Excel #3 Comprehensive Budgeting Problem Fall 2022 The Bobcat Beverage Company, Inc. Comprehensive Budgeting Problem The assignment for this problem is to prepare the Bobcat Beverage Company, Inc., comprehensive budget for September 2021 and October 2021. Your budget MUST be completed in EXCEL. DO NOT share the template in Google Sheets - if you do so the file cannot be uploaded to the dropbox resulting in a zero grade. The format of the Proforma Income Statement must be a contribution margin income statement. NOTE: You MUST use formulas to link the budgets and values within the budgets where possible. Failure to exploit Excel in linking and using formulas will result in a zero for this assignment. The Bobcat Beverage Company, Inc. sells a wide variety of beverages and snack foods. The Bobcat Beverage Co., Inc. Sales Forecast for Sept. to Nov., 2021 Sales Revenue September $800,000 October $700,000 Bobcat Beverage Company, Inc Balance Sheet As of August 31, 2021 November $800,000 Assets: Cash Liabilities: $25,800 Accounts payable $81,859 Accounts receivable 595,000 Sales commissions payable 59,500 Inventory 50,688 Advertising Expense Payable 121,250 Prepaid Insurance 27,500 Income taxes payable 22,000 Prepaid Rent 0 Dividends payable 0 Current assets $698,988 Current liabilities $284,609 Long-term debt 220,000 Property, Plant & Stockholders' equity Equipment Land 100,000 Common stock $89,500 Plant & Equipment 300,000 Retained earnings 404,879 Accumulated depreciation -100,000 Total assets $998,988 Total SE & Liabilities $998,988