2 Please answer the following problems showing all your calculations (24 points) 1. Based on the following financial statement information, calculate and interpret the operating cycle and cash cycle, The balance sheet and income statements of Kamal Company in N and N-1 are presented as follows: Balance sheet Assets N-1 N Liabilities and Owner's equity N-1 N Current assets Current liabilities Cash 20 30 Accounts payable 40 50 Accounts receivable 80 100 Notes payable 25 25 Inventory 50 60 Total 65 75 Total current assets 150 190 Long-term debt 100 150 Fixed assets Owners equity Net Plant and Common stock and 200 270 250 350 equipment paid-in surplus Retained earnings 35 45 Total 235 315 Total assets Total liabilities & owner's 400 540 400 540 equity Income statements N Sales 547 Cost of goods sold 350 Depreciation 50 Earnings before interest & taxes 147 Interest paid 25 Taxable income 122 36.6 Net Income Dividends 85.4 75.4 (2 pts)