Problem 12-06 Additional Funds Needed

The Booth Company's sales are forecasted to double from $1,000 in 2016 to $2,000 in 2017. Here is the December 31, 2016, balance sheet:

Cash		$ 100		Accounts payable		$ 50
Accounts receivable		200		Notes payable		150
Inventories		200		Accruals		50
Net fixed assets		500		Long-term debt		400
				Common stock		100
				Retained earnings		250
Total assets		$1000		Total liabilities and equity		$1000

Booth's fixed assets were used to only 50% of capacity during 2016, 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 3% and its payout ratio to be 30%. What is Booth's additional funds needed (AFN) for the coming year? Round your answer to the nearest dollar.

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Problem 12-06 Additional Funds Needed The Booth Company's sales are forecasted ta double from S1,DDD in 2016 to $2,000 in 2017. Her is the Decn ber 31, 2016, balanc shet: Cash $ 50 150 50 400 100 250 1000Total liebilities and equity s1000 100 Accounts payable 200 Nates payable 200 Accruals 5DD ong-term debt ccounts receiveble Net fixed assets Common stock Retained earnings Total assets Booth's ixrd assrts werr used tonly 50% of caparity during 2016, but its current assets werr at thrir proper lels in relatinn ta salrs. All assets rxccpt ixnd assnts must inrreasn at the sarne rat as sales, and fixed assets wauld alsp have to incrnasc at the same rate ir the current excess capacity did nat exist. B oth's after-tax profit margin is fare asted to be 3% and its payout ratio to be 30% what s Bo ths additional runds needed AFN for the ooming year? Round your answer to the nearest dollar