1	Allocate the annual budget, on a quarterly basis, over the year, given the
	information below:
	(a)	Sales - 30% of sales occur in December. The balance of sales occur equally
		over the remaining 11 months
	(b)	Rental income is earned equally over the year
	(c)	25% of grants and donations are received in March, June, Sept and Dec
	(d)	User fees are earned in June and July - 25% in June and 75% in July
	(e)	Miscellaneous revenue is earned completely in December
	(f)	Salaries are paid equally over the year
	(g)	Wages allow the company to hire 4 summer students over the
		months of May to August (an equal amount is spent each month
		during that period)
	(h)	Benefits expense is 10.34% of monthly budgeted salaries
	(i)	Monthly materials expense in incurred in the same proportion as sales [see (a)]
	(j)	Contracted services are incurred equally in August and September
	(k)	Utilities, rent and insurance expenses are incurred equally in each month
	(l)	50% of advertising expenses are incurred in Nov and Dec. The remaining
		50% is spent equally over the balance of the year.
	(m)	Travel expenses are incurred 50% in May and 50% in October
	(n)	The years total supplies are purchased in January
	NOTE:	Total budget allocations must agree with the total 2020 budget provided. Any
		required rounding should be done in the last quarter allocation.
2	Prepare a "Budget Variance Report" as of March 31, 2020. Provide possible
	explanations for any variances in excess of $5,000 as of March 31, 2020.
3	Prepare a "Cash Flow Budget", on a quarterly basis, given the following:
	(a)	Assume actual revenues and expenditures for 2020
		are the same as quarterly budget distributions developed in Part 1 of
		this question.
	(b)	The company borrowed $48,000 in April, 2020 to be repaid monthly
		over the next year (starting in May, 2020). In addition to the principal repayment,
		$100 of interest will be paid each month
	(c)	The company bank balance is $100,000 on January 1, 2020
		(Hint : Cash Balance at December 31, 2020 $147,400)