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I want the answer for this questions After rooting through old bank statements, sales receipts, tax returns, and other records, Omar has assembled the following

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After rooting through old bank statements, sales receipts, tax returns, and other records, Omar has assembled the following information: 2018 2019 Cost of goods sold $655.396 $827.544 Cash 94,572 142.884 Depreciation 185,020 209.128 Interest expense 40,224 46,104 Selling and administrative 128,892 168,232 Accounts payable 167.144 189,300 Net fixed assets 816,272 994,500 Sales 1,285,748 1,567,240 Accounts receivable 67,012 86,928 Notes payable 76,184 83,184 Long-term debt 412,024 465,336 Inventory 129,020 173,524 New equity o SO 82.000 EASY FISHING currently pays out 50% of net income as dividends to the founder Mr. Salim and the other original investors, and it has a 20% tax rate. You are Mr. Omar's assistant, and he has asked you to prepare the following: 1. An income statement for 2018 and 2019. (10 marks) 2. A balance sheet for 2018 and 2019. (10 marks) 3. Operating cash flow for each year. (10 marks) 4. Cash flow from assets for 2019. (10 marks) 5. Cash flow to creditors for 2019. (10 marks) 6. Cash flow to stockholders for 2019. (10 marks) QUESTIONS 1. How would you describe EASY FISHING's cash flows for 2019? Write a brief discussion (20 marks) 2. In light of your discussion in the previous question, what do you think about Mr. Salim's expansion plans? (20 marks) Total (100 marks) 2

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