Using the following information, create an income statement for 2020 and compute the Operating Cash Flows (OCF) for 2020, the changes in net working capital (ANWC) for 2020, and state whether they are cash inflows or cash outflows. Today is year 2018. Annual Growth rate of sales Variable cost as % of sales S&GA as % of sales Annual depreciation Cash as % of sales Inventory as % of sales Accounts payable as % of sales Tax rate 10% 75% 10% $50,000 5% 10% 20% 20% $500,000 Expected Sales in 2018: The following questions take you through the steps needed to answer the original questions stated at the beginning of the problem. Do not use (enter) the dollar sign ($) and DO NOT use comma to separate thousands. #1. What are the sales (revenues) for year 2020? A/ #2. What is the cost of good sales (CGS) in 2020? #3. What is the Selling and Administration Expenses (S&A) for 2020? A #4. Are there any side effects (erosion costs or synergies) that needs to be considered in the construction of the income statement for 2020? Answer either yes or no (lower case) A #5. What is the Earnings before Interests, Taxes, and Depreciation and Amortization (EBITDA) in 2020? A #6. What is the annual Depreciation for 2020? #7. Are there any other non-cash expenses to include in the income statement? Answer either yes or no (lower case) #8. What is the Earnings before Interests and Taxes (EBIT) for 2020? A #9. What is the taxable income for 2020? A #10. What is the Taxes for 2020? #11. What is the Net Income (NI) for 2020? A A/ # 12. What is the Operating Cash Flow (OCF) for 2020? A #13. Is the OCF for 2020 a cash inflow or a cash outflow? write the two words e.g. Eash A #14. What is the current assets (CA) inflow or cash outflow amount for 2019? #15. What is the current liabilities (CL) amount for 2019? A #17. A # 16. What is the CA in 2020? #18. What is the net working capital A A # 19. What is the NWC in 2020? A What is the CL in 2020? (NWC) in 2019? A #20. What is the change in NWC as of 2020? change in NWC as of 2020 a cash inflow or a cash outflow? #21. Is the A/