Can you validate the attached is correct? I must prepare a balance sheet and income statement for question 1. Question 2 is a statement of cash flow. Question 3 is to analyze cash flow. My work is attached

1 Perepare an income statement and balance sheet Income Statement Belmond Co. $12,800 5,750 $7,050 Precentage of Sales 100% 45% 55% 1,350 850 500 $2,700 $4,350 $900 $3,450 1,440 $2,010 11% 7% 4% 21% 34% 7% 27% 11% 16% Dollars Sales Cost of goods sold Gross Profit Operating Expenses: Operating expenses Administrative expenses Depreciation expenses Total Operating Expenses Operating Income Interest expense Earnings before taxes Taxes Net Income Earnings per share ($2,010 net income / 45,000 shares) Dividends per share (/45,000 shares) $0.04 Balance Sheet Assets Cash Accounts receivable Inventory Total current assets Fixed assets: Building and equipment accumulated depreciation Total Fixed Assets TOTAL ASSETS Liabilities and equity: Accounts payable Short-term notes payable Total current liabilities Long term debt Total liabilities Total Common stock Retained earnings (13,240 + 2,010) Total common equity Total Liabilites and equity 2 3 Cash Flow Statement Net Income Adjustments: Depreciation expenses Less increase in accounts receivable Less increase in inventories Plus Increase in account payable Plus Increase in accrued expenses Total adjustments Cash flow from operating activities Investing activity: Increase in gross fixed assets Financing activities: Increase in bank debt Increase in common stock Commom stock dividends Cash flow from provided by financing activities Increase in cash $16,550 9,600 6,500 $32,650 122,000 34,000 88,000 $120,650 4,800 600 5,400 55,000 60,400 45,000 $15,250 60,250 120,650 $120 20 (65) (5) 40 (15) ($25) $95 ($55) 48 27 (25) $50 $90 Westlake corporation cash increased $22 from $500 to $522 because of (1) a $566 cash inflow from operations, (2) less a $1,064 cash outflow in investing, and (3) plus a $520 cash inflow from financing activities. The cash-flow statement portrays a firm that is investing in fixed assets at a pace that is roughly twice the firm's operating cash flows, which requires the firm to finance the difference. Despite the positive operation $566, the Free cash is negative $498