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Calculate revenue and spending variances in the income statement for each account for each quarter of Year 2. Compare the budgeted results calculated in Part 1 to the actual results provided in Part 2. Determine the amount of the variance and also state if it is favorable (F) or unfavorable (U). Write a business memo that discusses a different variance (favorable or unfavorable) in each of the four quarters analyzed. Be creative and provide a detailed explanation of what could have caused the variance. You can make suggestions on what to do in the future to either repeat it or reduce it. . Thunderduck Construction Income Statement Actual Quarterly for Year 1 Year 1 Actual Provided: Q1 Year 1 Q2Year 103 Year 104 Year 1 New construction revenue 35,605 42.790 48,326 43,098 Remodel revenue 24,568 29.482 35,378 31, 133 Total revenue 60,173 72,272 83,704 74,231 Less: Cost of goods sold 39,112 46.97753,571 47,508 Gross profit 21,061 25,295 30,133 26,723 Less: Selling and administrative expenses Salaries expense 3.400 3,650 3.900 4,400 Marketing expense 1,568 2,250 2,646 1,624 Legal expense 3,009 3,614 4.185 3,712 Business development expense 2.600 2,600 3.520 R3,520 Depreciation expense 600 700 750 FR750 Office supplies expense 447 870 1,242 793 Miscellaneous expense 1,956 2,349 2.679 2.375 Total selling and admin expenses 13,579 16,032 18,922 17,174 Net operating Income 7,481 9,263 11,212 9,549 Thunderduck Construction Income Statement Budget Quarterly for Year 2 Year 2 Budaeth QI Year 202 Year 203 Year 204 Year 2 New construction revenue 42 455 48,823 48,823 42,455 Remodel revenue 30,140 34,661 34,661 30 140 Total revenue 72,595 83,484 83 48472,595 Less Cost of goods sold 44,283 49256 50,925 42, 831 Gross profit 28,312 34,228 32,559 29.764 Less. Selling and administrative expenses Salaries expense 4710 4.710 4,760 5,450 Marketing expense 1668 2,646 1,624 Legal expense 3,630 3.630 3.630 13.630 Business development expense B. 100 13,100 4.000 2,000 Depreciation expense 675 675 825 825 Office supplies expense 939 1.048 838 Miscellaneous expense 1,271 1.970 2,037 1713 Total selling and admin expenses 16, 292 17.383 18,946 18,080 Net operating income 12,020 16,845 13613 11,684 1.048 Part 1 In 000's Thunderduck Construction Cash Budget Quarterly for Year 2 Cash balance, beginning Plus: Cash receipts Q1 Year 2 Q2 Year 2 Q3 Year 2 Q4 Year 2 Fear 2 10,800 19,380 60 138 57,292 147,610 70093 89,636 78,765 73 320 311,814 Cash available for use Less: Cash disbursements 80,893 61.513 109,016 63,478 138,903 81,611 130,612 64,134 459,424 270, 736 Excess or (Deficiency) of cash Finanong: 19,380 45,538 14,600 57,292 66,478 188,688 14,600 Cash balance, ending 19,380 60,138 57,292 66,478 203 288 Cash Budget. Schedule of Cash Receipts 01 Year 202 Year 2 Q3 Year 204 Year 2 139.927 45,916 45,916 39.927 Year 2 171.686 Cash Sale Cash received from previous quarter debtor Cash received from two quarter debtor From Bank Total cash collected 25,981 4185 25408 13712 14,600 89,636 29,219 3630 29,219 4.174 109,827 15701 70,093 78765 73,320 297,214 Cash Budget Schedule of Cash Disbursements Cash purchase 3 Payament to credit for purchase Selling and administer expense paid 5 Equipment purchased 6 Total cash paid Q1 Year 202 Year 203 Year 204 Year 2 22.142 24.628 25,462 21416 22,754 22.142 24,628 25,463 15,617 16,708 18. 121 17 255 13.400 61513 63478 81.611 64,134 Year 2 93,648 95,987 67 701 13.400 270,736 B In 000's Thunderduck Construction Income Statement Quarterly Variance Analysis - Year 2 Q2 ActualQ2 Budgel Variance For U 56,000 39,500 95,500 56,345 39,155 5,400 2,250 3,800 3,600 750 1,500 2,350 19,650 19,505 01 ActualQ1 Budget Variance E or U New construction revenue 42,000 Remodel revenue 32,500 Total revenue 74,500 Less: Cost of goods sold 48,425 I Gross profit 26,075 2 Less: Selling and admin expenses Salaries expense 4,800 Marketing expense 1,500 5 Legal expense 4,000 5 Business development expense 3,800 Depreciation expense 750 B Office supplies expense B00 Miscellaneous expense 2,000 Total selling and admin exper 17,650 Net operating income 8,425 2 3 Q3 Actual Q3 Budgel Variance E or U 5 New construction revenue 55,000 6 Remodel revenue 36,500 7 Total revenue 91,500 8 Less: Cost of goods sold 60,390 9 Gross profit 31,110 0 Less: Selling and admin expenses -1 Salaries expense 5,725 -2 Marketing expense 2,950 3 Legal expense 3,540 A Business development expense 4,500 5 Depreciation expense 920 36 Office supplies expense 1,000 17 Miscellaneous expense 2,500 38 Total selling and admin exper 21,141 29 Net operating Income 9.969 20 11 24 Actual Q4 Budget Variance For U 41,200 28,700 69,900 41,940 27,960 6,200 1.460 3,630 3,900 920 970 1,850 18,930 9,030