Question
In: Finance
Forecast the balance sheet for Lambert Co. using the following projected information ($000). Round all projections...
Forecast the balance sheet for Lambert Co. using the following projected information ($000). Round all projections to the nearest thousand dollars.
| Sales | $10000 |
| Cash | $500 |
| Accruals | $50 |
| Gross Margin | 45% |
| Inventory Turns (based on COGS) | 7.0 |
| Total Asset Turnover | 1.25 |
| Current Ratio | 2.0 |
| Debt: Equity | 1:3 |
| ACP | 42 days |
| Assets | Liabilities | ||
| Cash | ? | A/P | ? |
| A/R | ? | Accruals | ? |
| Inventory | ? | C/L | ? |
| C/A | ? | Debt | ? |
| Net F/A | ? | Equity | ? |
| Total Assets | ? | Total L&E | ? |
Solutions
Expert Solution
| Assets | Amt in 000 | Liabilities | Amt in 000 | |
| Cash | 500 | A/P-note 8 | 1,168 | |
| A/R - note 2 | 1,151 | Accruals | 50 | |
| Inventory -note 3 | 786 | C/L-note 7 | 1,218 | |
| C/A -note 4 | 2,436 | Debt - note 9 | 1,695 | |
| Net F/A -note 5 | 5,564 | Equity - note 9 | 5,086 | |
| Total Assets - note 1 | 8,000 | Total L&E -note 6 | 8,000 | |
| Note -1 | Total asset = sales/asset = 1.25 | |||
| Asset = 10000/1.25 | $8,000 | |||
| Note 2 | AR = ACP*sales/365 | 1,151 | ||
| =42*10000/365 | ||||
| Note 3 | Inventory turnover = Cost of good sold/inventory = 7 | |||
| =(10000*0.55)/inventory = 7 | ||||
| inventory = 10000*0.55/7 | 786 | |||
| Note 4 | C/A = Cash+AR + inventory | 2,436 | ||
| Note 5 | Net fixed asset = Total asset - Current asset | 5,564 | ||
| =8000-2436 | ||||
| Note 6 | Total L&E = Total Asset = 8000 | |||
| Note 7 | Current ratio = 2 = Current asset / Current liablities | |||
| Current liabilities = Current asset / 2 = 2436/2 | 1,218 | |||
| Note 8 | Account payable = Current liablities - Accruals = 1218-50 | 1,168 | ||
| Note 9 | Total debt and equity = Total L&E - Current liablities = 8000-1218 | 6,782 | ||
| Debt/equity ratio = 1:3 | ||||
| Debt = 6832/4 | 1,695 | |||
| Equity = 6832*3/4 | 5,086 | |||
jeff jeffy answered 1 year agoRelated Solutions
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