2020 Income Statement Sales Cost of goods sold Expenses Depreciation EBIT Interest Taxable Income Taxes Net Income Dividends paid Additional to RE 10,000 4,500 1,500 1,000 ? 500 ? ? ? ? 800 Balance Sheet 2019 Cash 1,000 Acct. receivable 1,300 Inventory 1,400 Total current assets 3,700 Net fixed assets 8,000 Total Assets 11,700 Acct. payable 1,000 Notes payable 2,500 Total current liabilities 3,500 Long-term debt 4,000 Total Liabilities ? Common stock 1,700 Retained Earnings 2,500 Total Equity 4,200 Total Liabilities/Equity 11,700 2020 1,250 1,800 1,500 4,550 8,400 12,950 1,100 2,650 3,750 4,180 ? 1,720 3,300 5,020 12,950 1. What are the XYZ's tax liabilities? Use a 25 percent tax rate throughout. 2. Calculate cash flow from assets (CFFA (G)), cash flow to creditors, and cash flow stockholders (CFFA (S)). Check CF identity