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Ponzi Products produced 82 chain letter kits this quarter, resulting in a total cash outlay of $11 per unit. It will sell 41 of the

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Ponzi Products produced 82 chain letter kits this quarter, resulting in a total cash outlay of $11 per unit. It will sell 41 of the kits next quarter at a price of $12, and the other 41 kits in two quarters (in Quarter 3) at a price of $13. It takes a full quarter for it to collect its bills from its customers. (Ignore possible sales in earlier or later quarters and assume all positive cash flow is distributed as expenses or earnings to shareholders.) a. Prepare an income statement for Ponzi for today and for each of the next three quarters. lgnore taxes. (Leave no cells blank be certain to enter "O" wherever required.) Quarter 1 Quarter 2 Quarter 3 Quarter 4 Sales Cost of goods $1 $1 $I Net income b. What are the cash flows for the company today and in each of the next three quarters? (Leave no cells blank be certain to enter "o" wherever required. Negative amounts should be indicated by a minus sign.)

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