Mini Case Cash Flows and Financial Statements at Sunset Boards,Inc.

2017 2018 Cost of goods sold $ 255,605 $ 322,742 Cash 36,884 55,725 Depreciation 72,158 81,559 Interest expense 15,687 17,980 Selling and administrative 50,268 65,610 Accounts payable 26,186 44,318 Net fixed assets 318,345 387,855 Sales 501,441 611,224 Accounts receivable 26,136 33,901 Notes payable 29,712 32,441 Long-term debt 160,689 175,340 Inventory 50,318 67,674 New equity 0 19,500 Sunset Boards currently pays out 40 percent of net income as dividends to Tad and the other original investors, and it has a 21 percent tax rate. You are Christina's assistant, and she has asked you to prepare the following: Page 48 Sunset Boards currently pays out 40 percent of net income as dividends to Tad and the other original investors, and it has a 21 percent tax rate. You are Christinas assistant, and she has asked you to prepare the following: 1. An income statement for 2017 and 2018. 2. A balance sheet for 2017 and 2018. 3. Operating cash flow for each year