Clover Enterprises Co. has the following partial income statement and balance sheet. They plan to gre stry 20% next year. Ratios inferred from the statements below are expected to remain contant Aasume the company is at full capacity, so its assets and spontaneous liabilities will increase proportionately with an increase in ses Assume the company uses the AFN formula and all additional funds needed (AFN) will come from issuing new long-term debt. Given its forecast, how much long-term debt will the company have to issue in the next year Partial Income Statement: Sales Net income Dividends $180,000 $278,000 $62,000 $338,000 $410,000 $38,000 $6,000,000 $240,000 4 Partial Balance Sheet Current assets Net fixed assets Accounts Payable Accrued Liabilities $850,000 $1,200,000 $200,000 $100,000
