The solution is $83.20. Please show your work

Chapter 16 Exercise Problem Based on the following information for Stone Roses Co., what is its AFN for 2018 if sales ane projected to grow by 40%? Will the company have a deficit or a surplus in fund? Use the percentage of sales approach and assume 80% capacity usage for fixed assets and 60% for the dividend payout ratio. Stone Roses Co. Balance Sheet as of Dec. 31, 2017 Assets Liabilities and Equity Cash Accounts receivable Inventory Total current assets Net fixed assets $150 90 $240 350 380 $10 A/P and other accruals 30 Notes payable 120 Total current liabilities S160 Long-term debt 900 Common stock Retained earnings S1060 Total liabilities and equity Total assets Stone Roses Co. Income Statement for 2017 Sales Variable costs Fixed costs EBIT Interest S600 300 $100 $80 EBT Taxes (40%) Net income