Finance data of Trinity Computer for the year ending 2022 and 2021

Items	2022	2021
Sales	$155,000	145,000
Cash	40,000	24,000
Selling/Admin Expenses	45,700	35,000
Retained Earnings	57,000	51,500
Long-term debt	25,000	8,000
Cost of goods sold	83,000	79,000
Depreciation	18,000	15,000
Long-term investments	90,000	89,000
Gross Fixed Assets	67,000	61,000
Interest Expenses	2,000	70,000
Shares outstanding ($1 par)	112,000	97,000
Market Price of stock	7.50	6.00
Accounts Receivable	48,000	41,500
Accounts payable	13,000	11,000
Inventory	43,000	34,500
Taxes Payable	4,000	3,500
Accumulated Depreciation	41,000	23,000
Tax Rate	12.7%	12.7%

Instructions:

As a group, complete the following activities using the financial information above:

Part 1: Financial Statements

1. Prepare the income statement for 2022 and 2021. Include statement of retained earnings for 2022. Round your taxes (dollars) to the nearest whole number.
2. Prepare the balance sheet for 2022 and 2021
3. Prepare Common-Size financial statements for the income statement and balance sheet for 2022 and 2021
4. Prepare Statement of Cash Flows for 2022