Problem 1: Initial Balance Sheet Assets: Cash: Accounts Receivable: Inventory: Total Current Assets: Plant: Accumulated Depreciation: Equipment: Accumulated Depreciation: Net Fixed Assets: Total Assets: Revenue: Cost of goods sold (COGS): Salary, general, adm. (SGA): Depreciation expense: EBIT: Interest expense: EBT: Tax: EAT: Dividends (provided): Paid to retained earnings: Updated Balance Sheet Assets: Cash: Accounts Receivable: Inventory: Total Current Assets: Plant: $ $ $ $ $ $ $ $ $ $ Accumulated Depreciation: Equipment: Accumulated Depreciation: Net Fixed Assets: Total Assets: Cash flow from operations: Cash flow from assets: Cash flow to creditors: Cash flow to shareholders: Given the information above, generate an income statement, an updated balance sheet, and the requested cash flows. Income Statement: $ $ $ $ $ $ $ $ $ $ 67,500.00 Accounts Payable: 70,500.00 Taxes Payable: Uabilities and Equity: 79,000.00 Total Current Liabilities: 217,000.00 Mortgage: 320,000.00 Total Liabilities: 160,000.00 Retained Earnings: 75,000.00 Total Equity: 37,500.00 197,500.00 414,500.00 Total Liabilities and Equity: $ 135,000.00 EBITDA 50,560.00 18,225.00 1,097.22 65,117.78 1,080.00 64,037.78 21,772.84 42,264.93 0 109,000.00 $ $ $ Uabilities and Equity: Accounts Payable: Taxes Payable: Total Current Liabilities: Mortgage: Total Liabilities: Retained Earnings: Total Equity: $ $ $ $ Total abilities and Equity: 135,000.00 26,500.00 161,500.00 144,000.00 305,500.00 109,000.00 109,000.00 $ 414,500.00 66,215.00 Transactions for this month: Sales revenue: Portion of sales in cash: Portion of sales in accounts receivable: Inventory sold: Inventory purchased on credit (Le. accounts payable): Accounts receivable collected: Payment of accounts payable: Mortgage payment: APR: Monthly interest: Plant monthly depreciation: Equipment monthly depreciation: SGA expense paid in cash: Tax rate (note: taxes accumulate in the taxes payable account): 10 10 10 $ $ $ $ $ $ $ $ $ $ 135,000.00 43,200.00 91,800.00 50,560.00 34,760.00 36,000.00 43,000.00 $2,574.79 9.00% 0.75% 888.89 208.33 18,225.00 34.00%