Using the Template, Create a Projected Profit and Loss Statement for the Year 2022 for the hypothetical company Sister Soles. Sister Soles is a small company that sells sole inserts for people whose feet hurt when dancing. 1. In the year 2022, they expect to sell $600,000 in sole inserts. 2. It will cost the company $120,000 in materials and supplies to make the sole inserts. 3. Due to high demand, they will hire someone to make the sole inserts with a yearly salary of $32,000. 4. To ensure the sole inserts are high quality, they will need to spend $10,000 on new equipment. 5. They do not have to pay rent because the warehouse is family owned, but it will cost them $500 a month in utilities. 6. Sister Soles hand delivers their products to each store and projects to spend $400 a month in travel expenses. 7. They also have a new website, which will cost them $25 a month to maintain. 8. Sister Soles will earn $1,000 in interest. 9. They will pay $300 for the year in credit card interest, and $10,500 in yearly income tax. B D 1 2 Sister Soles 3 4 Project Profit & Loss Statement 5 2022-2023 6 7 Revenue 8 9 Product Revenue 10 11 Total Revenue $0.00 12 13 14 Costs of Goods Sold 15 16 Materials and Supplies purchased 17 18 Cost of Goods Sold $0.00 10 B D 19 20 Gross Profit (Loss) $0.00 21 22 Operating Expenses 23 24 25 Travel Payroll Equipment Utilities 26 27 28 Website 29 30 Total Operating Expenses $0.00 31 32 Net Operating Profit $0.00 33 34 Other Income 35 36 Interest Income 37 38 39 Total "Other Income" $0.00 40 41 EBITDA Total $0.00 42 43 Other Expenses 44 45 Interest Expenses 46 Income Tax 47 48 Total "Other Expenses" $0.00 49 50 Net Profit $0.00 51 52 53 54 55 56