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QUESTION
Sales are expected to increase by 20% from $7.6 million in 2015 to $9.12 million in 2016. assets is $5 million at the end of 2015. At the end of...
Sales are expected to increase by 20% from $7.6 million in 2015 to $9.12 million in 2016. assets is $5 million at the end of 2015.
At the end of 2015, 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 55%.
Forecast the additional funds needed for the coming year.
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