Clayton Industries is planning its operations for next year. Ronnie Clayton, the CEO, wants you to forecast the firm's additional funds needed (AFN). Data for use in your forecast are shown below. Based on the AFN equation, what is the AFN for the coming year? Dollars are in millions.

Last year's sales = S _0. $350

Last yr's accounts payable $40

Sales growth rate = g 30%

Last yr's notes payable. $50

Last year's total assets = A ₀ ^*. $360

Last yr's accruals $30

Last year's prof margin = PM 5%

Target payout ratio 60%

Answer rating: 100% (QA)

AFN last years total assets sales growth rat... View the full answer