Use the below information to answer the following questions: 2007 2008 Sales $2870 $3080… 1 answer below »

Use the below information to answer the following questions: 2007 2008 Sales $2870 $3080 Depreciation 413 413 Cost of goods sold 987 1121 Other Expenses 238 196 Interest 192 221 Cash 1505 1539 Accounts Receivables 1992 2244 Short-term Notes Payable 291 273 Long-term debt 5040 5880 Net fixed assets 12,621 12,922 Accounts Payable 1581 1533 Tax rate 34% 34% Inventory 3542 3640 *Payout ratio 52% 52% *Dividends = payout ratio x net income. 1. Create the Income Statements for 2007 and 2008 (including dividends paid and