WORK SHOWN1. Clayton Industries is planning its operations for next year andRonn

WORK SHOWN1. Clayton Industries is planning its operations for next year andRonnie Clayton the CEO wants you to forecast the firmsadditional funds needed (AFN). The firm is operating at fullcapacity. Data for use in your forecast are shown below. Based onthe AFN equation what is the AFN for the coming year? Dollars arein millions. Last years sales = S0 $350 Last years accountspayable $40 Sales growth rate = g 30% Last years notes payable $50Last years total assets = A0* $500 Last years accruals $30 Lastyears profit margin = PM 5% Target payout ratio 60% a. $102.8 b.$108.2 c. $113.9 d. $119.9 e. $125.9