55. At year-end 2020, total assets for ABC Company were P12,000,000 andaccounts payable were P3,750,000. Sales, which in 2020 were P25,000,000, areexpected to increase by 25% in 2021. Total assets and accounts payable areproportional to sales, and that they will grow at the same rate as sales. ABCtypically uses no current liabilities other than accounts payable. Common stockamounted to P4,250,000 in 2020, and retained earnings were P2,950,000. ABCplans to sell new common stock in the amount of P700,000. The firm's profitmargin on sales is 6%; and 60% of earnings will be retained. How much long-termdebt financing will be needed in 2021? [nearest peso]

Sale in 2016 = ($2500000 x 125 / 100) =3125000Sale in 2015 is given = $2500000Increase in sale in…

Answered: O. Sales, which in 2020 21. Total…

Business

Accounting

O. Sales, which in 2020 21. Total assets and acc y will grow at the same other than accounts pa and retained earnings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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