Chapter: 12 Corporate Valuation and Financial Planning

Problem: 10

Start with the partial model in the file Ch12 P10 Build a Model.xlsx on the textbook’s Web site, which contains the 2016
financial statements of Zieber Corporation. Forecast Zeiber's 2017 income statement and balance sheets. Use the following
assumptions: (1) Sales grow by 6%. (2) The ratios of expenses to sales, depreciation to fixed assets, cash to sales,
accounts receivable to sales, and inventories to sales will be the same in 2017 as in 2016. (3) Zeiber will not issue any new
stock or new long-term bonds. (4) The interest rate is 11% for long-term debt and the interest expense on long-term debt is
based on the average balance during the year. (5) No interest is earned on cash. (6) Regular dividends grow at an 8% rate.
(6) Calculate the additional funds needed (AFN). If new financing is required, assume it will be raised by drawing on a line
of credit with an interest rate of 12%. Assume that any draw on the line of credit will be made on the last day of the year, so
there will be no additional interest expense for the new line of credit. If surplus funds are available, pay a special dividend.

Key Input Data: Used in the

forecast
Sales growth 6%
Tax rate 40%
Dividend growth rate 8%
Rate on notes payable-term debt, rstd 9%
Rate on long-term debt, rd 11%
Rate on line of credit, rLOC 12%

a. What are the forecasted levels of the line of credit and special dividends? (Hints: Create a column showing the ratios for
the current year; then create a new column showing the ratios used in the forecast. Also, create a preliminary forecast that
doesn't include any new line of credit or special dividends. Identify the financing deficit or surplus in this preliminary
forecast and then add a new column that shows the final forecast that includes any new line of credit or special dividend.)

Begin by calculating the appropriate historical ratios in Column E. Then put these ratios and any other input ratios in
Column G.

Forecast the preliminary balance sheets and income statements in Column H. Don't include any line of credit or special
dividend in the preliminary forecast.

After completing the preliminary forecast of the balance sheets and income statement, go to the area below the preliminary
forecast and identify the financing deficit or surplus. Then use Excel's IF statements to specify the amount of any new line
of credit OR special dividend (you should not have a new line of credit AND a special dividend, only one or the other).

After specifying the amounts of the special dividend or line of credit, create a second column (I) for the final forecast next
to the column for the preliminary forecast (H). In this final forecast, be sure to include the effect of the special dividend or
line of credit.

Income Statements:
(December 31, in thousands of dollars) 2016
Historical 2017 Input
2016 ratios Forecasting basis ratios
Sales $455,150 6.00% Growth 6.0%
Expenses (excluding depr. & amort.) $386,878 85.0% % of sales 85.0%
Depreciation and Amortization $14,565 8.0% % of fixed assets 8.0%
EBIT $53,708
Interest expense on long-term debt $11,880 Interest rate x average debt during year
Interest expense on line of credit $0
EBT $41,828
Taxes (40%) $16,731

Net Income $25,097

Common dividends (regular dividends) $12,554 Growth 8.00%

Special dividends Zero in preliminary forecast
Addition to retained earnings $12,543

Balance Sheets
(December 31, in thousands of dollars) 2016
Historical 2017 Input
2016 ratios Forecasting basis ratios
Assets:
Cash $18,206 4.0% % of sales 4.00%
Accounts Receivable $100,133 22.0% % of sales 22.00%
Inventories $45,515 10.0% % of sales 10.00%
Total current assets $163,854
Fixed assets $182,060 40.0% % of sales 40.00%
Total assets $345,914

Liabilities and equity

Accounts payable $31,861 7.0% % of sales 7.00%
Accruals $27,309 6.0% % of sales 6.00%
Line of credit $0 Zero in preliminary forecast
Total current liabilities $59,170
Long-term debt $120,000 Previous
Total liabilities $179,170
Common stock $60,000 Previous
Retained Earnings $106,745 Previous + Addition to retained earnings
Total common equity $166,745
Total liabilities and equity $345,914

Identify Financing Deficit or Surplus

Increase in spontaneous liabilities (accounts payable and accruals)

+ Increase in long-term bonds, preferred stock and common stock
+ Net income (in preliminary forecast) minus regular common dividends
Increase in financing

− Increase in total assets

Amount of financing deficit or surplus:
If deficit in financing (negative), show the amount for the line of credit
If surplus in financing (positive), show the amount of the special dividend
 hich contains the 2016
ce sheets. Use the following
sets, cash to sales,
iber will not issue any new
pense on long-term debt is
dends grow at an 8% rate.
aised by drawing on a line
the last day of the year, so
ble, pay a special dividend.

umn showing the ratios for

a preliminary forecast that
us in this preliminary
credit or special dividend.)

y other input ratios in

line of credit or special

area below the preliminary

he amount of any new line
only one or the other).

for the final forecast next

of the special dividend or

2017 Preliminary
forecast (doesn't
include special
dividend or LOC)
 $482,459
$410,090
$15,439
$56,930
$13,200
$0
$43,730
$17,492.06

$26,238

13558.32
$0
$12,680

2017 Preliminary
forecast (doesn't
include special
dividend or LOC)

$19,298
$106,141
$48,246
$173,685
$192,984
$366,669

$33,772
$28,948
$0
$62,720
$120,000
$182,720
$60,000
$119,424
$179,424
$362,144

$3,550
$0
$12,680
$16,230

$20,755
-$4,525
$4,525
$0
6.0%
3.0%
Page 535
Chapter: 12
Problem: 8

(12-8) Stevens Textile Corporation’s 2016 financial statements are show

BALANCE SHEET
Cash $1,080 Accounts payable
Recievables $6,480 accruals
Inventories $9,000 Line of credit
Total current assets $16,560 notes payable
Net fixed assets $12,600 total current liabili
mortage bonds
common stock
retained earnings
total liabilities
Total assets $29,160 and equity

Income Statement

sales $36,000
operating cost $32,440
EBIT $3,560
interest $460
pretax earning $3,100
taxes (40%) $1,240
net income $1,860
dividends(45%) $837
add toRE $1,023

a. Suppose 2017 sales are projected to increase by 15% over 2016 sales. Use the forecasted financial statement m
forecast a balance sheet and income statement for December 31, 2017. The interest rate on all debt is 10%, and ca
no interest income. Assume that all additional debt in the form of a line of credit is added at the end of the year, whic
means that you should base the forecasted interest expense on the balance of debt at the beginning of the year. Us
forecasted income statement to determine the addition to retained earnings. Assume that the company was operatin
capacity in 2016, that it cannot sell off any of its fixed assets, and that any required financing will be borrowed as no
payable. Also, assume that assets, spontaneous liabilities, and operating costs are expected to increase by the sam
percentage as sales. Determine the additional funds needed.

Key Input Data: Used in the

forecast
Sales growth 15%
Tax rate 40%
Dividend growth rate 0%
Rate on notes payable-term debt, rstd 10%
Rate on long-term debt, rd 10%
Rate on line of credit, rLOC 10%

Income Statements:
(December 31, in thousands of dollars)

2016 Historical ratios

Sales $36,000 15.00%
Expenses (excluding depr. & amort.) $32,440 90.1%
Depreciation and Amortization 0.0%
EBIT $3,560
Interest expense on long-term debt $460 Interest rate x average debt d
Interest expense on line of credit $0
EBT $3,100
Taxes (40%) $1,240
Net Income $1,860

Common dividends (regular dividends) $837

Special dividends Zero in preliminary fore
Addition to retained earnings $1,023

Balance Sheets
(December 31, in thousands of dollars)

2016 Historical ratios

Assets:
Cash $1,080 3.0%
Accounts Receivable $6,480 18.0%
Inventories $9,000 25.0%
Total current assets $163,854
Fixed assets $12,600 35.0%
Total assets $29,160

Liabilities and equity

Accounts payable $4,320 12.0%
Accruals $2,880 8.0%
Line of credit $0
notes payable $2,100 Zero in preliminary fore
Total current liabilities $9,300
Long-term debt $0
Total liabilities $0
mortage bonds $3,500
Common stock $3,500
Retained Earnings $12,860 Previous + Addition to retaine
Total common equity $19,860
Total liabilities and equity $29,160

Identify Financing Deficit or Surplus

Increase in spontaneous liabilities (accounts payable and accruals)

+ Increase in long-term bonds, preferred stock and common stock
+ Net income (in preliminary forecast) minus regular common dividends
Increase in financing

− Increase in total assets

Amount of financing deficit or surplus:

If deficit in financing (negative), show the amount for the line of credit
If surplus in financing (positive), show the amount of the special dividend

b. What is the resulting total forecasted amount of the line of credit?

Required ine of credit

Special dividends

C. In your answers to Parts a and b,

you should not have charged any
interest on the
additional debt added during 2017
because it was assumed that the
new debt was added at the end of the
year. But now suppose that the new
debt is added throughout the year.
Don’t do any calculations, but how
would this change the answers to
parts a and b?

If the new debt is added throughout the year instead of adding at the end of the year th
change will affect the answers in part a and b because interest expense on debt at the end
year will over estimate interest expense if debt is added throughout the year, hence mor
will cause more interest which will reduce net income which will in result reduce retained ea
ancial statements are shown below:

$4,320
$2,880
$0
$2,100
$9,300
$3,500
$3,500
$12,860

$29,160

sted financial statement method to

on all debt is 10%, and cash earns
at the end of the year, which
e beginning of the year. Use the
the company was operating at full
ing will be borrowed as notes
ted to increase by the same
 forecast 1 Final
(doesn't forecast
include (includes
special special
Forecasting 1 Input dividend or dividend or
basis ratios LOC) LOC)
Growth 15.0% $41,400 $41,400
% of sales 90.1% $37,306 $37,306
% of fixed assets 0.0% $0 $0
$4,094 $4,094
erest rate x average debt during year $0 $0
$0 $0
$4,094 $4,094
$1,240.00 $1,240
$2,854 $2,854

Growth 0.00% 837 $837

Zero in preliminary forecast $0 $0
$2,017 $2,017

forecast 1 Final
(doesn't forecast
include (includes
special special
Forecasting 1 Input dividend or dividend or
basis ratios LOC) LOC)

% of sales 3.00% $1,242 $1,242

% of sales 18.00% $7,452 $7,452
% of sales 25.00% $10,350 $10,350
$19,044 $19,044
% of sales 35.00% $14,490 $14,490
$33,534 $33,534

% of sales 12.00% $4,968 $4,968

% of sales 8.00% $3,312 $3,312
$0 $0
 Zero in preliminary forecast $2,100 $3,377
$10,380 $11,657
Previous $0 $0
$10,380 $11,657
$3,500 $3,500
Previous $3,500 $3,500
evious + Addition to retained earnings $14,877 $14,877
$21,877 $21,877
$32,257 $33,534

$1,080
$0
$2,017
$3,097

$4,374
-$1,277

$1,277
$0

$1,277
$0

e end of the year then this

se on debt at the end of the
the year, hence more debt
ult reduce retained earnings
 Identify Financing Deficit or Surplus

$0 Increase in spontaneous liabilities (accounts payable and accruals)

$0 + Increase in long-term bonds, preferred stock and common stock
$0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

$0 If deficit in financing (negative), show the amount for the line of credit
$0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
 Identify Financing Deficit or Surplus

e and accruals) $0 Increase in spontaneous liabilities (accounts payable and accruals)

common stock $0 + Increase in long-term bonds, preferred stock and common stock
common dividends $0 + Net income (in preliminary forecast) minus regular common dividends
$0 Increase in financing

$0 − Increase in total assets

$0 Amount of financing deficit or surplus:

r the line of credit $0 If deficit in financing (negative), show the amount for the line of credit
f the special dividend $0 If surplus in financing (positive), show the amount of the special dividend
e and accruals) $0
common stock $0
common dividends $0
$0

$0
$0

r the line of credit $0

f the special dividend $0