MODULE 21 The Martins know that tg up some acted income Statements emportant. They need to look at what the first year of operation possible they will need to look at they are thereafter to get of what the long termelo RM Purchases $112.000 Mute Punches is part of 1: With the show accounts, prepare Gomestito come Statement fermeya med December 11, 2001 2: With the hovec, Gomes Balance Sheets December 11, 20E Whath of the shower counts and which VABARLET What is the coos for the year 2012 Adreng BO 0.000 Financing Offee Deprecation 11.30 22.000 Adnan to understanding the lance Shert. The following to be a part of the 3.000 30.000 16.30 Y TO R5.000 Cure 30.000 MODULE 2: The Martins know that setting up some projected Income Statements are important. They need to look at what the first year of operations might look like and if possible they will need to look at the years thereafter to get an impression of what the long term might look like. RM Purchases: $132,000* (Raw Material Purchases is a part of COGS) Sales Salaries: 80,000 Advertising 3,000 Travel: 2,000 Revenue: 360,000 I Financing Costs: 10,000 Office Lease: 13,000 Depreciation: 38,000 Income Taxes: 22,000 Admin Salary: 40,000 A second financial statement that is key to understanding a business is the Balance Sheet. The 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 1 Yearly LTD Retirement: 5,000 Retained Earnings: 25,000 Accumulated Dep'n: 38.000 Current Payables: 17,000 Inventories: 50,000 Q1: With the above accounts, prepare CompuTech's Income Statement for the year ended, December 31, 2021. Q2: With the above accounts, prepare CompuTech's Balance Sheet as at December 31, 2021. Q3: Which of the above accounts are FIXED, and which are VARIABLE? Q4: What is the COGS for the year 2021