Additional Funds Needed

The Booth Company's sales are forecasted to double from $1,000 in 2018 to $2,000 in 2019. Here is the December 31, 2018, balance sheet:

Cash$100Accounts payable$50Accounts receivable200Notes payable150Inventories200Accruals50Net fixed assets500Long-term debt400Common stock100Retained earnings250Total assets$1,000Total liabilities and equity$1,000

Booth's fixed assets were used to only 50% of capacity during 2018, but its current assets were at their proper levels in relation to sales. All assets except fixed assets must increase at the same rate as sales, and fixed assets would also have to increase at the same rate if the current excess capacity did not exist. Booth's after-tax profit margin is forecasted to be 3% and its payout ratio to be 30%. What is Booth's additional funds needed (AFN) for the coming year? Round your answer to the nearest dollar.

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