Estimate Wage Expense, Accrued Liabilities and Selling and Administrative Expenses from year 1 to year 4 based on the following assumptions:

Task 3: Estimate Wage Expense, Accrued Liabilities and Selling and Administrative Expenses from year 1 to year 4 based on the following assumptions: - Wage Expense equals to 8% of current year Sales - You pay wages monthly in arrears, meaning that you will only pay for eleven of the twelve months wages in the year in which they have been earned and will pay the remaining one month of wages earned in the last month of the current year in the following year. - Selling and Administrative Expenses, including rent is estimated to be 10% of sales and is paid in the year in which it occurs Task 4: Estimate a projected four-year Income Statement, based on the above assumptions and the following additional assumptions: - Depreciation is estimated as being equal to 10% of Gross Fixed Assets at the end of the prior year. - Interest Expense on Debt is at a rate of 15% per annum and is estimated based on the Debt Balance and Additional Funds Needed (if any) estimated at the end of the prior year. - Tax is estimated as being expensed at 30% of Earnings before Tax. Assume that any tax benefits are NOT carried forward to reduce future tax payable. - Assume NO dividends are declared. Task 3: Estimate Wage Expense, Accrued Liabilities and Selling and Administrative Expenses from year 1 to year 4 based on the following assumptions: - Wage Expense equals to 8% of current year Sales - You pay wages monthly in arrears, meaning that you will only pay for eleven of the twelve months wages in the year in which they have been earned and will pay the remaining one month of wages earned in the last month of the current year in the following year. - Selling and Administrative Expenses, including rent is estimated to be 10% of sales and is paid in the year in which it occurs Task 4: Estimate a projected four-year Income Statement, based on the above assumptions and the following additional assumptions: - Depreciation is estimated as being equal to 10% of Gross Fixed Assets at the end of the prior year. - Interest Expense on Debt is at a rate of 15% per annum and is estimated based on the Debt Balance and Additional Funds Needed (if any) estimated at the end of the prior year. - Tax is estimated as being expensed at 30% of Earnings before Tax. Assume that any tax benefits are NOT carried forward to reduce future tax payable. - Assume NO dividends are declared