The Booth Companys sales are forecasted to double from $1,000 in 2016 to $2,000 in 2017. Here is the December 31, 2016, balance sheet:

Booths fixed assets were used to only 50% of capacity during 2016, but its current assets were at their proper levels in relation to sales. All assets except fixed assets must increase at the same rate as sales, and fixed assets would also have to increase at the same rate if the current excess capacity did not exist. Booths after-tax profit margin is forecasted to be 5% and its payout ratio to be 60%. What is Booths additional funds needed (AFN) for the coming year?

Please show work

Answer is $360

Cash Accounts receivable Inventories Net fixed assets s 100 200 200 500 Accounts payable Notes payable Accruals Long-term debt Common stock Retained earnings S 50 150 50 400 100 250 Total liabilities and equity 1,000 Total assets $1,000 Total liabilities and equity S