Calibri (Body) 12 AA Aa Ap E24 BIU b x, x A A ainter E Font Paragraph E words Pi AaBbCcDe AaBbCcDc 1 Normal 1 No Spac MODULE 2: The Martins know that setting up some projected Income Statements are important. They a to look at what the first year of operations might look like and if possible they will need to I at the years thereafter to get an impression of what the long term might look like. RM Purchases: $132,000* Sales Salaries: 80,000 (Raw Material Purchases is a part of COGS) Advertising: 3,000 Travel: 2,000 Revenue: 360,000 Financing Costs: 10,000 Office Lease: 13,000 Depreciation: 38,000 Income Taxes: 22,000 Admin Salary: 40,000 English (Canada) A second financial statement that is key to understanding a business is the Balance Sheet. Th Martins have estimated the following accounts to be a part of their initial Balance Sheet. Trade Receivables: $35,000 Cash: 15,000 Short Term Loan: 30,000 Share Capital: 100,000 Long Term Liabilities: 60,000 Property, Plant: 170,000 Prepaid Expenses: 5,000 Yearly LTD Retirement: 5,000 Retained Earnings: 25,000 Accumulated Dep'n: 38,000 Current Payables: Inventories: 17.000 50,000