a. Calculate cash flows from assets, cash flows to creditors, and cash flows to shareholders for 2019. b. Create a statement of cash flow (accounting statement) for 2019. c. Calculate cash cycle. d. Conduct a thorough financial ratio analysis. e. Use the percent-of-sales formula to calculate the amount of external financing needed for year 2020. (Assumptions: Sales are expected to grow by 8 percent in year 2020, the net profit margin is expected to be 12 percent, and the dividend payout ratio is 35 percent. The fixed assets are currently being used at full capacity.) 4,955,311 5,211,242 Nears Ended 2019 2018 12.25, 847 Net Sales Prodrets Services Total net sales 2011 1196, 534 213,883 & 46,291 $ 260, 114265,595 11 39, 748 $ 32, 700 $229, 234 $144,996 Cost of Salesi Products Services Total cost of sales Gross Margin 116, 786 $148, 114 $15,592 $13,756 4101,839 $126,337 14,7 $ 144048 $88, 186 316L. 782 $98,392 $11, 581 $15.261 $26,842 Operating expenn: Research and development $16, 211 $ 14,236 Selling, general, administrative18.245 (16,105 Total operating expenses $34, 462 $30,941 Operating Incone $63,930 $70,898 Other income Icesponse), net 1.807 $2,005 Income before provision for Income taxes $65,737 $12,903 Provision for Income taxes $10,481 $13,372 Net Income $55,156 $ 59,531 $61,344 $2,745 $64,089 $15,738 $ 48,351 Earnings per share : Basici Diluted: $11.91 $11.84 $12.01 11.91 $9.27 $9.21 Shares vied in computing Carning, per share: Basic Diluted 4,611,834 4,648,913 5,000, 109 5,251,692 2018 525, 913 140,388 23, 186 $ 3,956 $25,809 $12,081 hele $248,0285258,518 2019 leverent Assets: Assets Cash and cash equivalents $ 48,844 Marketable securities $51,113 Account Receirable, not $22.926 Inventories 34, 106 Vendor non-trade receivable $22,818 Other wrrent Assets $12,352 Total Current Assets $ Non-Current Assets Marketable seurities $105,341 $170,799 Property, plant and equipment, net $37,378 341,304 Other non-Current Assets. $32,978 $22,283 Total non-current Assets $175,691 $234.385 Total Assets $338,5168365, 725 Liabilities And Shareholders' Equity Current liabilities: Accounts Payable $46,236 355.888 Other Current Liabilities $31,720 $33,321 Deferred Revenue ou $5,522 35,966. Commercial Paper $5,980 $11.964 Term Debt $ 10,260 38,784 Total Current Liabilities 1105,118 115,929 Non-current liabilities Term Debt Other non-current liabilities Total non-current liabilities Totul Liabilities $93,735 $91,807 $ $50, 503 348,914 3142,310 $142,649 2012 Total liabilities and shareholders' equity $338,516 $365, 725 2019 Shareholders equity: A Common stock and additional $45, 174 paid in capital, $.0000l por valve: 12,600,000 shares authorized; 4, 443,236 and 4,754, 986 shares issued and outstanding, respectively Retained Earnings $45,898 Accumulated other comprehensive income ICless) (5842 Total shareholders equity (3,434 107,141 390,488 a. Calculate cash flows from assets, cash flows to creditors, and cash flows to shareholders for 2019. b. Create a statement of cash flow (accounting statement) for 2019. c. Calculate cash cycle. d. Conduct a thorough financial ratio analysis. e. Use the percent-of-sales formula to calculate the amount of external financing needed for year 2020. (Assumptions: Sales are expected to grow by 8 percent in year 2020, the net profit margin is expected to be 12 percent, and the dividend payout ratio is 35 percent. The fixed assets are currently being used at full capacity.) 4,955,311 5,211,242 Nears Ended 2019 2018 12.25, 847 Net Sales Prodrets Services Total net sales 2011 1196, 534 213,883 & 46,291 $ 260, 114265,595 11 39, 748 $ 32, 700 $229, 234 $144,996 Cost of Salesi Products Services Total cost of sales Gross Margin 116, 786 $148, 114 $15,592 $13,756 4101,839 $126,337 14,7 $ 144048 $88, 186 316L. 782 $98,392 $11, 581 $15.261 $26,842 Operating expenn: Research and development $16, 211 $ 14,236 Selling, general, administrative18.245 (16,105 Total operating expenses $34, 462 $30,941 Operating Incone $63,930 $70,898 Other income Icesponse), net 1.807 $2,005 Income before provision for Income taxes $65,737 $12,903 Provision for Income taxes $10,481 $13,372 Net Income $55,156 $ 59,531 $61,344 $2,745 $64,089 $15,738 $ 48,351 Earnings per share : Basici Diluted: $11.91 $11.84 $12.01 11.91 $9.27 $9.21 Shares vied in computing Carning, per share: Basic Diluted 4,611,834 4,648,913 5,000, 109 5,251,692 2018 525, 913 140,388 23, 186 $ 3,956 $25,809 $12,081 hele $248,0285258,518 2019 leverent Assets: Assets Cash and cash equivalents $ 48,844 Marketable securities $51,113 Account Receirable, not $22.926 Inventories 34, 106 Vendor non-trade receivable $22,818 Other wrrent Assets $12,352 Total Current Assets $ Non-Current Assets Marketable seurities $105,341 $170,799 Property, plant and equipment, net $37,378 341,304 Other non-Current Assets. $32,978 $22,283 Total non-current Assets $175,691 $234.385 Total Assets $338,5168365, 725 Liabilities And Shareholders' Equity Current liabilities: Accounts Payable $46,236 355.888 Other Current Liabilities $31,720 $33,321 Deferred Revenue ou $5,522 35,966. Commercial Paper $5,980 $11.964 Term Debt $ 10,260 38,784 Total Current Liabilities 1105,118 115,929 Non-current liabilities Term Debt Other non-current liabilities Total non-current liabilities Totul Liabilities $93,735 $91,807 $ $50, 503 348,914 3142,310 $142,649 2012 Total liabilities and shareholders' equity $338,516 $365, 725 2019 Shareholders equity: A Common stock and additional $45, 174 paid in capital, $.0000l por valve: 12,600,000 shares authorized; 4, 443,236 and 4,754, 986 shares issued and outstanding, respectively Retained Earnings $45,898 Accumulated other comprehensive income ICless) (5842 Total shareholders equity (3,434 107,141 390,488