When constructing pro forma financial statements, which of the following equations can be used to estimate additional funds needed (AFN)?
A. Estimated AFN = Forecasted increase in assets + Forecasted increase in liabilities + Forecasted increase in retained earnings
B. Estimated AFN = Forecasted increase in assets - Financing feedbacks + Forecasted increase in retained earnings
C. Estimated AFN = Forecasted increase in assets - Financing feedbacks - Spontaneously generated funds
D. Estimated AFN = Forecasted increase in liabilities + Financing feedbacks + Spontaneously generated funds
E. Estimated AFN = Forecasted increase in assets - Forecasted increase in liabilities - Forecasted increase in retained earnings
Answer: E
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