Using the data presented below: 

a. Recreate the income statement and balance sheet using formulas wherever possible. Each statement should be on a separate worksheet. Try to duplicate the formatting exactly.

b. On another worksheet, create a statement of cash flows for 2020. Do not enter any numbers directly on this worksheet. All formulas should be linked directly to the source on previous worksheets.

c. Using Excel’s outlining feature, create an outline on the statement of cash flows that, when collapsed, shows only the subtotals for each section.

d. Suppose that sales were $425,000 in 2020 rather than $412,500. What is the 2020 net income and retained earnings?

e. Undo the changes from part d, and change the tax rate to 20%. What is the 2020 net income and retained earnings?

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Sales Cost of Goods Gross Profit Big Rock Candy Mountain Mining Co. Income Statements For the Years 2019 and 2020 2020 $412,500 318,786 93,714 29,800 26,250 1,210 36,454 8,582 27,872 6,968 20,904 Depreciation Selling & Admin. Expense Other Operating Expense Net Operating Income Interest Expense Earnings Before Taxes Taxes Net Income Notes: Tax Rate Shares Earnings per Share 71 25.00% 52,100 $0.40 2019 $398,600 315,300 83,300 29,652 24,550 1,245 27,853 8,457 19,396 4,849 14,547 25.00% 52,100 $0.28