Michael Jordan, Inc

Income Statement
2011 2012
($) ($)
Growth 1.15
Sales 38000 43700
Costs 18400 21160
Taxable Income 19600 22540
Taxes (34%) 6664 7664
Net Income 12936 14876

Dividens 5200 5980

Add to retained earnings 7736 8896

Michael Jordan, Inc.

Balance Sheets
2011 2012
($) (%) ($) (%)
Cash 3050 8.03 3508 8.03
A/R 6900 18.16 7935 18.16
Inventory 7600 20.00 8740 20.00
17550 20183
Net P&E 34500 90.79 39675 90.79

Total assets 52050 136.97 59858 136.97

A/P 1300 3.42 1495 3.42

Notes payable 6800 n/a 6800 n/a
8100 8295 n/a
Long term debt 25000 n/a 25000 n/a
CS & APIC 15000 n/a 15000 n/a
Retained earning 3950 n/a 12846 n/a

Total Liab & equity 52050 n/a 61141 n/a

The addition to retained earning 8896

EFN = TA - T L&E
EFN= -1284 ($)

Internal growth rate = (ROA x b) / 1 - (ROA x b);

b = 1 - DPR
ROA = NI / TA 24.85% DPR = Dividend / NI

DPR = Dividend / NI 40.2%

b = 1 - DPR 59.8%
Internal growth rate = 17.46%
Universitas Bakrie
Magister Management

Nama: Arief Rahman

NIM: 2171001028