Answer:
$36,000
Explanation:
total assets last year = $5,000,000
total sales last year = $15,000,000
total current liabilities last year = $2,000,000
after tax profit margin = 4% of sales
forecasted sales = $16,500,000
dividend payout ratio = 60%
assets / sales = $5,000,000 / $15,000,000 = 33.33%
liabilities / sales = $2,000,000 / $15,000,000 = 13.33%
change in sales = $15,000,000 x 10% = $1,500,000
additional funds needed = (0.3333 x $1,500,000) - (0.1333 x $1,500,000) - [(0.04 x $16,500,000) x (1 - 0.6)] = $500,000 - $200,000 - $264,000 = $36,000