Reflecting upon the first Balance Sheet and the Income Statement that you prepared in Module 2 of the Case: Q1: What is the company's expected Current Asset level? What is the company's Net Property & Plant level? 02: Looking at your 2021 Income Statement and Balance Sheet from Module 2 what is the projected CompuTech average outstanding Accounts Receivables? What is the company's Inventory Turnover rate? Q3: If the company wished to exhibit a 30 day receivable average, what should their level of Accounts Receivable become? If they were able to invest the savings at 7% what would their impact on profits be? Q4: If CompuTech's competition is experiencing a 6 X turnover on inventory, is CompuTech matching this performance, and if not what level of inventory should they be displaying? Assets Cash Prepaid Expenses Trade Receivables Inventories Property, Plant 02 CompuTech's Balance Sheet December 31, 2021 Liabilities $15,000 Short Term Loan 5,000 Current Payables 35,000 Long Term Liabilities 50,000 Yearly LTD Retiremen 170,000 Share Capital Retained Earnings Accumulated Deprecia $275,000 Total Liabilities 30,000 17,000 60,000 5,000 100,000 25,000 38,000 275,000 Total Assets 1 01 2 CompuTech Income Statement 3 December 31, 2021 4 Sales Revenue $360,000 5 6 Cost of Goods Sold 7 RM Purchases: $ 132,000 8 9 Gross Profit $ 228,000 10 11 Operating Expenses 12 Sales Salaries: 80,000 13 Advertising: 3,000 14 Travel: 2,000 15 Admin Salary 40,000 16 Office Lease: 13,000 17 Depreciation: 38,000 18 Total Operating Expenses $ 176,000 19 20 Operating Profit $ 52,000 21 22 Other Income/Expenses 23 Financing Costs: 10,000 24 25 Income Before Taxes $ 42,000 26 27 Income Taxes $ 22,000 28 29 Net Income $ 20,000