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Question 1 Calculate Space-Age’s EFN for 1993 Answer We will use the following formula to calculate EFN. EFN = A/S * DS – L/S * DS – MS1 * (1-d), where A/S = Assets/Sales L/S = Spontaneous Liabilities/Sales S1 = Next Year’s sales, and S0 = last year’s sales DS = Change in sales M = profit margin d = Dividend payout ratio = Dividends/Net Income Hence, EFN = 29.
55/59.15 * (70.98 – 59.15) – 10.35/59.15 * (70.98 – 59.15) – 0.051 * 70.98 * (1- 1/3); EFN = 1.43 Million Question 2 Forecast the firm’s financial statements and EFN for 1993 Answer We will use the above method of proportional growth (percentage of sales) method to derive the answer for this problem.
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EFN = A/S * DS – L/S * DS – MS1 * (1-d) The marketing department forecasts a 20% increase in sales. Hence, we can assume that accounts payable and accruals will increase in accordance with industry practices. In other words, we may calculate the forecasted sales, and given the total assets, we may calculate current assets and then accounts receivable. In general, all of the calculations are represented in the Excel table sheet below. To see the formula used, please click on the needed cell. The results obtained for EFN are different in case 1 and 2 because calculations in the first case were based on the historical data and the calculations in the second case were based on the forecasted data.
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