For this question, consider that the tax rate is 40%. Given the data below, answer the following questions:

a) Prepare the statement of comprehensive income for 2020.

b) Find the Operating Cash Flow in 2020.

c) Find the Cash Flow from Assets in 2020. Explain the signs for each of the three components of the Cash Flow from Assets and their impact on the Cash Flow from Assets.

2019 2020

Cost of goods sold $163,849 $206,886

Cash 23.643 35,721

Depreciation 46,255 52,282

Interest expense 10,056 11,526

Selling and administrative expenses 32,223 42,058

Accounts payable 41,786 47,325

Fixed assets 204,068 248,625

Sales 321,437 391,810

Accounts receivable 16,753 21,732

Notes payable 19,046 20,796

Long-term debt 103,006 116,334

Inventory 32,255 43,381

New equity 0 20,500