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Clayton Industries is planning its operations for next year. Ronnie Clayton, the CEO, wants you to forecast the firm's additional funds needed (AFN). Data for

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Clayton Industries is planning its operations for next year. Ronnie Clayton, the CEO, wants you to forecast the firm's additional funds needed (AFN). Data for use in your forecast we shown below. Based on the AFN equation, what is the APN for the coming year? Dollars are in milions Last year's sales - So Sales growth rates Last year's total assets - Ao $350 Last yr's accounts payable 30% Last yr's notes payable $40 $50 $360styrs accruals $30 Last year's prof margin - PM 5% Target payout ratio 60%

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