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After reading this chapter, students should be able to:

Briefly explain the following terms: mission statement, corporate scope,

corporate purpose, corporate objectives, and corporate strategies.

Briefly explain what operating plans are.

Identify the six steps in the financial planning process.

List the advantages of computeried financial planning models over

!pencil"and"paper# calculations.

$iscuss the importance of sales forecasts in the financial planning

process, and why managers construct pro forma financial statements.

Briefly explain the steps involved in the percent of sales method.

%alculate additional funds needed &A'(), using both the projected

financial statement approach and the formula method.

*xplain the conditions under which the percent of sales method should not

be used.

Identify other techni+ues for forecasting financial statements discussed

in the text and explain when they should be used.

Harcourt, Inc. Learning Objectives: 4 - 1

Chapter 4Financial Planning and Forecasting

LEARNING OBJECI!E"

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In %hapter , we loo-ed at where the firm has been and where it is now""its

current strengths and wea-nesses. (ow, in %hapter , we loo- at where it is

projected to go in the future. /he details of what we cover, and the way we

cover it, can be seen by scanning Blueprints, %hapter . 'or other

suggestions about the lecture, please see the !Lecture 0uggestions# in

%hapter 1, where we describe how we conduct our classes.

$A20 3( %4A5/*6: 3' 78 $A20 &79"minute periods)

Lecture Suggestions: 4 - # Harcourt, Inc.

LEC$RE "$GGE"ION"

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" Accounts payable, accrued wages, and accrued taxes increasespontaneously and proportionately with sales. 6etained earnings

increase, but not proportionately.

"1 /he e+uation gives good forecasts of financial re+uirements if the

ratios A;

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" A'( &A;

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b. /arget 'A

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c. 0ales increase 1F@ 'A H

0 7,999,999,999 .1 7,C99,999,999.

(o increase in 'A up to 7,777,777,77C.

'A 9.9C &7,C99,999,999 " 7,777,777,77C) 9.9C &,,)

,C99,999.

"C a. 199 'orecast Basis 1991

0ales G99 .17 8G7.99

3per. costs 799 9.G9 0ales C1.79

*BI/ 199 1C1.79

Interest 9 9.99

*B/ C9 111.79

/axes &9F) C 8D.99

(et income DC .79

$ividends 1 .79

Addit. to 6

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'orecast st"5ass 1nd"5ass

Balance 0heet: Actual Basis 5ro 'orma A'( 5ro 'orma

%ash m-t. sec. 1 9.9 0ales 7.C 7.C

Accts rec. C 9.98 0ales C1.88 C1.88

Inventories .99 .99

/otal %A 8D 8D.1 8D.1

(et fixed assets 1,7C1 9.C 0ales 1,GCC.DC 1,GCC.DC/otal assets ,8 ,CC.19 ,CC.19

A

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,199,999 " 17,999 " 1D7,999 89,999.

Answers and Solutions: 4 - . Harcourt, Inc.

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b. Assets

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/arget 'A

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(et fixed assets 7.9 9.999 1.99

1.99

/otal assets 11.7 G.99

G.99

Accounts payable D.9 9.917G 9.89

9.89

(otes payable 8.9 8.99 ?..

Accruals 8.7 9.91 9.19

9.19

/otal current

liabilities 7.7 D.99

71.

=ortgage loan C.9 C.99

C.99

%ommon stoc- 7.9 7.99

7.99

6etained earnings CC.9 G.7C; G.7C

G.7C

/otal liab.

and e+uity 11.7 .7C

G.99

A'( .

;5= 9.7

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" &9.9)&9.C)&C ? G8 ? D1 ? 9C ? 19)

1.7 " .7 " 7.18

".18 million surplus funds.

1. Tozer ComputersPro Forma Balance Sheet

December 31, 200"(Millions o Dollars!

199C 'orecast 5ro

'orma

Basis 199C after

199 199C 0ales Additions 5ro 'orma 'inancing

'inancing

/otal curr. assets 8G.79 9.17 97.99 97.99

(et fixed assets 7.99 9.9 1.99 1.99

/otal assets 11.79 G.99 G.99

Accounts payable D.99 9.917G 9.89 9.89

(otes payable 8.99 8.99 ".18 .G1

Accruals 8.79 9.91 9.19 9.19

/otal current liabilities 7.79 D.99 1.G1

=ortgage loan C.99 C.99 C.99

%ommon stoc- 7.99 7.99 7.99

6etained earnings CC.99 7.18; 9.18 9.18

/otal liab.

and e+uity 11.79 C.18 G.99

A'( ".18

Answers and Solutions: 4 - 1# Harcourt, Inc.

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;5= F@ 5ayout 9F.

(I 9.9 &C ? G8 ? D1 ? 9C ? 19) 78.8.

Addition to 6* (I 66 78.8 9.C 7.18.

. %urrent ratio 97

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Coole# Te$tilesPro Forma Balance Sheet

December 31, 2002(Thousan&s o Dollars!

1991 'orecast 5ro

'orma

Basis 1991 after 199 1991 0ales Additions 5ro 'orma 'inancing

'inancing

%ash ,989 9.9 ,11

,11

Accounts receivable C,89 9.8 G,71

G,71

Inventories D,999 9.17 9,79

9,79

/otal curr. assets C,7C9 D,9

D,9

'ixed assets 1,C99 9.7 ,D9

,D9

/otal assets 1D,C9 ,7

,7

Accounts payable ,19 9.1 ,DC8

,DC8

Accruals 1,889 9.98 ,1

,1

(otes payable 1,99 1,99 ?1,18

,118

/otal current

liabilities D,99 9,89

1,798

Long"term debt ,799 ,799

,799

/otal debt 1,899 ,889

C,998

%ommon stoc- ,799 ,799

,7996etained earnings 1,8C9 ,CC; ,91C

,91C

/otal liabilities

and e+uity 1D,C9 ,9C

,7

A'( 1,18

;'rom income statement.

" a.

sales

capacity'ull

operatedwere'A

whichatcapacityofF

sales%urrent

9.G7

BC,999

8,999.

F increase sales3ld

sales3ld"sales(ew

BC,999

BC,999"B8,999 9. F.

Answers and Solutions: 4 - 14 Harcourt, Inc.

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/herefore, sales could expand by percent before the firm would

need to add fixed assets.

b. 'roh )umberPro Forma %ncome Statement

December 31, 2002(Thousan&s o Dollars!

'orecast 1991

199 Basis 5ro 'orma

0ales C,999 .17 7,999

3perating costs 9,G8 9.877 8,GD

*BI/ 7,1G C,71

Interest ,9G ,9G

*B/ ,199 7,79

/axes &9F) ,C89 1,191

(et income 1,719 ,91

$ividends &C9F) ,71 ,D8

Addition to 6* ,998 ,1

'roh )umberPro Forma Balance Sheet

December 31, 2002

(Thousan&s o Dollars!

'orecast 1991 1991

Basis st 1nd

199 1991 0ales Additions 5ass A'( 5ass

%ash ,899 9.97 1,179

1,179

6eceivables 9,899 9.9 ,799

,799

Inventories 1,C99 9.7 7,G79

7,G79

/otal current

assets 17,199 ,799

,799

(et fixed assets 1,C99 1,C99;

1,C99

/otal assets C,899 7,99

7,99

Accounts payable G,199 9.19 D,999

D,999

(otes payable ,G1 ,G1 ?1,7D

C,91

Accruals 1,719 9.9G ,79

,79

/otal current liabilities ,D1 7,C11

8,G

=ortgage bonds 7,999 7,999

7,999

%ommon stoc- 1,999 1,999

1,999

Harcourt, Inc. Answers and Solutions: 4 - 1+

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6etained earnings 1C,C98 ,1;; 1G,D1D

1G,D1D

/otal liabilities

and e+uity C,899 79,77

7,99

A'( 1,7D

;'rom 5art a we -now that sales can increase by F before additions to

fixed assets are needed.

;;0ee income statement.

c. /he rate of return projected for 1991 under the conditions in 5art b

is &calculations in thousands):

63* B1D,D1D

B,91 .9F.

If the firm attained the industry average $03 and inventory turnover

ratio, this would mean a reduction in financial re+uirements of:

6eceivables:7C

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would in turn increase the 63*. =anagement should always consider

the possibility of changing ratios as part of financial projections.

"7 a. Morrisse# Technoloies %nc*Pro Forma %ncome Statement

December 31, 2002

'orecast 1991 199 Basis 5ro 'orma

0ales ,C99,999 .9 ,DC9,999

3perating %osts ,1GD,G19 9.D9 ,C9G,CD1

*BI/ 19,189 71,98

Interest 19,189 19,189

*B/ 99,999 1,918

/axes &9F) 19,999 1,8

(et income 89,999 DD,1G

$ividends: .98 99,999 98,999 1,999;

Addition to 6*: G1,999 8G,1G

;1991 $ividends .1 99,999 1,999.

Harcourt, Inc. Answers and Solutions: 4 - 1

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Morrisse# Technoloies %nc*

Pro Forma Balance StatementDecember 31, 2002

'orecast

Basis 1991

199 1991 0ales Additions 5ro 'orma%ash 89,999 9.97 D8,999

6eceivables C9,999 9.9 DC,999

Inventories G19,999 9.19 GD1,999

/otal current

assets ,1C9,999 ,8C,999

'ixed assets ,9,999 9.9 ,78,999

/otal assets 1,G99,999 1,DG9,999

Accounts payable C9,999 9.9 DC,999

(otes payable 7C,999 7C,999

Accruals 89,999 9.97 D8,999

/otal current

liabilities CDC,999 G79,999

%ommon stoc- ,899,999 ,899,999

6etained earnings 19,999 8G,1G; 1D,1G

/otal liab.

and e+uity 1,G99,999 1,8,1G

A'( 18,G8

;0ee income statement.

b. A'( 1,G99,999

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Interest 79 79

*B/ 99 79

/axes &9F) C9 19

(et income 19 9C

$ividends: .9 79 7C .9 79 C7

Addition to 6.*.: 8

)e+is Compan#

Pro Forma Balance SheetDecember 31, 2002

(Thousan&s o Dollars!

'orecast st 1nd

Basis 5ass A'( 5ass

199 1991 0ales Additions 1991 *ffects 1991

%ash 89 9.99 DC DC

6eceivables 19 9.99 188 188

Inventories G19 9.9D9 8C 8C

/otal current

assets ,99 ,18 ,18'ixed assets ,199 9.99 ,89 ,89

/otal assets ,19 7,988 7,988

Accounts payable C9 9.919 D1 D1

Accruals 9 9.997 8 8

(otes payable 171 171 ? 7;; 9

/otal current

liabilities 71 D1 7

Long"term debt ,1 ,1 ?18;; ,D1

/otal debt ,CDC ,GC 1,97

%ommon stoc- ,C97 ,C97 ?C8;; ,DG

6etained earnings DD ; ,989 ,989

/otal liabilities and e+uity ,19 ,1 7,988

A'( CCG

;0ee income statement.

;;%A

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"G /he detailed solution for the spreadsheet problem is available both on

the instructor>s resource %$"63= and on the instructor>s side of the4arcourt %ollege 5ublishers>web site:http:

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Ne2 &orld Che3icals IncFinancial Forecasting

-1. S/ %)S, T4 F%5C%5) M5567 F 7)D C4M%C5)S (C!,

5 C5)%F7%5 P7D/C7 F SPC%5)%8D C4M%C5)S F7 /S % F7/%T

7C457DS, M/ST P7P57 5 F%5C%5) F7C5ST F7 2002* C9S 2001

S5)S 7

:2 B%))%, 5D T4 M57'T%6 DP57TMT %S F7C5ST%6 5 2; P7CT

%C75S F7 2002* %)S T4%'S T4 CMP5< 5S P75T%6 5T F/))

C5P5C%T< % 2001, B/T S4 %S T S/7 5B/T T4%S* T4 2001

F%5C%5) ST5TMTS, P)/S SM T47 D5T5, 57 6%= % T5B) %C-1*

ABLE IC4-1 FINANCIAL "AE*EN" AN' O(ER 'AA ON N&C5*ILLION" OF 'OLLAR"6

5* 2001 BALANCE SHEET

C5S4 > SC/7%T%S : 20 5CC/TS P5

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C* KEY RATIOS

C %D/ST7< CMMT

B5S%C 57%6 P7 10*00 20*00

P7F%T M576% 2*;2 *00

7T/7 @/%T< *20 1;*"0

D5

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DD 57 F%5CD ;0 P7CT B< TS P5

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A'( *OEA/I3( '36*%A0/:

A'( &A;

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5S7A 043M 0"G 4*6*.N P*2 6A/I30:

(M% I($E0/62

199 1991&*) 199

BA0I% *A6(I(K 53M*6 9.99F 9.99F 19.99F

563'I/ =A6KI( 1.71 1.C1 .99

63* G.19 8.GG 7.C9$A20 0AL*0 3E/0/A($I(K &C7 $A20) .89 $A20 .89 $A20 1.99 $A20

I(R*(/362 /E6(3R*6 8. 8. .99

'IQ*$ A00*/0 /E6(3R*6 .99 .99 7.99

/3/AL A00*/0 /E6(3R*6 1.99 1.99 1.79

$*B/0 B*5, 563'I/ =A6KI(, A($ 63* A6* 3(L2 AB3E/ 4AL' A0 4IK4 A0 /4*

I($E0/62 AR*6AK*""(M% I0 (3/ R*62 563'I/ABL* 6*LA/IR* /3 3/4*6 'I6=0

I( I/0 I($E0/62. 'E6/4*6, I/0 $03 I0 /33 4IK4, A($ I/0 I(R*(/362

/E6(3R*6 6A/I3 I0 /33 L3M, M4I%4 I($I%A/*0 /4A/ /4* %3=5A(2 I0

%A662I(K *Q%*00 I(R*(/362 A($ 6*%*IRABL*0. I( A$$I/I3(, I/0 $*B/

6A/I3 I0 '36*%A0/*$ /3 =3R* AB3R* /4* I($E0/62 AR*6AK*, A($ I/0

%3R*6AK* 6A/I3 I0 L3M. /4* %3=5A(2 I0 (3/ I( K33$ 04A5*, A($ /4I(K0

$3 (3/ A55*A6 /3 B* I=563RI(K.

* C5)C/)5T C9S F7 C5S4 F) F7 2002*

5S7A 043M 0"8 A($ 0"D 4*6*.N

35*6A/I(K %A5I/AL199 (3M% ? ('A

&799 " 99) ? 799

D99.

35*6A/I(K %A5I/AL1991 (3M% ? ('A

&C17 " 17) ? C17

,17.

(*/ I(R*0/=*(/ I( 35*6A/I(K %A5I/AL ,17 " D99 117.

Harcourt, Inc. Integrated Case: 4 - #+

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'%' (35A/ " (*/ I(R*0/=*(/ I( 35*6A/I(K %A5I/AL

*BI/& " /) " (*/ I(R*0/=*(/ I( 35*6A/I(K %A5I/AL

17&9.C) " 117

G7 " 117

"79.

F* S/PPS

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F* 2* 4 /)D T4 ?%STC F ?CSS C5P5C%T< % F%?D 5SSTS 5FFCT

T4 5DD%T%5) F/DS DD D/7%6 2002G

5S7A 043M 0"1 A($ 0"11 4*6*.N M* 4A$ 56*RI3E0L2 '3E($ A( A'( 3'

GD.11 E0I(K /4* BALA(%* 04**/ =*/43$ A($ 89.D E0I(K /4* A'(

'36=ELA. I( B3/4 %A0*0, /4* 'IQ*$ A00*/0 I(%6*A0* MA0 9.17&799)

17. /4*6*"'36*, /4* 'E($0 (**$*$ MILL $*%LI(* B2 17.

6* %T4/T 5CT/5))< 7'%6 /T T4 /MB7S, 4 /)D

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4* T4 B5S%S F CMP57%SS BT C9S D5

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. *Q%*00 %A5A%I/2. M* 4AR* AL6*A$2 0**( /4A/ /4* *QI0/*(%* 3'

*Q%*00 %A5A%I/2 I(RALI$A/*0 /4* A'( *OEA/I3( A($ 6*OEI6*0 A

=3$I'I%A/I3( I( /4* BALA(%* 04**/ '36*%A0/. /4* A'( *OEA/I3(

%3EL$ B* =3$I'I*$ I( 0*R*6AL MA20, BE/ I/ I0 (3/ M36/4M4IL* K3I(K

I(/3 /4*0* =3$I'I%A/I3(0 B*%AE0* /4* 'I(A(%IAL 0/A/*=*(/ =*/43$

I0 B*//*6 A($ I/ AL03 %A( B* E0*$ /3 563$E%* 6A/I3 $A/A, M4I%4 I0

*00*(/IAL. I( A(2 *R*(/, /4* *QI0/*(%* 3' *Q%*00 %A5A%I/2 L*A$0

/3 /33 4IK4 A '36*%A0/ 3' A'( E(L*00 A556356IA/* =3$I'I%A/I3(0

A6* =A$*.

1. BA0* 0/3%P0 A6* E0EALL2 A003%IA/*$ MI/4 I(R*(/36I*0, M4*6* /4*

'I6= =E0/ 4AR* A =I(I=E= 0/3%P /3 $3 A(2 BE0I(*00 A/ ALL. /4I(P

3' A 043* 0/36*, M4I%4 =E0/ P**5 A (E=B*6 3' 0/2L*0, %3L360, A($

0IS*0 3( 4A($ I( 36$*6 /3 $3 *R*( A 0=ALL A=3E(/ 3' BE0I(*00. /4*

6*LA/I3(04I5 B*/M**( 0AL*0 A($ I(R*(/36I*0 MILL 563BABL2 L33P A0

'3LL3M0:

. *%3(3=I*0 3' 0%AL* I( /4* E0* 3' A00*/0 =*A( /4A/ /4* A00*/ I/*=

I( OE*0/I3( =E0/ I(%6*A0* L*00 /4A( 563536/I3(A/*L2 MI/4 0AL*0@

4*(%* I/ MILL K63M L*00 6A5I$L2 /4A( 0AL*0. %A04 I0 A %3==3(

*QA=5L*, A($ I/0 6*LA/I3(04I5 /3 0AL*0 M3EL$ B* A0 '3LL3M0:

Harcourt, Inc. Integrated Case: 4 - #/

In7entories

"ales

Base

Stock

0

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I(R*(/36I*0 3'/*( /AP* A 0I=ILA6 04A5*, BE/ MI/4 A BA0* 0/3%P

A$$*$, /3 563$E%* /4* '3LL3MI(K 0I/EA/I3(:

. LE=52 A00*/0 M3EL$ %AE0* /4* 6*LA/I3(04I5 B*/M**( A00*/0 A($

0AL*0 /3 L33P A0 043M( B*L3M. /4I0 0I/EA/I3( I0 %3==3( MI/4

'IQ*$ A00*/0.

* 1* 4 C/)D 767SS% 55)

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5S7A 043M 0"18 A($ 0"1D 4*6*.N 6*K6*00I3( A(AL20I0 %3EL$ B* E0*$ /3

0** I' 3(* 3' /4* %3($I/I3(0 I($I%A/*$ I0 56*0*(/. /4* *A0I*0/ /4I(K

/3 $3 I0 /3 0I=5L2 5L3/ /4* $A/A 3( A K6A54. I' /4* 53I(/0 0**= /3

LI* 3( A LI(* /4A/ I0 LI(*A6 A($ 5A00*0 /463EK4 /4* 36IKI(, /4*( I/

M3EL$ B* A556356IA/* /3 A00E=* /4A/ /4* I/*= I( OE*0/I3( MILLI(%6*A0* I( 563536/I3( /3 0AL*0. 3/4*6MI0*, /4A/ A00E=5/I3( M3EL$

(3/ A55*A6 /3 B* RALI$. 4*6* I0 /4* 5L3/ '36 /4* A00E=*$ $A/A '36

DDD"199:

M* 6A( A 0I=5L* L*A0/ 0OEA6*0 6*K6*00I3(, E0I(K A( 45 %AL%ELA/36,

A($ 3B/AI(*$ /4* '3LL3MI(K 6*K6*00I3( *OEA/I3(:

I(R*(/36I*0 9.9 ? 9.9C&0AL*0).

M* %3EL$ E0* /4I0 *OEA/I3( /3 '36*%A0/ I(R*(/36I*0 A/ /4* 563T*%/*$

0AL*0 L*R*L 3' 1,799:

I(R*(/36I*0 9.9 ? 9.9C&1,799) D1.G.

A00E=I(K /4* 6*K6*00I3( *OEA/I3( M3EL$ B* A556356IA/* '36 (M% I' I/0

I(R*(/36I*0 M*6* B*//*6 =A(AK*$, M* 0** /4A/ I/ %3EL$ 35*6A/* A/ /4*

563T*%/*$ 0AL*0 L*R*L MI/4 3(L2 D1.G 3' I(R*(/36I*0 R*60E0 /4* 99

L*R*L BA0*$ 3( /4* 563536/I3(AL K63M/4 0AL*0 '36*%A0/I(K =*/43$.

/4*6*'36*, /4* %3=5A(2 %3EL$ '6** E5 AB3E/ 9G. A($ E0* /4*0* 'E($0

/3 6*$E%* $*B/ A($ /4E0 I=563R* I/0 563'I/ABILI/2 6A/I30, I/0 $*B/

6A/I3, A($ I/0 /I* 6A/I3. (3/* /33 /4A/ I' (M% L3M*6*$ I/0 I(R*(/36I*0

Harcourt, Inc. Integrated Case: 4 - %1

Inventories

0ales

6e+uired for

proportional

growth

Actual regression:

Inv. 9.9 ? 9.9C 0ales

99

199

,999

99

,9999 1,999

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/3 D1.G '36 0AL*0 3' 1,799, I/0 I(R*(/362 /E6(3R*6 M3EL$ 6I0* '63=

8. /3 .9, M4I%4 M3EL$ B* *R*( B*//*6 /4A( /4* I($E0/62 AR*6AK* 3'

.

* 2* T4 S5M 675P4 T45T P)TS T4 5B= D5T5, D75 5 )% T45T S4S

4 T4 767SS% )% /)D 45= T 5PP57 T /ST%F< T4 /S F

T4 5F F7M/)5 5D T4 P7CTD F%5C%5) ST5TMT F7C5ST%6

MT4D* 5S 5 P57T F

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