tailieunhanh - The Fast Forward MBA in Finance_6

Tăng trưởng doanh số bán hàng đòi hỏi phải có tài sản để hỗ trợ mức cao hơn của doanh thu bán hàng và các chi phí. Nó sẽ là rất bất thường để đạt được doanh số bán hàng tăng trưởng mà không làm tăng tài sản. Tăng trưởng doanh số bán hàng cần phải tạo ra tăng trưởng lợi nhuận đủ để trang trải chi phí vốn bổ sung cần thiết | CAPITAL NEEDS OF GROWTH until more is known about the amount of capital that the company will raise from external sources during the coming year. The final numbers below the earnings before interest and income tax EBIT line would be revised if the level of debt were increased. However this last-minute adjustment shouldn t be very material. frta As Figure shows the business has put together an overall plan for the coming year that would increase its bottom-line profit percent over the year just ended which is impressive. However the profit plan standing alone does not reveal the amount of additional capital that will be needed for the increase in assets at the higher level of sales. Sales growth requires more assets to support the higher level of sales revenue and expenses. It would be very unusual to achieve sales growth without increasing assets. Sales growth needs to generate enough profit growth to cover the cost of the additional capital needed for the higher level of assets. PLANNING ASSETS AND CAPITAL GROWTH At the close of the business s most recent year which is the starting point for the coming year of course the capital invested in its assets and the sources of the capital are as follows data is from the company s balance sheet presented in Figure Total assets 26 814 579 Less operating liabilities 3 876 096 Capital invested in assets 22 938 483 Short-term and long-term debt 9 750 000 Owners equity 13 188 483 Total sources of capital 22 938 483 A Please recall that operating liabilities mainly accounts Remember payable and accrued expenses payable are generated spontaneously from making purchases on credit and from unpaid expenses. These short-term liabilities are non-interestbearing and are deducted from total assets to determine the 99 ASSETS AND SOURCES OF CAPITAL amount of capital invested in assets. This capital has to be secured from borrowing and from owners equity sources. A Very Quick But Simplistic Method According to the company s .

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