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Chapter 16 Exercise Problem Based on the following information for Stone Roses Co., what is its AFN for 2018 if sales are projected to grow by 40%? will the company have a deficit or a surplus in fund? Use the percentage ofsales approach and assume 80% capacity usage for fixed assets and 60% for the dividend payout ratio. Stone Roses Co. Balance Sheet as of Dec. 31, 2017 Assets Liabilities and Equity $150 90 $240 350 380 S10 A/P and other accruals Cash Accounts receivable Inventory Total current assets Net fixed assets 30 Notes payable 120 Total current liabilities $160 Long-term debt 900 Common stock Retained earnings Total assets $1,060 Total liabilities and equity$1,060 Stone Roses Co. Income Statement for 2017 Sales Variable costs Fixed costs EBIT Interest EBT Taxes (40%) Net income $600 300 $100 $80