Balance Sheet Year (end of) 2019 2020 2019 2020 Assets Liabilites Current Assets Current Liabilites Cash and Cash Equivalents 10000 11000 Accounts Payable 21000 23100 Accounts Receivable 25000 27500 95000 80565 Long-term Debt Total Liabilites Inventory 12000 13200 116000 103665 Fixed Assets, Net 165000 181500 Stockholders' Equity Total Assets 212000 233200 Common Stock 44000 44000 Retained Earnings 52000 85535 Total Stock Holers' Equity 96000 129535 Total of Equity and Liabilities 212000 233200 Income Statement Year 2019 2020 154000 Net Revenue 140000 Cost of Goods Sold 70000 77000 9000 9900 Depreciation Expense EBIT 61000 67100 Interest Expense 10500 10500 50500 56600 Income Before Taxes Tax Expense 10605 11886 Net Income 39895 44714 2019 Dividend 9974 11179 Accounts Payable Accounts Receivable Additional Paid-in Capital Cash Common Stock Cost of Goods Sold Depreciation Dividends per share Goodwill Interest Expense Inventory Long-Term Debt Net Property, Plant & Equipment Notes Payable Research & Development Expense Retained Earnings Revenue Selling General & Admin Expense Shares Outstanding Treasury Stock 2019 $ 7,000 5,000 4,000 8,577 3,107 48,464 1,315 1.53 18.051 1,200 8.871 2018 $ 6,780 4,685 4.000 5.654 3,107 47,594 1,244 1.28 19.121 1,100 8,101 26,500 4.200 1.847 25,311 3,770 1.747 23.045 59,000 3,024 1,280 (4,200) 61,200 3,200 1,170 (6,500) Tax Rate = 30% Note that a reduction in Goodwill would be similar to Depreciation Expense in a firm's Operating Cash Flow. 3A. Royal Corp is most likely a: A. Bank B. Distributor C. Hospital D. Manufacturer E. Start-up Biotech 3B. Describe the evaluation you performed to determine your answer in 3A. 3C. At what Stage of Firm Life Cycle is Royal? Be very specific and support your answer. 3D. Royal has made many acquisitions over the years. Can we tell if they made any acquisitions in 2019? Why or why not? 3E. How much stock in SS amount, not number of shares) did Royal repurchase in 2019