***URGENT***

Broussard Skateboards sales are expected to increase by 15% from $8 million in 2015 to $9.2 million in 2016. Its assets totaled $5 million at the end of 2015. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2015, current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 6%, and the forecasted payout ratio is 40%. Use the AFN equation to forecast Broussards additional funds needed for the coming year.

PLEASE SHOW WORK

B D E F G 1 Problem 9-1 2 3 INPUT 4 Sales growth rate 5 Sales 2015 6 Sales 2016 7 Assets 2015 8 Accounts payable 2015 Notes payable 2015 10 Accruals 2015 11 Profit margin 12 Dividend payout ratio 13 9 5.0% 14 OUTPUT 15 AFN (Problem 9-1) Calculate the AFN formula 16 Chapter 9 - Problem 1: Change the Profit Margin percentage in cell C11 from 6.0% to 5.0%. Record the new calculated value of the additional funds needed (AFN) visible in cell C15 in the space provided below. [Format the value as a number with no decimal places. For example, 1234567]