6:35 0.05:30 60 KB/S This document contains ink, shapes an... HUTTIC. Income Statement Assignment #3 Instructions: You have one week (June 29th) to complete this assignment. You may not work in teams or ask any of your colleagues for help in any way. This assignment is graded on 10%. A passing grade for this assignment is 6/10 (60%). The assignment and will count for 10% of your final mark and will be graded as follows: Grading Chart Total Revenues 2% Cost of Goods Sold 3% Selling and Administration Expenses 3% Profit Total 2% 10% In your accounting position at Global Tracking Inc. a company that sells a real-time tracking bracelet that tracks patients and nurses in different healthcare environments using GPS technology, you have been asked to prepare a current (2022) and forecasted income statement (2023) using the following information. .The company will sell 100,000 bracelets in 2022 and 120,000 in 2023 at a cost of $10 per bracelet. It sold two photo resistant coating machines at $50,000 and $75,000 at the end of 2022 of which it made $10,000 and $15,000 profit. Beginning inventory in 2022 was 25,000 bracelets and ending inventory was 50,000 bracelets. Ending inventory in 2023 is expected to be 60,000 bracelets .Direct Materials Costs were 50% of the cost, Direct Labour Costs were 30% of the cost. Office Salaries were $150,000, the Sales Representatives earned $175,000 and the Operations Manager $100,000 for both years .The company will hire a new sales representative in 2023 to generate new sales at a salary of $50,000 Rent expenses in 2022 were $40,000 and expected to rise by 10% annually Insurance was $5000 in 2022 and is expected to rise by 7% in 2023 Office expenses accounted for 20,000 in 2022 and will rise by 5% in 2023 .The company sets aside $30,000 to pay for taxes during the fiscal year Licensing fees remained fixed at $50,000 annually. Marketing costs were as follows: $75,000 for advertising in 2022, Online Marketing accounted $25,000, Selling expenses accounted for $50,000. They will all rise by 20% in 2023 .The business tax rate is 15% III