Question 1: Our start-up IFix is earning from roadside services supplied to customer. IFix uses outsourced partners to supply this service. So customers pay to IFix and Ifix pays some of it to partners. Moreover, Ifix has spending's with fixed and variable costs. Ifix has a core team for all operations and uses temporary workers for the call center with a payment per call method. We are at the end of 2020 preparing our budget for 2021. With the assumptions and input below, please prepare an income statement and Cash flow estimation for the end of 2021. Please show your calculations. INPUT / ESTIMATIONS Average Price of each service Average cost of each service Total 8 of permanent employees Average total cost per employee Cost of temporaries per call # of calls received every month Total monthly Overheads (rent, electricity, food, security, IT, etc) Debts to banks interest liability Tax Rate Amortization (for complete 2020) Company policy for profit distribution # of services month Turnover rate in employees 2500TL 1750TL 8 people 9.000 TL 5 TL 10.000 calls 65.000TL OTL 22% 500.000TL %25 of EAT 1000 0% Cash Flow related inputs: - Payment term (collection) for services sold is 30 days but we pay to partners in 60 days. - Payment of all employee wages, call center and overheads: Within same month. - Cash in hand on 01.01.2021 is 1.000.000TL, No cash to receive from previous years - No debt to any bank or other 3rd party. - No investment, Consider no tax or dividend payment. Your Income statement will look like 2021 - Estimated Revenue Cost of employees Cost of temporaries Overheads EBITDA Amortization EBIT Interest EBT Tax at %22 Profit after tax Dividends to shareholders Retained profit Your Cash Flow statement will look like 2 3 4 5 8 9 10 11 12 Opening Balance Cash in Cash Out Closing Balance