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Assume you are an analyst evaluating Mesco Company. The following data are available in your financial analysis (unless otherwise indicated, all data are as of December 31, Year 5):
Retained earnings, December 31, Year 4
$98,000
Days" sales in receivables
18 days
Gross profit margin ratio
25%
Shareholders" equity to total debt
4 to 1
Acid-test ratio
2.5 to 1
Sales (all on credit)
$920,000
Noncurrent assets
$280,000
Common stock: $15 par value; 10,000 shares issued
and outstanding; issued at $21 per share
Days" sales in inventory.
45 days
Required:
Using these data, construct the December 31, Year 5, balance sheet for your analysis. Operating expenses (excluding taxes and cost of goods sold for Year 5) are $180,000. The tax rate is 40%. Assume a 360-day year in ratio computations. No cash dividends are paid in either Year 4 or Year 5. Current assets consist of cash, accounts receivable, and inventories.
The firm has a tax rate of 30 percent, an opportunity cost of capital of 12 percent, and it expects net working capital to increase by $57,000 at the beginning of the project. What will be the net cash flow for year one of this project?
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