4 Finance questions for pavan 1001
bdkell
finance_9.pdf
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Data Table
Zapatenl Enterprires, Inc.
Current assets
Net fixed assets
Total
Liabilities and Oumers' Equif Accormtspayable
Long-term debt
Total liabilities
Common stock
Paid-in capital
Retained earnings
Common equity
Total
3,300,fi)o
6,000,(x)0
__ug9,gaq
3,5m,000
1,900,000
1,300,m0
22m.,oA0
400,000
29.8r%
NAA
NAA
NA"
9,300,000
NAa. This figurc does not vary dilertty qrith sales and is assumed to remain cmstant for purposes of forecasting next yeads fnancing requirsrn€nts.
Page I
(Financial forecastlng) ZapateraEnterprises is evaluating its financing requirements for the coming year. The finn has only been iu business for one year, but its CFO predicts that thi finn's operating sxpenses, ""o*tassets, net fixed assets, and current liabilities will remain at their current proportion of sales. Last year Zapaterahad $12.43 million in sales with net income of $1.24 million. The fimr anticipates that next yeat's sales will reach $15.32 million with net income rising to $2.16 million. Given its present high rate of growth, the firm retains all of its earnings to help defray the coslgf new investments. The finn's balance sheet for the year just ended is as foilows: ffi. Estimate Zapatsta'stotal financing requirements (total assets) *a it" net funding requiremants (discretionary financing needed) for 2014. Note: lJse the percentage of sales given in Zapatetannterprises'balance sheet for 20t3.
The flrm's discretionary financing needs (Dm$ are equal to the financing the firm requires for the year that is not provided by spontaneous sources such as accounts payable and accrued expelses plus retainedlamings for the period. In essence, we estimate DFN as the "plug figure" that balances the financLg side of the firm'Jpro forma balance sheet.
Data Table
Zapater a Enterprises, Inc.
Net fixed assets
Total
Liabilities and Owners' Equity
Accounts payable
Long-term debt
Total liabilities
Common stock
Paid-in capital
Retained earnings
Common equity
Total
3,300,000
5,800,000
26.55%
46-ffis/a
2s.74%
NAA
NAU
NAU
_:,lgg,q@
3,200,000
2,500,000
5,700,000
1,200,000
1,900"000
300,000
3,400,000
9,100,000
NAa. This figure does not vary directly with sales and is assumed to remain constant for purposes of forecash(g next year's financing requirements.
Page I
(,
Data Table H,A.".^pts D(}- Zepatera Enterprises, Inc.
Current assets
Net fixed assets
Total
Liabilities and Owners' Equity
Accounts payable
Long-term debt
Total liabilities
Common stock
Paid-in capital
Retained eamings
Common equity
Total
3,300,000
5,800,000
__9lu9,000
3,200,000
2,500,000
26.5s%
46.ffi%
25.74o/o
NAA
NAA
NAA
5,700,000
l,200,ooo
1,900,m0
300,000
3400,000
9,100,000
NAa. This figrrre does not vary direotly with sales and is asstmed to rcmnin constmt for prposes of fo'recasting next yeads financing requirernents.
Page I
(Financial forecasting) Zapatera Enterprises is evaluating its financing requirements for the coming year. The fimt has only been in business for one year, but its CFO predicts that the firm's operating expenses, current assets, net fixed assets, and current liabilities will remain at their current proportion of sales. LastyearZapaterahad$12.43miltoninsaleswithnetincomeof$l.24million. Thefirmanticipatesthatnext year's sales will reach $15.32 million with net income rising to $2.16 million. Given its present high rate of growth, the firm retains all of its earnings to help defray the cost of new investrnents. The firm's balance sheet for the year just ended is as follows: ffi. Estimate ZapaMa's total financing requirements (total assets) and its net funding requirements (discretionary financing needed) for 2014. Note: Use the percentage of sales grven in Zapate,raEnterprises'balance sheet for 2013.
STEP 1: Picture the Problem
The finn's discretionary financing needs (Df$ are equal to the financing the finm requires forthe year that is not provided by spontaneous sources such as accounts payable and accmed expenses plus retained earnings for the period. In essence, we estimate DFN as the 'plug figure" that balances the financing side of the firm's pro fonna balance sheet.
STEP 2: Decide on a Solution Stratery
We are to estimate the total financing needed (tokl assets) and net funding (discretionary financing needed) for the next year Q0l4) for ZapateraEnterprises. We'lI start with total assets. We're told that the firm's 2014 sales will be $15.32 million, and that the proportion of sales represented by operating expenses, current assets, net fixed assets, and current liabilities will be the same as for 2013. Thus, we can create Zapatera's pro forma balance shest for 20l4by using its 2013 values as references.
When finding the20l4 values, we calculate $15.32 million x appropriateo/ofor current assets, nEt fixed assets, and current liabilities (where the "appropriate 04" values are 26.55Yo, 46-66yob md 25.T4Yo,respectively). Long-term debt, common stock, and paid-in capital keep the same values that they had in 2013, since these amounts are assumed not to vary with sales.
The 2014 retained earnings can be calcualted using the following equation:
2014 Retained Eamings = 2Al3 Retained Earnings + 2Al4 Net Income - 2014 Dividends
We can then complete the pro forma balance sheet for 2014 to find the firm's total financing requirements and discretionary financing needs. Zapatnra's total financing requirements are equal to the estimated total assets for 2014. The discretionary financing needed is given by:
Discretionary Financing Needs (Df$ : Total Assets - Total Liabilities and Common Equity
STEP 3: Solve
We need first to calculate the 2011 retained earnings as:
2014 Retained Eamings :2013 Retained Earnings + 2Al4 Net Income - 2OL4 Dividends Page I
2014 Retained Earnings: $300,000 + $2,160,000 - $0: 52,460,000
We complete the pro forma balance sheet for 2014 as follows:
Zapater a Enterprises, Inc.
Pro forma Balance Sheet t2t3ln4 7o of Sales Current assets
Net fixed assets
Total
Liabilities and Owners' Equity
Accounts payable
Long-term debt
Total liabilities
Common stock
Paid-in capital
Retained earnings
Common equity
Total
4,067,464
7.148,312
_!L215&
3,943,368
.- 2.sq0.000 - . . 6,4./.3,369
1,2m,000
1,900,000
. 2,469,000 5,560,000
1?.0031368
26.55Yo
46.66%
25.74%
$
$
Zapatsrds total finaneing requirements (total assets) for 2014 are $l 1,215,772.
The discretionary financing ueeds is calculated as follows:
Discretionary Financing Needs (DFN) = Total Assets- Total Liabilities and Common Equity
Discretionary Financing Needs (Df$ : fi11,215 ,772 - fi12,W3,368 = - $787 ,596
STEP 4: Analyze
Zapatera's "discretionary financing treeded" is negative. Zapateruhas managed to increase its profit margin from 10.0/o to l4.lo/o, and, as a result, has generated all of the money that it needs to fund its increase in sales-and more.
Data Table
3,30o,ooo
Page 2
Tapaiter a Enterpris es, Inc.
Current assets 2655%
Net fxed assets
Total
Liabilities and Owners' Equity
Accounts payable
Long-term debt
Total liabilities
Common stock
Paid-in capital
Retained eamings
Common equity
Total
9,100,000
3,200,000
2,500,000
5,700,000
1,200,000
1,900,000
300,000
3,400,000
5,800,0m 46.66%
25.74o/o
NA"
NAA
NAA
9,100,000
NAa. This figurc does not vary directly with sales and is assumed to remain constant for purposes of forecasting next yeads financing requirements.
Page 3
Pt7-4 (similar to).
(Pro forma balance sheet constrr.fg.] Use the following indushy average ratios, i*;, to constuct.a nro forml
ffance she;r, uJ#, for C11r Menza, Inc
The company's cost of goods sold is $I. (Round to the nearest dollar.)
The company's total assets ar $f . @ound to thenearest dollar.)
The company's fixed assets *e $f . (Round to the nearest dollar.)
The company's accounts receivable ir $tr. (Round to the nearest dollar.)
The company's inve,ntories are $[. (Round to the nearest dollar.)
The company's cursnt liabilities u.r $I. (Round to the nearest dollar.)
The company's total liabilities are $[. (Round to the nearest dollar.)
Complete Carlos Menza's balance sheet below: (Rouod to the nearest dollar.)
Carlos Menza
T.o Fo"*u P"lro:. Shu.t_ .,=,... .- - s [-l current Liabiliries $ [
Accounts receivable
Inventory
Net fixed assets
Total $ l__l Total $ L_
Data Table
t--.-lr-. l Long*term dcbt
Total liabilities $ Common equity
Total asset tumover
Average collection period (assume a 365day year)
Fixed asset turnover
Inventory turnover (based on cost ofgoods sold)
Current ratio
Sales (all ou medit)
Cost of goods sold
Debtratio
2.3 times E 9.1 days
5.1 times
2.9 times
2.5 times
$3.86 milliou
77Yo ofsales
54b/o
Page I
More lnfoPt7-4 (similar to).
(conl)
Cash
Inventory
Accormts receivable
Net fixed assets
Total
Current liabilities
Long:-term dcbt
Total liabilities
Common equity
Total
Prge2
(Pro forma balance sheet construction) Use the following industry average ratios, {,ffi, ,o construct a pro
forma balance shee! ffi, for Carlos Menza, Inc. STEP 1: Picture the Problem
The pro forma balance sheet is a forecast of each of the elements of a firm's balance sheet. The percent of sales method is the most popular technique to forecast future balance sheet accounts, but several other methods can also be used.
STEP 2: Decide on a Solntion Stratery
We can create the pro forma balance street for Carlos Menza,Inc. using the financial ratios provided. First, we need to rememberhow the given ratios are created:
Accounts Receivable Average Collection Period :
Annual Credit Sales / 365 Days
Sales Total Asset Turnover:
Total Assets
Sales Fixed Asset Turnover=
Net Plant andEquipment
Annual Credit Sales Accounts Receivable Tuflrover =
Accounts Receivable
Current Assets Current Ratio:
Current Liabilities
Total Liabilities Debt Ratio=
Total Assets
Cost of Goods Sold lnventory Turnover:
lnventories
Given our sales of $4,1701000, we can use these ratios to detennine the pro forma balance sheet accounts.
STEP 3: Solve
The company's cost of goods sold will be:
Cost of Goods Sold: Sales x 78%
Page I
$4.r70.000: *
:$786,792
The companls accounts receivable can be foundby solving for accounts receivable in the following equation:
Accounts Receivable Average Collection Period :
Sales $4.170.000 Accounts Receivable:: x Average Collection Period =: x 9-4= fi197 392365 Days 365
The company's inveqtories can be found by solving for inventories in the following equation:
Cost of Goods Sold= $4,170,000 x 0.78 :$3,252,600
The company's total assets can be found by solving for total assets in the following equation:
Sales Total Asset Turnover=
Trt"l A**t,
Total Assets : 4 - $4' 1:10-'000 : $ l ,g95,455
Total Assets Turnover 2.2
The company's fixed assets can be found by solving for fixed assets in the following equation:
Sales Fixed Asset Turnover =
Net Plant and Equipment
Sales Fixed Assets:
Fixed Assets Tumover
Cost of Goods Sold Inventory Turnover:
Inventories
Current Assets Current Ratio:
Cost of Goods Sold $3.252"600Inventories: = $1.121.586 Inventory Turnover 2.9
The company's eurrent liabilities can be found by solving for cure,nt liabilities in the following equation:
Curreut Liabilities
CurrentAssets $1,895,455 - 5786,792 Current Liabilities = 66; = ff = $615,924
The company's total liabilities ean be found by solving for total liabilities in the following equation:
Page2
rilJ'rl,-sW
- -
Total Liabilities Debt Ratio:
Total Assets
Total Liabilities: Total Assets x Debt Ratio: $1,895,455 x 0.54: $1,023,546
Plugging these figures into the balance sheet template, we find that Carlos Menza's balance sheet looks like this:
Carlos Menze
Pro Forma Balance Sheet
Cash
Accounts receivable
Inventory
Net fixed assets
Total
(120,315)
lo7,3g2
1,121,596
.7q6,792
1-89s.455+
Current liabilities
Loarg-term debt
Total liabilities
Common equity
Total
615,924
!97,622,.
1,023,546
, . g7t,g0g ____rd25455_
Data Table
Total asset turnover
Average collection friod (assume a 365-day year) Fixed asset turnover
Inventory trmover (based on cost of goods sold)
Current ratio
Sales (all ou credit)
Cost of goods sold
Debt ratio
Current
2.2 times E:
9.4 days
5.3 times
2.9 times
1.8 times
$4.17 million
78% ofsales
54%
Cash
Inventory
Accounts receivable
Net fixed assets
debt
Total Liabilities
coq $ Totel
Page 3
Total
Pt7-6 (similar to).
€inancial forecasting) The balance sheet of the Thompson Trucking Company (TTC) follows:.:-i*i. TTChadsalesforthe yearended lUSlllS of$48.16million. Thefirrnfollowsapoliryof paymg all net earniugs out to its common stock&olders in cash dividends. Thus, TTC geirerates no funds from its earnings that can be used to expand its operations. (Assume that depreciation expense is just equal to the cost of replacing wom-out assets.)
e. If TTC anticipates sales of $8 1 . 16 million during the coming year, develop a pro forma balance sheet for the firm for l2/3lll4. Assume that current assets vary as a percent of sales, net fixed assets remain unchanged and accounts payabte vary as a percent ofsales. Use uotes payable as a balancing enty. b. How rurch "new" financing will TTC need next year? c. What limitation does the percent-of-sales forecast method zuffer &om? Discuss briefly.
a. If TTC anticipates sales of $81.16 million during the coming year, develop a pro forma balance sheet for the firm fw l2/3lll4. Assume that current assets vary as a percent of sales, net fixed assets remain unchanged, and accounts payable vary as a percent of sales. Use notes payable as a balancing entry. (Round to the nearest dollar.)
Thompson Trucking Coppany ,.. - Pro Forma Balance Sheet as of l2l31/14
Net fixed assets
Total assets
Accounts payable
Notes payable
Bondspayable
Common equity
*:
b. TTC's total financing requirements for next year are $f . Gouna to the nearest dollar.)
TCC's discretionary financing needs for next year *" $[. (Round to the nearest dollar.)
c. What limitations does the percent of sales forecast method suffer from? Discuss briefly. (Select all the choices that apply.)
Pagc I
Pt7-6 (similar to).
(cont.)
E^ The financiar manager cannot ,,t uv e-k, the basic method to suit her purposes. Eo
ffirffiT- is very difficult to implement, e\ren wheu good aad reliable forecasted data are
n' The method assumes that the curelrt relationships between various accounts and sales willremain the same, but this need not be the case. D" The method is only good for constructing pro forma state,ments for thc following year.
Data Table
Curent assets Net fixed assets
Total
$10.86
t4.96
-$219
Accounh payable
Notes payable
Bonds payable
Common equity
Total
$s.64
0.00
9.76
10.42
$2s.s2
Page 2
C, Data
Current assets
Net fixed assets
Total
$10.86
14.96
$25.82
Accoun8payable
Notes payable
Bonds payable
Common equity
Total
$5.64
0.00
9.76
10.42
$25.82
Page I
Khr"-,{t6
(Financial forecasting) The balance sheet of the Thompson Trucking Company OfC) follows: l$| ffC had sales for the year ended l2l3lll3 of $48.75 million. The firm follows a policy of payrng all net earnings out to its common stockholders in cash dividends. Thus, TTC generates no funds from its eanrings that can be used to expand its operations. (Assume that depreciation expense is just equal to the cost of replacing worn-out assets.)
a. If TTC anticipates sales of $79.62 million during the coming year, develop a pro forma balance sheet for the firm for l2l3ll14. Assume that current assets vary as a percent of sales, net fixed assets remain unchanged and accounts payable vary as apercent of sales. Use notes payable as a balancing enty. b. Howmuch "new" financing will TTC neednext year? c. What limitation does the percent-of-sales forecast method suffer from? Discuss briefly.
STEP 1: Picture the Problem
These pro forma financial statements follow the format of the firn's reported statements, but apply to projected or forecast results for a future period of time. These statements are frequenfly constucted by first making a forecast of firm revenues and then using the percent of sales method to predict balances for each of the enties in both the pro forma income state,ment and the pro forma balance sheet.
The firm's discretionary financing needs (DFI.Q are equal to the financing the finn requires for the year that is not provided by spontaneous sources such as accotmts payable and accmed expenses plus retained earnings for the period. In essence, we estimate DFN as the "plug figure" thatbalances the financing side of the firm's pro forma balance sheet.
STEP 2: Decide on a Solution Stratgr
We are to estimate the total financing needed (total assets) and net funding requirements (discretionary financing needed) for the next year Q0l4) for Thompson Trucking Company. We're told that the firm's 2014 sales will be $79 .62 million and that current assets will vary as a percent of sales, net fixed assets will remain unchanged and accounts payable will vary as a percent of sales. ril/e will need to find the percent of sales figures for these accounts as of 2013 and use notes payable as a balancing enky ("plug"). Current assets as a percent of sales will be:
Current Assets Current Assets as a Percent of Sales :
Sales
Accounts payable as a percent of sales will be:
Accounts Payable as a Percent of Sales: Accounts Payable
Sales
a. If TTC anticipates sales of $79.62 million during the coming year, develop a pro forrna balance sheet for the firm for l2l3lll4. Assume that current assets vary as a percent of sales, net fixed assets remain unchanged, and accounts payable vary as a percent of sales. Use notes payable as a balancing enty.
Page I
Current assets as a percent of sales will be:
current Assets as a percent of Sales - current Assets
Sales
current Assets as a percent of Sales : . $ I 0'240'000 $48J50^ooo
: o'2rc : 2l'tr/o
Accounts payable as a percent of sales will be:
Accounts payable as a percent of sales: Accounts Payable
Sales
Accounts payable as a percent of sales $5'720,000: Esffioo = o'l17: tt'7% 'We constuct TTC's pro fonna balance sheet based an $79.62miltion in sales:
Thompson Trucking Company Pro Forma Balance Sheet as of l2t3lt14 Current assets
Net fixed assets
Total assets
Accounts payable
Notes payable
Bonds payable
Common equity
$ 16,720,200 15.300.000
$ :z,o2o,zoo 9,315,540
2,994,660
10,640,000
9.180.000
Total liabilities and commoil equity $ 32.020-200 -_
b. How much "new" financing will TTC need next year?
TTC's total financing requirements (totar assets) are $32,a20,200.
The discretionary financing needed is $2,gg4,660.
c. what limitations does the percent of sales forecast method suffer from?
STEP 4: Analyze
Page2
Discuss briefly.
Assuming that the firrn's current assets remain at2l.OYo of sales ($10.24 million l$48.75 million), then TTC will need 516,72A,2A0 to support its higher sales level. This $6,480,2O0 increase will be generated partially by a spontaneous increase in accounts payable of $3,595,540 (assuming that accounts payable remains at ll .7Yo of sales). Howeveq since bonds payable and common equlty remain fixed-the latter since TTC retains none of its eamings-the difference of $2,884,660 will need to be financed through notes payable.
The percent of sales method is a good starting point for analysis. However, its assumptions may be inappropriate for the situation at hand, making its predictions inaccurate. The financial manager must be prepared to "tweak" the basic method to suit her purposes.
The method's limitation stems from the basis for its appeal: its simplicity. It assumes that the current relationships between various accounts and sales will remain the same, but this need not be the case. In fact, the business may not be scalable. There may, for example, be "break points" within some of its relationships-volumes beyond which the fundarnental relationships change. For example, the firm may be close to exhausting the capacity of its main suppliers; increasing sales volume could require using new suppliers, whose prices might be higher or whose trade payables tenns may not be as generous. (Assuming that the fimr operates efficiently, greatly expanding sales would require it to move up its marginal cost curve.) On the other hand, there might be some "slack" in the firm's operations, allowing it to increase sales without proportionate increases in operating costs.
Financial analysis is difficult, and a manager must start somewhere- The percent of sales method is a good place to start. However, the sawy manager will recognize that it is not the place to stop.
Data Table
Current assets
Net fixed assets
Total
$10.24 Accountspayable 15.30 Notes payable
_$2511 Bonds payable Common equity
Total
$s.72
0.00
10.64
9.r8
$25.s4:
Page 3
Pl8-1 (similar to)-
-D (Related to Checkpoint 18.1) (Measuring firm liquidity) The foll*osring table contains current asset and current liabilitybalances forDeere and Company @f): ffi.
a. Measure the liquidity of Deere & Co. for each year using the company's net working capital and current ratio. b. Is the trend in Deere's liquidity rmproving over this period?
a. The company's net working capital for 2011 is $[. (Enter your answer in thousands of dollars.)
The company's current ratio for 2011 is il. Go,*d to two decimal places.)
The company's net working capital for 20l2ir SI. (Enter yow answer in thousands of dollars.)
The company's current ratio for 2012 is [. 6oond to two decimal places.)
The company's net working capital for 2013 ir $tr. (Enter your answer in thousands of dollars.)
The company's current ratio for 2013 is [. 1no*d to two decimal places")
b. Is the trend in Deere's liquidity improving over this period? (Select the best choice below.)
*^ No, the firm's net working capital remains negative throughout the years and the current ratio is consistently less than one.
t o Yes, the firm's net working capital lsslains negative throughout the years and the current ratio is consistently less than one.
iJ" Yes, the firm's net working capital remains positive throughout the years and the current ratio is consistently higher than one.
* " No, the firm's net working capital remains positive throughout the years and the current ratio is consistently higher than one.
Data Table
Current assets
Cash and cash equivalents
Short-term investnents
Net receivables
Inventory
Total current assets 9,059,700
2,296,7O0
0
3,964,500
2,909,500
2,240,444
1,731,300
3,789,400
2,237 400
1,674,40A
0
3,589,200
1,937,100
7,200,700
Page I
9,998,500
P18-l (similar to).
(cont.)
Current liabilities
Accounts payable
Short-term/current long-terrr debt Other current liabilities Total current liabiHties
6,500,700
8,562,700
0
1.5,063,400
3,M2,gw 10,301,900
2,960,5w 16,2O5,2N
4,703,300
8,121,7AO
0
12,831,000
Page2
(Related to Checkpoint 18.1) (Measuring firm liquidity) The following table contains current asset and current Iiability balances forDeere and Company (DE): ffi. a. Measure the liquidity of Deere & Co. for each year using the company's net working capital and current ratio. b. Is the hend in Deere's liquidity improving over this period?
a- Measure the liquidity of Deere & Co. for eaeh year using the company's net working capital and current ratio.
STEP l: Picture the problem
Finn liquidity refers to the ability of the firrr to pay its bills in a timely fashion. Thus, a rudimentary measure of frm liquidity can be obtained by comparing the assets that the firm has on hand that can be convertid to cash within the coming year (current assets) with the bills the firm must pay within the coming year (current liabilities).
I Total currentassets Total current liabilities
Note that these figures are in thousards of dollars.
STEP 2: Decide on a solution strategy
Firm liquidity canbe measured by a comparison of current assets and current liabilities using the following measures:
Net working : current Assets- current Liabilities Capital
and
Page I
A, tV ef'P$-nDLt/
-
Current
Ratio
Current Assets
Current Liabilities
STEP 3: Solve
Net working capital ($000)
Current ratio $(5,665,500)
0.56 0.55 $(5,665,900.00)
0.62
b. Is the trend in Deere's liquidity over this period?
STEP 4: Analyze
The effects of the recession are clearly visible in the liquidity measures for Deere and Company. This is perhaps most obvious when we oompare the current ratios for the three periods. The 2013 ratio is closer to that of 2At2 but less than that of 2011. Overall, Deere's liquidity position is fairly consistent: net working capital is negative throughout the period with the current ratio consistently less than one.
Data Table
Current assets
Cash and cash equivalents
Short-term investnents
Net receivables
Inventory
Total current assets
Current liabilities
Accounts payable
Short-term/current long-term debt
Other current liabilities
Total current liabilities
9,197,400 9,580,100
6,492,900
8,370,500
0
3,286,100 4,966,300 11,069,400 7,992,100 2,966,0N 0
2,311,400
0
4,04/,2O0
2,841,900
2,078,600
1,483,300
3,580,900
2A37,300
1,827,500
0
3,609,100
1,757,300
7,lg2,ga0
14,863,300 17,321,500 12,959,400
#(7,741,4O0)
Page 2
fl..wPLE- Data Table
Current assets
Cash and cash equivalents
Short-term invesfuents
Net receivables
Inventory
Total current assets
Current liabilities
Accounts payable
Short-terna/current long-term debt
Other current liabilities
Total current liabffies 17,321,500 12,858,400
2,311,4N 0
4,04y'.rz00
2,841,800
9,197AOO
6,492,804
9,370,500
0
14,8631300
2,O7g,600
l,4g3,3oo
3,5go,goo
2,437,3W
9,580,100
3,286,100
I1,069,400
2,966,000
1,827,500
0
3,608,100
1,757,3W
7,192,900
4,866,300
7,992,1N 0
Page I
