Back to Assignment Planning and Forecasting Tools Attempts: 7. Problem 16.09 Keep the Highest: / 1 Click here to read the eBook: The AFN Equation SALES INCREASE Paladin Furnishings generated $4 million in sales during 2016, and its year-end total assets were $2.5 million. Also, at year-end 2016, current $200,000 of notes payable, $200,000 of accounts payable, and $100,000 of accrued liabilities. Looking ahead to 2017, the company that for every $1.00 Increase in sales, Paladin's profit margin is 5%, and its retention ratio is 4596. How large of a sales increase they externally? Write out your answer completely. For example, 25 million should be entered as 25,000,000. Do not round Intermediate alculator Round your cent EE 7- mited d Grade it Now Save & Continue Continue without saving Click here to read the book. The AFN Equation SALES INCREASE Paladin Furnishings generated $4 million in sales during 2016, and its year-end total assets were $2.8 million. Also, at year-end 2016, current liabilities were $500,000, consisting of $200,000 of notes payable, $200,000 of accounts payable, and $100,000 of accrued liabilities. Looking ahead to 2017, the company estinates that its assets must increase by $0.70 for every $1.00 increase in sales. Paladin's profit margin is 5%, and its retention ratio is 45%. How large of a sales increase can the company achieve without having to raise funds estemany write out your answer completely. For example, 25 million should be entered as 25,000,000. Do not round Intermediate calculations, Round your answer to the nearest cent. Grade It Now Save & Continue Continue without saving