MSFT ($ in millions, shares in millions) Income Statement Sales COGS Gross Profit Research and Dev. SGA FY2023 211,915 65,863 146,052 27,195 16653 Depreciation 13681 Operating Income, EBIT 88,523 Interest Expense 1968 Pretax income, EBT Taxes Net income Retained Earnings Dividends Price per share Shares outstanding 86,555 16950 69,605 32,902 36,703 330.24 7,430 Balance Sheet Cash Short-term Investments Accounts Rec. Inventories Other current Assets Total Current Assets Net PPE Intangibles Other assets Total Assets Accounts Payable Current portion of LTD Other Current Liabilities Total Current Liabilities Long-term debt Total Liabilities Common stock Retained Earnings Total Equity Total Liab. And Equity FY2023 34704 76558 48688 2500 21807 184257 95641 101477 30601 411976 18095 5247 80807 104149 101604 205753 93718 112,505 206223 411976

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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1. Given the most recent financial statements for FY2023. Sales for FY2024 are expected to grow by 10 percent.  The following assumption must be held in the pro forma financial statements.  The tax rate (percentage), the interest expense ($ amount), and the dividend payout ratio (percentage) will remain constant.  COGS, SGA, Depreciation, all current asset accounts, Net PPE, intangibles, other assets, and accounts payable increase spontaneously with sales.  Calculate the pro forma value for total assets for FY24 if the firm operates at full capacity and no new debt or equity is issued. (Enter percentages as decimals and round to 4 decimals)

2. Given the most recent financial statements for FY2023. Sales for FY2024 are expected to grow by 10 percent.  The following assumption must be held in the pro forma financial statements.  The tax rate (percentage), the interest expense ($ amount), and the dividend payout ratio (percentage) will remain constant.  COGS, SGA, Depreciation, all current asset accounts, Net PPE, intangibles, other assets, and accounts payable increase spontaneously with sales.  Calculate the pro forma value for accumulated retained earnings for FY24 if the firm operates at full capacity and no new debt or equity is issued. (Enter percentages as decimals and round to 4 decimals)

3. Given the most recent financial statements for FY2023. Sales for FY2024 are expected to grow by 10 percent.  The following assumption must be held in the pro forma financial statements.  The tax rate (percentage), the interest expense ($ amount), and the dividend payout ratio (percentage) will remain constant.  COGS, SGA, Depreciation, all current asset accounts, Net PPE, intangibles, other assets, and accounts payable increase spontaneously with sales.  Calculate the pro forma value for external financing needed (EFN) for FY24 if the firm operates at full capacity and no new debt or equity is issued. (Enter percentages as decimals and round to 4 decimals)

MSFT
($ in millions, shares in millions)
Income Statement
Sales
COGS
Gross Profit
Research and Dev.
SGA
Depreciation
13681
Operating Income, EBIT 88,523
Interest Expense
1968
Pretax income, EBT
86,555
Taxes
16950
Net income
69,605
32,902
36,703
Retained Earnings
Dividends
FY2023
211,915
65,863
146,052
27,195
16653
Price per share
Shares outstanding
330.24
7,430
Balance Sheet
Cash
Short-term Investments
Accounts Rec.
Inventories
Other current Assets
Total Current Assets
Net PPE
Intangibles
Other assets
Total Assets
Accounts Payable
Current portion of LTD
Other Current Liabilities
Total Current Liabilities
Long-term debt
Total Liabilities
Common stock
Retained Earnings
Total Equity
Total Liab. And Equity
FY2023
34704
76558
48688
2500
21807
184257
95641
101477
30601
411976
18095
5247
80807
104149
101604
205753
93718
112,505
206223
411976
Transcribed Image Text:MSFT ($ in millions, shares in millions) Income Statement Sales COGS Gross Profit Research and Dev. SGA Depreciation 13681 Operating Income, EBIT 88,523 Interest Expense 1968 Pretax income, EBT 86,555 Taxes 16950 Net income 69,605 32,902 36,703 Retained Earnings Dividends FY2023 211,915 65,863 146,052 27,195 16653 Price per share Shares outstanding 330.24 7,430 Balance Sheet Cash Short-term Investments Accounts Rec. Inventories Other current Assets Total Current Assets Net PPE Intangibles Other assets Total Assets Accounts Payable Current portion of LTD Other Current Liabilities Total Current Liabilities Long-term debt Total Liabilities Common stock Retained Earnings Total Equity Total Liab. And Equity FY2023 34704 76558 48688 2500 21807 184257 95641 101477 30601 411976 18095 5247 80807 104149 101604 205753 93718 112,505 206223 411976
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