Homework Answers
Increase in assets =3000000*20%=600000
Increase in spontaneous liabilities=
(160000+150000)*20%=62000
Retained earnings = Profit after tax*(1-Payout)= 4%*6000000*(1-70%)
= 72000
AFN = Increase in assets-Increase in spontaneous liabilities -Retained earnings
= 600000-62000-72000
= 466000
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