24 Jul HOW LARGE OF A SALES INCREASE CAN THE COMPANY ACHIEVE WITHOUT HAVING TO RAISE FUNDS EXTERNALLY?
Pierce Furnishings generated $4 million in sales du Show more Please answer the question fully. Sales increase Pierce Furnishings generated $4 million in sales during 2012 and its year-end total assets were $2.6 million. Also at year-end 2012 current liabilities were $500000 consisting of $200000 of notes payable $200000 of accounts payable and $100000 of accrued liabilities. Looking ahead to 2013 the company estimates that its assets must increase by $0.65 for every $1.00 increase in sales. Pierces profit margin is 5% and its retention ratio is 60%. How large of a sales increase can the company achieve without having to raise funds externally? Write out your answer completely. For example 25 million should be entered as 25000000. Round your answer to the nearest cent. $__________ Show less
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