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When a firm grows, some liabilities grow spontaneously along with sales. Spontaneous liabilities are a source of capital that the firm will generate internally, so they reduce the need for external capital. How much of the total increase in assets will be supplied by spontaneous liabilities for Fuzzy Button Clothing Company this year? (Note: Do not round intermediate calculations.) 1. The Additional Funds Needed (AFN) equation Fuzzy Button Clothing Company has the following end-of-year balance sheet: Fuzzy Button Clothing Company Balance Sheet For the Year Ended on December 31 Assets CurrentAssets:CashandequivalentsAccountsreceivableInventoriesTotalCurrentAssetsNetFixedAssets:Netplantandequipment$150,000400,000350,000$900,000$2,100,000CurrentLiabilities:AccountspayableAccruedliabilitiesNotespayableTotalCurrentLiabilitiesLong-TermBondsTotalDebt$250,000150,000100,000$500,0001,000,000$1,500,000 (cost minus depreciation) Liabilities Current Liabilities: Fuzzy Button Clothing Company has the following end-of-year balance sheet: A shortage of internally generated funds that must be raised outside the company to finance the company's forecasted future growth. A point at which the funds generated within the firm equal the demands for funds to finance the firm's future expected sales requirements. Because of its excess funds, Bohemian Manufacturing Company is thinking about raising its dividend payout ratio to satisfy shareholders. Bohemian could pay out of its earnings to shareholders without needing to raise any external capital.(Hint: What can Bohemian increase its dividend payout ratio to before the AFN becomes positive?) $60,800 $83,600 $87,400 $76,000 In addition, Fuzzy Button Clothing Company is expected to generate net income this year. The firm will pay out some of its earnings as dividends but will retain the rest for future asset investment. Again, the more a firm generates internally from its operations, the less it will have to raise externally from the capital markets. Assume that the firm's profit margin and dividend payout ratio are expected to remain constant. Given the preceding information, Fuzzy Button Clothing Company is expected to generate \$ retained earnings. (Note: Do not round intermediate calculations.) from operations that will be added to (Note: Do not round According to the AFN equation and projections for Fuzzy Button Clothing Company, the firm's AFN is \$ intermediate calculations.) 2. More on the AFN (Additional Funds Needed) equation Bohemian Manufacturing Company reported sales of $890,000 at the end of last year, but this year, sales are expected to grow by 9%. Bohemian expects to maintain its current profit margin of 22% and dividend payout ratio of 15%. The following information was taken from Bohemian's balance sheet: Based on the AFN equation, the firm's AFN for the current year is A positively signed AFN value represents: A surplus of internally generated funds that can be invested in physical or financial assets or paid out as additional dividends. When a firm grows, some liabilities grow spontaneously along with sales. Spontaneous liabilities are a source of capital that the firm will generate internally, so they reduce the need for external capital. How much of the total increase in assets will be supplied by spontaneous liabilities for Fuzzy Button Clothing Company this year? (Note: Do not round intermediate calculations.) 1. The Additional Funds Needed (AFN) equation Fuzzy Button Clothing Company has the following end-of-year balance sheet: Fuzzy Button Clothing Company Balance Sheet For the Year Ended on December 31 Assets CurrentAssets:CashandequivalentsAccountsreceivableInventoriesTotalCurrentAssetsNetFixedAssets:Netplantandequipment$150,000400,000350,000$900,000$2,100,000CurrentLiabilities:AccountspayableAccruedliabilitiesNotespayableTotalCurrentLiabilitiesLong-TermBondsTotalDebt$250,000150,000100,000$500,0001,000,000$1,500,000 (cost minus depreciation) Liabilities Current Liabilities: Fuzzy Button Clothing Company has the following end-of-year balance sheet: A shortage of internally generated funds that must be raised outside the company to finance the company's forecasted future growth. A point at which the funds generated within the firm equal the demands for funds to finance the firm's future expected sales requirements. Because of its excess funds, Bohemian Manufacturing Company is thinking about raising its dividend payout ratio to satisfy shareholders. Bohemian could pay out of its earnings to shareholders without needing to raise any external capital.(Hint: What can Bohemian increase its dividend payout ratio to before the AFN becomes positive?) $60,800 $83,600 $87,400 $76,000 In addition, Fuzzy Button Clothing Company is expected to generate net income this year. The firm will pay out some of its earnings as dividends but will retain the rest for future asset investment. Again, the more a firm generates internally from its operations, the less it will have to raise externally from the capital markets. Assume that the firm's profit margin and dividend payout ratio are expected to remain constant. Given the preceding information, Fuzzy Button Clothing Company is expected to generate \$ retained earnings. (Note: Do not round intermediate calculations.) from operations that will be added to (Note: Do not round According to the AFN equation and projections for Fuzzy Button Clothing Company, the firm's AFN is \$ intermediate calculations.) 2. More on the AFN (Additional Funds Needed) equation Bohemian Manufacturing Company reported sales of $890,000 at the end of last year, but this year, sales are expected to grow by 9%. Bohemian expects to maintain its current profit margin of 22% and dividend payout ratio of 15%. The following information was taken from Bohemian's balance sheet: Based on the AFN equation, the firm's AFN for the current year is A positively signed AFN value represents: A surplus of internally generated funds that can be invested in physical or financial assets or paid out as additional dividends