This question is about the Ivey Case "Kitsch Wine". Open the Excel file KW case attached in the case quiz 4 announcement. Find the 2021 without expansion column in sheet "Earnings" and "Financial Position". For your convenience, the same numbers are attached here as images.

2021 Without expansion Revenue 1,534,660 Cost of sales 659,904 Gross profit 874,756 Expenses Wages & benefits 306,932 Depreciation 30,000 Advertising & promotion 120,817 Bad debts O Consulting fees 9,786 Insurance 5,200 Interest & bank charges 6,500Office & miscellaneous 20,828 Professional fees 9,467 Repairs 8: maintenance r 3,481 Subscriptions & permits 2,787 Telephone 2,651 Travel & automotive 5,660 Total operating expenses 524,109 Net income before taxes 350,647 Income tax 52,597 Net income 298,050 2020 2021 No Expansion Assets Current assets Cash 41,212 246,381 Accounts receivable 36,444 63,944 Inventory 690,323 749,724 Prepaid expenses 1,145 1,145 Total current assets 769,124 1,061,194 Long term assets ) Property, plant, & equipment (net) 391,688 361,688 . Total long term assets 391,688 361,688 E Total assets 1,160,812 1,422,882 l Liabilities & shareholders' equity ; Current liabilities S Payables & accruals 44,799 49,493 ' Income taxes payable 82,670 52,597 3 Current portion of loan payable 10,600 10,600 Liabilities & shareholders' equity Current liabilities Payables & accruals 44,799 49,493 Income taxes payable 82,670 52,597 Current portion of loan payable 10,600 10,600 Total current liabilities 138,069 112,690 Long term liabilities Bank loan payable 106,092 95,492 Due to shareholders 0 0 Total long-term liabilities 106,092 95,492 Total liabilities 244,161 208,182 Shareholders' equity Common stock 4 4 Shareholder contributions 552,789 552,789 Retained earnings 363,858 661,908 Total shareholders' equity 916,651 1,214,701 Total liabilities & shareholders' equity 1,160,812 1,422,882