Additional Funds Needed The Booth Company's sales are forecasted to double from $1,000 in 2018...
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Additional Funds Needed The Booth Company's sales are forecasted to double from $1,000 in 2018 to $2,000 in 2019. Here is the December 31, 2018, balance sheet: Cash $ 100 50 Accounts payable Notes payable Accounts receivable 200 150 Inventories 200 Accruals 50 Net fixed assets 500 400 100 Long-term debt Common stock Retained earnings Total liabilities and equity 250 Total assets $1,000 $1,000 Booth's fixed assets were used to only 50% of capacity during 2018, 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. Booth's after-tax profit margin is forecasted to be 4% and its payout ratio to be 45%. What is Booth's additional funds needed (AFN) for the coming year? Round your answer to the nearest dollar
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