Answers
AFN = Sales Growth rate * Total Assets - Sales growth rate * (Accounts payable + accruals) - Last year sales * (1 + Sales growth rate) * Profit margin * (1 - Target payout ratio)
= 0.28 * 450 - 0.28 * (30 + 30) - 250 * (1 + 28%) * 0.04 * 0.50
= 126.00 - 16.80 - 6.40
= $102.80
Notes payables do not increase with an increase in sales
AFN = $102.80 Million
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