Balance
Sheet
Income Statement
Actual
Forecast
First Pass
2nd Pass
Actual
Forecast
First Pass
2nd Pass
2015
Basis
2016
AFN
2016
2015
Basis
2016
Feedback
2016
Cash
10.0
Sales
3,000.0
Shrot-term investments
0.0
Costs except depreciation
2,617.0
Accounts receivable
375.0
Depreciation
100.0
Inventories
615.0
Total operating costs
2,717.0
Total current assets
1,000.0
EBIT
283.0
Net PP&E
1,000.0
Less interest
88.0
Total assets
2,000.0
Earnings before taxes
195.0
Taxes
78.0
Accounts payable
60.0
NI before preferred dividends
117.0
Accruals
140.0
Dividends to preferred
4.0
Notes payable
110.0
NI available to common
113.0
Total current liabilities
310.0
Dividends to common
57.0
Long-term bonds
754.0
Addition to retained earnings
56.0
Total debt
1,064.0
Preferred stock
40.0
AFN
Financial Mix
Interest or dividend rate
2016 Sales Growth
Common stock
130.0
Notes Payable
6.11%
9.00%
10%
Retained earnings
766.0
Long-term Bonds
41.89%
10.36%
Total common equity
896.0
Preferred Stock
2.22%
10.00%
Tax Rate
40%
Total liabilities and equity
2,000.0
Common Equity
49.78%
AFN
Common dividend growth rate
8%
# of shares outstanding in 2015
50
Cumulative AFN
Common dividend in 2015
1.14
Stock price in 2015
23