Exercise 4 Table & Chair It has been one year since Mr. Ray set up his company Table & Chair which produces furniture. The company owns a building worth CAD 12,000, and equipment purchased for CAD 48,000. The building and equipment were purchased one year ago and are depreciated over a period of 10 years. Now, accumulated depreciation totals CAD 6,000: (12,000/l0years = 1,200) + (48,000/10 years = 4,800) = CAD 6,000 per year The equipment was purchased with a loan (taken out for four years). Currently, 25% of the loan has been repaid and monthly principal payments total CAD 1,000. Interest payments are 6,300 for this year. The enterprise works to order and its monthly revenue is CAD 28,000. The cost of goods sold (materials) comprise 70% of the sales price, moreover the goods are sold in the month in which they are made. 12 people work in the enterprise with an average salary of CAD 200 per month. Utilities cost CAD 2,850 per quarter and other expenses CAD 345 per month. Taxes are paid on profits at the rate of 25%. One year ago the company owned the building (market value of CAD 12,000) and injected CAD 20,000 cash for working capital to start the business. On the day of the site visit there were raw materials in the warehouse with a purchase price of CAD25,000 and finished goods for a value of CAD 30,000 based on their sales price. Raw materials are bought on credit and on the day of analysis 80% of the stocks of raw materials have not been paid for. Assignment - Compile a balance sheet and an income statement based on the data provided above using MS Excel. Please prepare the Balance Sheet as of today and the Income Statement for the last 12 months. For your reference there are MS excel templates attached. It is not mandatory to use the template. If you use the template, please try to provide a professional look to it.