Use this table to answer this question ( All are

Use this table to answer this question (All are stated in million dollars)

Quantum Inc. Balance Sheet

2020

2019

Quantum Inc. Balance Sheet

2020

2019

Cash and cash equivalents

2,768

2,879

Accounts payable

8,022

7,251

Accounts receivable

6,275

5,335

Accruals

9,290

8,559

Total inventories

7,379

6,384

Notes Payables

9,981

8,472

Prepaid expenses

5,548

4,184

Long-term debt

22,033

21,360

TOTAL CURRENT ASSETS

21,970

18,782

Other borrowings

21,027

21,091

Net Property Plants (Net PPE)

21,293

19,244

Common stock+ paid in Cap

58,134

58,134

Intangible assets

95,091

90,146

Retained earnings

9,867

3,305

TOTAL ASSETS

138,354

128,172

TOTAL LIAB & EQUITY

138,354

128,172

Quantum Inc. Income Statement

2020

2019

NET SALES

82,559

78,938

Cost of products sold

40,768

37,919

Selling, general and administrative expense

23,135

21,890

Depreciation expense

2,838

3,108

OPERATING INCOME

15,818

16,021

Interest expense

629

974

EARNINGS BEFORE INCOME TAXES

15,189

15,047

Income taxes

3,392

3,360

NET INCOME

11,797

11,687

Total Dividends Payments

5,235

5,186

Suppose the expected growth of net sales for 2021 is 8%, calculate the Quantum Inc. Additional Fund Needed (AFN) for 2021 based on the 2020 status quo. Also, please carefully explain the meaning of the projected 2021 AFN that you calculated.

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