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The Martins will use a projected Income Statement and Balance Sheet to plan their operations: Raw Materials Purchases: $300,000 Sales Salaries: 80,000 Advertising: 3,000 Travel:
The Martins will use a projected Income Statement and Balance Sheet to plan their operations: Raw Materials Purchases: $300,000 Sales Salaries: 80,000 Advertising: 3,000 Travel: 2,000 Revenue: 500,000 Financing Costs: 10,000 Office Lease: 10,000 Depreciation: 15,000 Income Taxes: 3,500 Admin Salary: 40,000 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 Yearly LTD Retirement: 5,000 Retained Earnings: 25,000 Accumulated Dep'n: 38,000 Current Payables: 17,000 Inventories: 50,000 Q1: Use these accounts to prepare CompuTech's Income Statement for the year ended December 31, 2021. [2.5] Q2: Use these accounts to prepare CompuTech's Balance Sheet as at December 31, 2021. [2.5]
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