View the step-by-step solution to: Need to use excel to calculate additional funds needed from the

Need to use excel to calculate additiona...
Need to use excel to calculate additional funds needed from the given balance sheet.
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A firm has the following balance sheet:
Cash $20 Accounts payable $20
Accounts receivable $20 Notes payable $40
Inventory $20 Long term debt $80
Fixed assets $180 Common Stock $80
Retained earnings $20
Total assets $240
Total liabilities & Equity $240
Sales for the year just ended were $400, fixed assets were used a 80 percent of capacity. Current assets and accounts payable vary directly with sales. Sales are expected to grow by 5 percent next year, the expected net profit margin is 5 percent, and the dividend payout ratio is 60 percent.
How much additional funds (AFN) will be needed next year, if any?
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