Financial data of Cost Cutter Retailers, Inc. for the ye Financial data of Cost Cutter Retailers, Inc. for the year ending 2021 and 2020 Items 2021 2020 Sales $2,200,000 $1,900,000 Cash 100,000 70,000 Selling/Admin Expenses 420,000 500,000 Retained Earnings 600,000 500,000 Long-term debt 120,000 70,000 Cost of goods sold 1,300,000 1,100,000 Depreciation 150,000 130,000 Long-term investments 70,000 80,000 Gross Fixed Assets 2,400,000 2,000,000 Interest Expenses 90,000 70,000 Shares outstanding ($1 par) 120,000 120,000 Market Price of stock 3.5 4 Accounts Receivable 350,000 300,000 Accounts payable 440,000 250,000 Inventory 430,000 410,000 Notes Payable 400,000 400,000 Accumulated Depreciation 1,150,000 1,000,000 Accruals 50,000 70,000 Tax Rate 33.34% 33.34% (round your actual dollar tax to the nearest thousands) Preferred Stock ($100 par value) 900 shares 900 shares Capital Paid in excess of Par 410,000 410,000 Prepaid Expenses 30,000 50,000 Preferred Stock Dividend paid 10,000 0.00 Common Stock Dividend paid 50,000 0.00 Instructions: As a group, complete the following activities using the financial information above: Part 1: Financial Statements A. Prepare the income statement for 2021. Include statement of retained earnings for 2021. B. Prepare the balance sheet for 2021 and 2020 C. Prepare Common-Size financial statements for the income statement and balance sheet for 2021. D. Prepare Statement of Cash Flows for 2021 Part 2: As a group, discuss the overall objective of a financial management. How is the financial manager able to achieve such obj