Use excel spreadsheets to develop the financial statements and set formula for related account items to show connections.

Sheet1
            FINA 6305 HW#1 (Spring 2023)
            Input area:
            In Thousands$
                2020        2021
            Cost of goods sold    $ 196,619        $ 248,263
            Cash    28,372        42,865
            Depreciation    55,506        62,738
            Interest expense    12,067        13,831
            Selling & Administrative    38,668        50,469
            Accounts payable    20,143        34,091
            Net fixed assets    244,881        298,350
            Sales    385,724        470,172
            Accounts receivable    20,104        26,078
            Notes payable    22,855        24,955
            Long-term debt    123,607        140,000
            Inventory    38,706        52,057
            New equity    -        15,000
            Tax rate    21%        21%
            Dividend percentage    25%        30%
    Instructions
     To earn credit, please make sure to use referecne cell in formular. For example, to enter "Sales" in 2020, you should enter "=D14".
     If you directly enter numbers as your answers below, there would be no credit.
     If you don't know how to use reference cell in formular, please watch https://support.microsoft.com/en-us/office/video-understand-and-use-cell-references-ecb125bb-c0cb-48c1-b30f-cdb3aec052b1
    Questions:
    1. Complete Income Statement of 2020 & 2021
    2. Complete Balance Sheet of 2020 & 2021
            Output area:
            2020 Income Statement                        2021 Income Statement
            Sales    $ 385,724                    Sales    $ 470,172
            Cost of goods sold    196,619                    Cost of goods sold    248,263
            Selling & Administrative    38,668                    Selling & Administrative    50,469
            Depreciation    55,506                    Depreciation    62,738
            EBIT    $ 94,931                    EBIT    $ 108,702
            Interest    12,067                    Interest    13,831
            EBT    $ 82,864                    EBT    $ 94,871
            Taxes    17,401                    Taxes    19,923
            Net income    $ 65,463                    Net income    $ 74,948
            Dividends    $ 16,366                    Dividends    $ 22,484
            Addition to retained earnings    $ 49,097                    Addition to retained earnings    $ 52,464
            Balance sheet as of Dec. 31, 2020
            Cash    $ 28,372                Accounts payable    $ 20,143
            Accounts receivable    20,104                Notes payable    22,855
            Inventory    38,706                Current liabilities    $ 42,998
            Current assets    $ 87,182
                                Long-term debt    $ 123,607
            Net fixed assets    $ 244,881                Owners' equity    $ 165,458
            Total assets    $ 332,063                Total liab. & equity    $ 332,063                            $ 14,493
            Balance sheet as of Dec. 31, 2021
            Cash    $ 42,865                Accounts payable    $ ...