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Additional External Financing

You ; have been running your small business, Craft’s Boat Shop, for several years now ; and have been very successful. ; You have ; come to the point where you expect sales to increase next year and want to be ; sure that you have enough assets available to support your sales. You also need ; to have the financing available to acquire those assets, if needed.

Accordingly, ; you have gathered the following data:

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Craft’s Boat Shop ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ; ;

Sales Last Year

$1,000,000

Assets at the End of Last Year

750,000

Accounts Payable

60,000

Notes Payable

60,000

Accruals

30,000

Profit Margin on Sales

5%

Dividend Payout

50%

Note: All figures are as of the end of last year

Required:

  • If you need $0.80 in assets ; for every $1.00 in sales, by how much can sales increase without obtaining ; additional outside financing? ; HINT: Use ; the AFN formula.

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