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Input area: Year: Year: Cost of goods sold Cash Depreciation Interest expense Selling & Administrative Accounts payable Net Fixed assets Sales Accounts receivable Notes payable Long-term debt Inventory New equity Tax rate Dividend percentage Output area: 2 Construct the balance sheets Balance sheet as of Dec. 31, Year Cash Accounts receivable Inventory Current assets Nel fixed assets Total assets Balance sheet as of Dec. 31. Year Cash Accounts receivable Inventory Current assets Accounts payable Notes payable Current liabilities Long-term debt Owners' equity Total liab. & equity Accounts payable Notes payable Current liabilities Long-term debt Owners' equity Total liab. & equity Net foxed assets Total assets 3 Calculate the operating cash flows. 3 Calculate the operating cash flows. Year Year Operating cash flow Capital Spending Ending net fixed assets Beginning net fixed assets + Depreciation Net capital spending Change in Net Working Capital Ending NWC -Beginning NWC Change in NWC 4 Calculate the cash flow from Assets. Cash Flow from Assets Operating cash flow Net capital spending -Change in NWC Cash flow from assets 5 Calculate the cash flow to creditors Cash Flow to Creditors Interest paid -Net New Borrowing Cash flow to Creditors 6 Calculate the cash flow to stockholders. Cash Flow to Stockholders Dividends paid -Net new equity raised Cash flow to Stockholders Answer to Question 1: Answer to Question 2: 2020 Cost of goods sold $306,726 $387,290 Cash 44,261 66,870 Depreciation 86,590 97,871 18,824 21,576 60,322 78,732 Interest expense Selling and administrative Accounts payable Net fixed assets 31,423 53,181 382,014 465,426 Sales 601,729 733,469 Accounts receivable 31,363 40,681 35.654 38.929 Notes payable Long-term debt 192,827 210.408 60,382 81,209 Inventory New equity 23,400 QUESTIONS 1. How would you describe Sunset Boards's cash flows for 2021? Write a brief discussion. 2. In light of your discussion in the previous question, what do you think about Tad's expansion plans