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Hasy Problems 1-3 AFN Equation Broussard Skateboard's sales are expected to increase by 15% from $8 million in 2012 to $9.2 million in 2013. Its assets totaled $5 million at the end of 2012. Broussard is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2012, 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 Brous- sard's additional funds needed for the coming year. 2 AFN Equation Refer to Problem 9-1. What would be the additional funds need- ed if the company's year-end 2012 assets had been $7 million? Assume that all other numbers, including sales, are the same as in Problem 9-1 and that the company is operating at full capacity. Why is this AFN different from the one you found in Problem 9-1? Is the company's "capital intensity ratio the same or different? 9-3 AFN Equation Refer to Problem 9-1. Return to the assumption that the com- pany had $5 million in assets at the end of 2012, but now assume that the com- pany pays no dividends. Under these assumptions, what would be the additional funds needed for the coming year? Why is this AFN different from the one you found in Problem 9-1