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The Booth Company's sales are forecasted to double from $1,000 in 2016 to $2,000 in 2017. Here is the December 31, 2016, balance sheet: $
The Booth Company's sales are forecasted to double from $1,000 in 2016 to $2,000 in 2017. Here is the December 31, 2016, balance sheet: $ 50 Accounts payable Cash 100 Accounts receivable 200 Notes payable 150 Inventories Accruals 200 50 Net fixed assets Long-term de bt 500 400 Common stock 100 Retained earnings 250 Total assets Total liabilities and equity $1000 $1000 Booth's fixed assets were used to only 50% of capacity during 2016, but 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 4% and its current assets were at their proper levels in relation to sales. All assets except fixed assets must increase at the payout ratio to be 55%. What is Booth's additional funds needed (AFN) for the coming year? Round your answer to the nearest dollar
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