Income Statement Data for 20XX:

Gross Sales= $33,291

Coupons and Discounts = $549

Cost ofGoods=$10,276

Labor = $0 (Mr. and Mr. Lee were the only ones working and did not pay themselves)

advertising fees=$2000

bank fees= $120

phone/internet= $1200

shipping= $1380

utilities= $900

office supplies = $785

Income tax = 26%

Cash Flow Statement Data for 20XX:

Cash in bank = $21,120

Depreciation = $800

Proceeds from disposal of investment = $3,000

Capital Expenditure = -$1,600

Repayment of Bank Loan = -$5,000

Interest Expense Associated with Bank Loan =-$345

Consider any data relevant from the income statement.

Balance Sheet Data for 20XX:

Cash = $21,120

Accounts Receivable = $496

Accounts Payable = $200

Inventory = $10,507

Accumulated Depreciation =-$1,000

Common Stock = $0

Financial Ratios:Calculate the following financial ratios and explain the meaning of the results.

Net Profit Margin

Quick Ratio

Debt-to-Equity Ratio

Cost Classification:The Lees have provided you with the following costs and relevant informationthat areassumedfor year 20XY. Classify the costs as variable costs or fixed costs.Explain the importance of distinguishing between variable and fixed costs.If business is expected to be steady from month to month, provide a monthly budget based on these figures.

Advertising Fees = $4,000

Labor = $400/month

One part-time employee will be hired to take care of packaging and shipping. This employee will be paid $10 per hour. He or she is estimated to work 40 hours total per month.

Packaging Supplies= $3,000

Office Supplies= $800

Phone and Internet Service = $115/month

Product Supplies = $9,000

Shipping Fees = $1,000/month

Conference Exhibitor Fee = $3,000

Travel Expenses for Conference (e.g. airfare, meals, taxi) = $1,200

Utilities for the Home Workshop = $105/month

Can you please help prepare a balance sheet. Thhanks