For the next fiscal$$ year, you forecast net income of $$$$51$ comma $400$ and ending assets of $$$$508$ comma $100.$ Your$$ firm's payout ratio is $9\mathrm{.}7\%.$ Your beginning$$ stockholders' equity is $$$$296$ comma $600$ and your beginning total liabilities are $$$$119$ comma $800.$ Your$$ non$-$debt liabilities such as accounts payable are forecasted to increase by $$$$10$ comma $500.$ What is your net new financing needed for next$$ year?

The Tax Cuts and Jobs Act of $2017$ temporarily allowed$100\%$ bonus depreciation$($effectively expensing capital$$ expenditures$).$ However, we will still include depreciation forecasting in this chapter and in these problems.

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Part $1$

The net financing required will be $$$