Below is a Statement of Income, Statement of Changes in Equity, and Statement of Financial Position for Field of Dreams for the year 2020, make a new Statement of Income, Statement of Changes in Equity, and Statement of Financial Position for the year 2021 using the information below. The new statements should include both information 2020 and 2021

2021 Statement should have the following:

1. 22% increase in revenue.
2. All accounts receivables from 2020 will be collected as cash in 2021; 15% of the 2021 revenue will be outstanding as a receivable at the end of the 2021 year.
3. 15% increase in salaries.
4. 1.3% increase in rental cost for fields.
5. 5% increase in administrative expenses.
6. New advertising expense of $3000.
7. Interest expense for 2021 will be $720, which will still be owed at the end of 2021.
8. Corporate tax rate will be at 20%; This amount will still be owing at the end of 2021.
9. CCA allowance for combined total non-current assets is 20%.
10. $1000 of the term loan will be paid off during the 2021 year.
11. Income tax payable from 2020 will be paid in cash during the 2021 year.
12. Jason Tyrell’s dividend payout for 2021 will increase by 5%.

Note: For the projected Statement of Income, Statement of Changes in Equity, and Statement of Financial Position, make sure that the 2021 financial statement cells include formulas on how it was calculated!…do not simply type in the numbers! Thanks!

 
 
 

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Field of Dreams Statement of Income for the period ending December 31, 2020 2020 Revenue 100,000 Cost of sales COGS Total cost of sales Gross profit 100,000 Expenses Salaries expense Field rental expense Adminisrative expense Insurance expense Interest expense Depreciation/amortization Other charges Total expenses 20,000 14,000 7,000 6,000 800 47,800 Profit before taxes 52,200 Income taxe expense 10,440 Profit for the year 41,760 Field of Dreams Statement of Income for the period ending December 31, 2020 2020 Revenue 100,000 Cost of sales COGS Total cost of sales Gross profit 100,000 Expenses Salaries expense Field rental expense Adminisrative expense Insurance expense Interest expense Depreciation/amortization Other charges Total expenses 20,000 14,000 7,000 6,000 800 47,800 Profit before taxes 52,200 Income taxe expense 10,440 Profit for the year 41,760

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