Using the afn formula approach calculate the total assets, Ask an Expert

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Using the AFN formula approach, calculate the total assets of Harmon Photo Company given the following information: Sales this year = $3,000; sales increase projected for next year = 20%; net income this year = $250; dividend payout ratio = 40%; projected excess funds available next year = $100; accounts payable = $600; notes payable = $100; and accrued wages and taxes = $200. Except for the accounts noted, there were no other current liabilities. Assume that the firm's profit margin remains constant and that the company is operating at full capacity.

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