All the information is provided, please provide with a monthly monthly Cash Flow Statement ONLY for 2021 using Excel. Formats are attached. Note: provide necessary calculation formula.

Mackenzie Capital Corporation (MCC) is a Canadian manufacturer of recreational paddleboards that sells to retailers across Canada. The company's financial statements for 2020, 2019 and 2018 are attached. The company is based in Southern Ontario and its business is quite seasonal. The company's year-end is August, and its annual revenue is typically generated monthly in the percentages shown below: January 5% February 10% March 15% April 20% May 20% Jun 15% July 10% August 5% Total 100% Retailers start ordering their inventory from MCC in January and, typically, will not purchase any more product after August each year because the retailers do not want to carry any unsold (and potentially obsolete) stock over the winter months. All sales are credit sales and customers typically pay their accounts in the second month after the month of the sale. MCC has purchased a new piece of manufacturing equipment to replace a worn out one that has no salvage value and zero net book value. The new machine will cost $7,200,000 and will reduce Cost of Goods Sold by 5% and double the plant capacity. The purchase agreement was signed on September 1, 2020 and delivery is expected December 1, 2020. The vendor has agreed to finance the total purchase price with the following terms: O 5% annual interest O Payments amortized over 10 years O Fixed principal payments per month plus interest o Interest is paid in the month in which the interest was incurred o No interest or payments until delivery The new machine will be depreciated on a declining balance basis at an annual rate of 30%. A new sales program has been initiated for 2021 by the sales department that will increase sales by 10%. However, this program will cost $500,000 and will have to be paid equally in the 4 months from November to February.Notes to Financial Statements Selling and Administration (S&A) expense is fixed within a relevant range of $20-$30 million in sales. However, this expense will increase by $1,000,000 when sales are within a relevant range of $30-$40 million. S&A expense is paid monthly. The company also has a $5,000,000 Line of Credit with its bank. The Line of Credit allows MCC to have a cash shortfall in any month (up to a maximum of $5,000,000) but is charged interest at a rate of 6% per annum for the month in which the shortfall occurs. This interest is expensed and paid in the month following the month of the shortfall. The bank has set financial policies (called Covenants) that MCC must comply with in order to maintain its Line of Credit. These Covenants are: Working Capital must be > than $10,000,000 and the Working Capital ratio must be > 1.5 to 1.0 o The Debt to Equity ratio must be Return on investment -Return on Asset + The higher the ratio, the better the use of assets. From-2019-to 2020, the ratio-decreased. from-4% -to-3%, which means the company-did not use assets efficiently.. -Return on-Equitye The higher the ratio, the happier shareholders will be..From-2019-to-2020, the ratio- decreased from-6%.to-4%, which means the company-did not use their equity efficiently and. it will be a little hard for them to borrow money from investors. + 3.-Growth -Profit growth & Sales Growth + Although the sales were increased from-2019-to-2020, the profit growth-had a negative. ratio which is--6%. That means more sales.decrease the profit and are not good for the- company.+ 4.>Liquidity -Working capital & Current ratio-According to "rule of thumb", it is better for a company to have a current ratio which is greater than two. For this-company, it always has a higher-than-two-current ratio, which- means the company has an ability to meet short-term obligations as they come due. + -Age-of receivablese This ratio is decreasing.from .2019-to-2020, which means.the liquidity-of-company's current- asset is increasing. However, it is-88.18-days-in-2020, which is still-high.It is better to-have a- low age of receivables,-but between year to-year, this-ratio should not decrease too much- because it will affect the sales revenue.~ -Age-of-payablese This ratio is increasing from-2017.to.2019, which is goodfor the company because the. company-could have-more cash-on-hand-and-pay-current liabilities on time. However, if the- ratio is too high, it may affect the company's reputation.~ -Age of inventory.+ From.2018.to-2020, the age of inventory is more than two hundred, which means the- company-has excess inventory and might meet-inventory-impairment every year. .Therefore,- the company should buy less inventory to reduce the costs and wastes. 5.-Stability -Net worth to total assets Higher-is safer-because equity financing-does not have-obligation and the company-does not. need to pay dividends every year. However, the cost of equity financing is higher than-debt- financing and if this ratio is.too-high, the ownership of the company will change.. -Total debt to total assets- Lower is safer because debt financing has obligation and company needs to pay interest. every year.-But the cost of debt financing-is-lower than equity financing. + -Debt.to equity + The ratio is increasing from-2018.to-2019 and.is decreasing.from.2019-to.2020. According to- the analysis -before, the company's financial situation cannot take a big risk.because when the number of sales increases, the profits.decrease. However, the liquidity of the company- shows that the company-can pay short-term obligations on time and return on equity shows. that it will-be a little-hard-for the company to find new investors. Therefore, the debt-to- equity-ratio should grow-slightly-in the following years. +Ratio 2017 2018 2019 2020 Vertical Analysis COGS to sales 68% 654 75% 70% Gross profit to sales 324 35% 25% 30% Operating expenses to sales 484 334 22% 28% Net income(before tax) to sales 5% 3% Return on Investment* Return on Asset 114 Return on Equity 17% 4% 6%% 4% Ivestment Utilization Inventory turnover 2.19 1.77 1.69 1.7 Fixed asset turnover* 81.97 42.5 58.24 50.86 Total asset turnover 1.96 1.69 1.29 1.45 Stability Net worth to Total assets 62% 63% 59% 649 Total debt to Total assets 38% 37% 41% 36% Debt to Equity* 62% 59% 71% 56% Liquidity Age of inventory (days) 164.69 203.33 212.81 212.28 Age of payable (days) 67.97 67.71 120.14 127.43 Current ratio 3.97 4.65 3.03 2.71 Working capital 11,585,569 12.530,577 12,330.452 11,008.802 Age of receivables (days) 67.05 72.27 113.04 88.18 Growth 2017-2018 2018-2019 2019-2020 Profit growth -74% 52%% - 6% Sales Growth -114 - 14% 7%% Asset Growth 13% -5%