1 [UWP Corporation] 2021 Budget 2 3 4 5 INCOME Sales Actual Budget Difference 6 7 8 9 10 11 Total Sales 12 13 Cost of Goods 14 15 16 17 18 19 22222 20 Cost of Goods Sold 21 Gross Profit 23 24 25 Total INCOME 26 27 EXPENSES 28 Operating Expenses 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Total Operating Expenses 49 50 51 Operating Profit Non-Operating Income 52 53 54 55 56 57 Total Non-Operating Income Non-Recurring Operating Expenses 58 59 60 61 62 63 64 65 Total Non-Recurring Operating Expenses Total EXPENSES Net Income Before Taxes 66 67 Interest Expense 68 69 Net Income before Taxes 70 71 Income Tax Expense 72 73 NET INCOME 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 1 2 3 4 5 6 7 Using the Assumptions provided below for the UWP Corporation, complete their Operating Budget for the period ending December 31, 2020 Note: For this Financial Statement, you will need to (1). DETERMINE which Planned Items and which Budgeted Item, from the list below, corresponds to which headings / sub-headings in column A. Multiples may apply. (2). Then, place the corresponding $$ amount(S) in the columnS D and E). HINT! Amounts are already correct for each item (3). Create the Excel formula that calculates and tallies the totals in column D (4). Comment on the Final Budget Results (5). Use all of the Budget Assumption info 8 9 10 11 Actual 12 1,000 Budgeted "Income" Assumptions Planned 4,000 Discontinued Item operations Item 13 5,000 2,500 Freight / Transportation 14 5,000 3,000 Utilities 15 12,000 12,000 Tax Estimate 16 2,000 900 Non-recurring items 17 10,000 8,500 Proceeds from Training 18 17,000 17,000 Rents - Annex Building 19 40,000 32,000 Manuscript sales 20 3,000 4,100 Packaging Material 21 2,000 3,200 Handling & Storage 22 70,000 60,000 E-book online Sales 23 10,000 12,000 Receptionist 24 1,000 2,200 Line of Credit (p-card) 25 65,000 63,000 COGS 26 3,000 3,000 Insurance Premium 27 28 29 30