Question
Bryan Inc.'s sales are expected to increase from $8 million in 2019 to $13 million in 2020. Its assets totaled $5 million at the end
Bryan Inc.'s sales are expected to increase from $8 million in 2019 to $13 million in 2020. Its assets totaled $5 million at the end of 2019. They is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2019, current liabilities consisted of $450,000 of accounts payable, $400,000 of notes payable, and $500,000 of accruals. The after-tax profit margin is forecasted to be 6%, and the forecasted payout ratio is 45%. Forecast their additional funds needed for the coming year. Answer as a whole number (i.e. $2,455,000 as 2,455,000)
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