Use this table to answer this question (all are stated in million dollars) Quantum Balance Sheet 2020 2019 Quantum Balance Sheet 2020 2019 Cash and cash equivalents 2,768 2,879 Accounts payable 8,022 7,251 Short-term investment sec. 954 1,029 Accruals 9,290 8,559 Accounts receivable 5,321 4,306 Notes Payables 9,981 8,472 Total inventories 7,379 6,384 Long-term debt 22,033 21,360 Prepaid expenses 5,548 4,184 Other borrowings 21,027 21,091 TOTAL CURRENT ASSETS 21,970 18,782 TOTAL LIABILITIES 70,353 66,733 Net Property Plants (Net PPE) 21,293 19,244 Common stock+ paid in Cap 58,134 58,134 Other long-term assets 95,091 90,146 Retained earnings 9,867 3,305 TOTAL ASSETS 138,354 128,172 TOTAL LIAB & EQUITY 138,354 128,172 Quantum Income Statement 2020 2019 NET SALES 82,559 78,938 Cost of products sold 40,768 37,919 Selling, general and administrative expense 23,135 21,890 Depreciation expense 2,838 3,108 OPERATING INCOME 15,818 16,021 Interest expense 629 974 EARNINGS BEFORE INCOME TAXES 15,189 15,047 Income taxes 3,392 3,360 NET INCOME 11,797 11,687 Total Dividends Payments 5,235 5,186 Suppose the expected growth of net sales for 2021 is 7%, calculate the Precision Corporation additional funds needed (AFN) for 2021 based on the 2020 status quo. Additionally, please explain the meaning of AFN that you have calculated during 2021 for the firm. Use this table to answer this question (all are stated in million dollars) Quantum Balance Sheet 2020 2019 Quantum Balance Sheet 2020 2019 Cash and cash equivalents 2,768 2,879 Accounts payable 8,022 7,251 Short-term investment sec. 954 1,029 Accruals 9,290 8,559 Accounts receivable 5,321 4,306 Notes Payables 9,981 8,472 Total inventories 7,379 6,384 Long-term debt 22,033 21,360 Prepaid expenses 5,548 4,184 Other borrowings 21,027 21,091 TOTAL CURRENT ASSETS 21,970 18,782 TOTAL LIABILITIES 70,353 66,733 Net Property Plants (Net PPE) 21,293 19,244 Common stock+ paid in Cap 58,134 58,134 Other long-term assets 95,091 90,146 Retained earnings 9,867 3,305 TOTAL ASSETS 138,354 128,172 TOTAL LIAB & EQUITY 138,354 128,172 Quantum Income Statement 2020 2019 NET SALES 82,559 78,938 Cost of products sold 40,768 37,919 Selling, general and administrative expense 23,135 21,890 Depreciation expense 2,838 3,108 OPERATING INCOME 15,818 16,021 Interest expense 629 974 EARNINGS BEFORE INCOME TAXES 15,189 15,047 Income taxes 3,392 3,360 NET INCOME 11,797 11,687 Total Dividends Payments 5,235 5,186 Suppose the expected growth of net sales for 2021 is 7%, calculate the Precision Corporation additional funds needed (AFN) for 2021 based on the 2020 status quo. Additionally, please explain the meaning of AFN that you have calculated during 2021 for the firm
