Additional Funds Needed Homework 1. Jill's Wigs Inc. had the following balance sheet last year: Last Fact. 1st Pass Last Fact. 1st Pass Cash $ 800 Accounts receivable Inventory 450 Accounts payable $ Accrued wages 350 150 950 Notes payable 2,000 Net fixed assets 34,000 Mortgage 26,500 Common stock 3,200 Retained earnings 4,000 Total liabilities Total assets $36,200 and equity $36,200 Jill has just invented a non-slip wig for men which she expects will cause sales to double, increasing after-tax net income to $1,000. She was at 65% of capacity last year. (a) Will Jill need any outside capital if she pays no dividends? If so, how much?

Phil Frugal has been saving his pennies since he was 5 years old. He is now 45 and deposits his savings in a bank. His pennies total $5,000. Using this information and your knowledge of the banking system, select the best match for each item. Then calculate the values of reserves, required reserves, and excess reserves. Assume a required reserve ratio of 10%.  Answer parts a. & b.  a. The amount of reserves the bank owes to other banks: (Choose one of the 4 options) : required reserves, excess reserves, reserves or none of these The maximum amount of reserves available for loans: required reserves, excess reserves, reserves or none of these The amount of reserves the bank must set aside to loan to member banks: required reserves, excess reserves,reserves or none of these b. Enter the values of reserves, excess reserves, and required reserves. Reserves: $     Excess reserves: $     Required reserves: $

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With the following information, fill in the bank given using the specified format. (For example: 40 days) Days of working capital is _______ Annual Sales Revenue $3,650,000 Accounts Payable 300,000 Accounts Receivable 400,000 Cash 35,000 Mortgage 95,000 Equipment 200,000 Short-term Loan 100,000 Goodwill 75,000 Inventory 500,000