Inputs

Growth Rate 0.1150

CGS/Sales 0.6218
SGA/Sales 0.0725
Depreciation/GFA 0.0213
Interest/Debt 0.0531
Cash/Sales 0.0570
AR/Sales 0.3005
Inventory/Sales 0.4197
Gross Fixed Assets/Sales 1.4611
AP/Sales 0.2332
Tax Rate 0.3400
Dividend Payout Ratio 0.2500

Income Statement
2010 2011 2012 2013
Total sales $ 965.00 $1,075.98 $1,199.71 $1,337.68
Cost of goods sold $ 600.00 $669.00 $745.94 $831.72
Selling, general, & admin expenses $ 70.00 $78.05 $87.03 $97.03
Depreciation $ 30.00 $33.45 $37.30 $41.59
Earnings before interest & taxes (EBIT) $ 265.00 $295.48 $329.45 $367.34
Less interest expense $ 22.58 $25.53 $28.82 $32.50
Taxable income $ 242.42 $269.95 $300.63 $334.84
Less income taxes (@ 34%) $ 82.42 $91.78 $102.22 $113.85
Net income $ 160.00 $178.17 $198.42 $220.99
Addition to retained earnings $ 120.00 $133.62 $148.81 $165.74
Dividends $ 40.00 $44.54 $49.61 $55.25

Balance Sheet
Assets 2010 2011 2011 2012
Current assets
Cash $ 55 61.325 68.377375 76.240773125
Accounts receivable $ 290 323.35 360.53525 401.99680375
Inventory $ 405 451.575 503.506125 561.40932938
Total current assets $ 750 836.25 932.41875 1039.6469063

Fixed assets
Gross Plant, property, & equipment $ 1,410 $ 1,572 $ 1,753 $ 1,955
Less accumulated depreciation $ 330 $ 363 $ 401 $ 442
Net plant, property, & equipment $ 1,080 $ 1,209 $ 1,352 $ 1,512
Total assets $ 1,830 $ 2,045 $ 2,285 $ 2,552

Liabilities and equity 2010 2011 2012 2013

Current liabilities
Accounts payable $ 225 $ 251 $ 280 $ 312
Total current liabilities $ 225 $ 251 $ 280 $ 312

Long-term debt $ 425 $ 480 $ 542 $ 612

Stockholders’ equity
Common stock & paid-in surplus $ 275 $ 275 $ 275 $ 275
Retained earnings $ 905 $ 1,038.62 $ 1,187.44 $ 1,353.18
Total shareholder's equity $ 1,180 $ 1,314 $ 1,462 $ 1,628
Total liabilities & equity $ 1,830 $ 2,045 $ 2,285 $ 2,552
 2014
$1,491.51
$927.37
$108.19
$46.37
$409.59
$36.62
$372.97
$126.81
$246.16
$184.62
$61.54

2013

85.008462034
448.22643618
625.97140225
1159.2063005

$ 2,179
$ 489
$ 1,691
$ 2,850

2014

$ 348
$ 348

$ 689

$ 275
$ 1,537.80
$ 1,813
$ 2,850