Bаsed оn the fоllоwing informаtion for the Northlаke Tools Company, what is EFN if sales are predicted to grow by 15 percent? Use the percentage of sales approach and assume the company is operating at full capacity. The payout ratio is constant. Use a 21 percent tax rate.NORTHLAKE TOOLS COMPANY2024 Income Statement (in millions)Sales$5,000.0Costs4,350.0Taxable income$650.0Taxes (21%)136.5Net income$513.5Dividends256.8Addition to retained earnings256.8NORTHLAKE TOOLS COMPANY2024 Balance Sheet (in millions)AssetsLiabilities & Owners’ EquityCurrent assets$1,200.0Current liabilities$700.0Net fixed assets3,000.0Long-term debt1,500.0Total assets$4,200.0Owners’ equity2,000.0Total liab. & equity$4,200.0Solution (Percentage of Sales Approach)
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