3. You are the owner of a specialty car company that buys standard cars, dresses them up with a new paint job, custom parts, high end audio components and other accessories, and resells the upgraded cars. You have been operating for two years and have a good reputation, but you do not think you are as successful as you should be and have decided to get more business-like in your approach. As you look through your accounts you realize things do not quite add up. Up to now, you have been selling your redesigned cars for an average of $45,000 apiece. This seemed like a reasonable price but now you are not so sure. You sold 98 cars last year and incurred the following expenses: Rent is $12,500 per month You pay each of your six employees $5,000 per month. Utilities such as electricity and heating cost $1,000 per month Marketing and promotion costs including visits to trade shows were $28,000 for the year On average you buy the car for $25,000 apiece and then add about $15,000 worth of paint, custom parts, audio components and accessories to each one. Looking at your current revenues and expenses, are you currently making a profit? How much money are you currently making or losing in a year? At your current sale price, how many cars do you have to sell to hit your break-even point? 6 points; show your work for full marks Do any 4.Complete the financial statements below using the following company information. calculations required. Cash $5,000 Bank Loan $40,000 Total Sales $100,000 Wages $20,000 Taxes Payable $5,000 Coffee beans used $20,000 Car Loan $5,000 Rent $10,000 Machinery $15,000 Delivery Truck $50,000 Advertising $5,000 II A. Balance Sheet for November 2021 (4 marks) Assets Liabilities $ $ $ $ $ $ ca Total Assets $ Total Liabilities $ Owner's Equity $ ca $ Total Liabilities + Owner's Equity Write your answer in the space provided below each question 1. Describe an area in your life in which you tend to procrastinate. What's your plan to overcome this problem? 2 marks 2. You are managing a growing clothing retailer in Toronto and have decided you need to hire three more sales reps to help you grow the business. A. For this role, what four skills or experience do you think should look for? Explain your choices 4 marks B. What 3 questions will you ask in an interview to help you choose the best candidates? 3 marks C. Let's say that average caf wages are $16/hr., which is higher than the legal Minimum Wage of $14/hr. Why do you think some cafes are paying more than the law requires? What would be the disadvantage of paying Minimum Wage when rivals are paying more? 3 marks 3. You are the owner of a specialty car company that buys standard cars, dresses them up with a new paint job, custom parts, high end audio components and other accessories, and resells the upgraded cars. You have been operating for two years and have a good reputation, but you do not think you are as successful as you should be and have decided to get more business-like in your approach. As you look through your accounts you realize things do not quite add up. Up to now, you have been selling your redesigned cars for an average of $45,000 apiece. This seemed like a reasonable price but now you are not so sure. You sold 98 cars last year and incurred the following expenses: Rent is $12,500 per month You pay each of your six employees $5,000 per month. Utilities such as electricity and heating cost $1,000 per month Marketing and promotion costs including visits to trade shows were $28,000 for the year On average you buy the car for $25,000 apiece and then add about $15,000 worth of paint, custom parts, audio components and accessories to each one. Looking at your current revenues and expenses, are you currently making a profit? How much money are you currently making or losing in a year? At your current sale price, how many cars do you have to sell to hit your break-even point? 6 points; show your work for full marks