 + 8,896
    Equity = $12,846
    Michael Jordan, Inc
    Balance Sheet Dec 31, 2011

    Assets Liabilities and Owner's Equity

    (2011) in $ (2012) in $ (2012) in % (2011) in $


    Cash 3.050 3.508 Account Payable 1.300
    Account Receivable 6.900 7.935 Notes Payable 6.800
    Inventory 7.600 8.740 Sub total 8.100
    Sub-total 177550 20.183 Long-term debt 25.000
    Common Stock and
    Net Plant & Equipment 34500 39.675 APIC 15.000
    Retained earnings 3.950
    Total Liability &
    Total Assets 52050 59.858 Equity 52.050

    C. What is internal Growth Rate?


    EFN= Total Asses-Total
    Liabilities and equity
    EFN = 59.858 - 60.946
    EFN= -1.089

    The Internal growth rate


    Internal growth rate = (ROA x b)/[1-
    (ROA x b)
    2011 2012
    ROA = NI/TA ROA = NI/TA
    ROA =
    14.876 /
    ROA= 12.936 / 52.050 59.858
    ROA=0.2485
    ROA=0.2485 atau 24,85% atau 24,85%

    The plowback ratio, b, is one minus the payout ratio, so


    2011 2012
    payout ratio =
    Dividen payout ratio = 5.980/14.876
    5.200/12.936 = 0.40 = 0.40

    b=1-0.40
    b=0.60

    Now, we can use the internal growth rate equation to get:


    Internal growth rate = (ROA x b)/ [1-(ROAxb)]
    Internal growth rate =[0.2486x 0.60)/[1-(0.2486x0.60)]
    Internal growth rate = 17.53%
    Owner's Equity

    (2012) in $ (2012) in %
    1.300 2.97
    6.800 n/a
    8.100 n/a
    25.000 n/a

    15.000 n/a
    12.846 n/a

    60.946 n/a

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