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I need the four excel sheets I submitted to be answered. I need some help on those. I figured all the rest out but these

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I need the four excel sheets I submitted to be answered. I need some help on those. I figured all the rest out but these ones I am stuck on a bit... Please help!

DATA: The Grilton Tire Company manufactures racing tires for bicycles. Grilton sells tires for $50 each. Grilton is planning for next year (2022) by developing a master budget by quarters. Grilton's balance sheet for December 31, 2021 follows: GRILTON TIRE COMPANY Balance Sheet December 31, 2021 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant and Equipment: $ 39,000 40,000 2,400 8,700 $ 90,100 Equipment Less: Accumulated Depreciation Total Assets 177,000 42.000 135.000 $225.100 Liabilities Current Liabilities: Accounts Payable $ 8,000 Stockholder's Equity Common Stock, no par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 130,000 87,100 217.100 $225,100 Other data for Grilton Tire Company: a Budgeted Sales are 1,500 for the first quarter and expected to increase by 200 tires per quarter. Cash Sales are expected to be 30% of total sales, with the remaining 70% of sales on account. b. Finished Goods Inventory on December 31, 2021 consists of 300 tires at $29 each. C Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2023 are expected to be 2,300 tires and second quarter sales for 2022 are expected to be 2,500. FIFO inventory costing method is used. d. Direct Materials cost is $8 per tire. e. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production f. Each tire requires 0.40 hours of direct labor; direct labor costs average $15 per hour. Variable manufacturing overhead is $2 per tire produced. h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $25,780 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $1,800 per quarter for rent; $1,200 per quarter for insurance; and $500 per quarter for depreciation j. Variable selling and administrative expenses include supplies at 2% of sales. k. Capital expenditures include $45,000 for new manufacturing equipment, to be purchased and paid in the first quarter. 1. Cash receipts for sales on account are 60% in the quarter of sale and 40% in the quarter following the sale. The December 31, 2021 Accounts Receivable ($40,000) is received in the first quarter of 202.2 m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter. The December 31, 2021 Accounts Payable ($8,000) is paid in the first quarter of 2022. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. o. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. p. Grilton desires to maintain a minimum cash balance of $35,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Interest must be paid at the beginning of each quarter. MANUFACTURING OVERHEAD BUDGET 1 2 3 Year Variable Overhead Costs: Units of production x Variable Overhead Rate Total Variable Overhead Fixed Overhead Costs: Depreciation Other Total Fixed OH costs Total Manu. OH costs Less Depreciation Manufacturing Overhead paid in cash COST OF GOODS MANUFACTURED BUDGET Direct Materials Used: Dir.Mat. Inv. 1/1/2022 Purchases during 2022 Materials Available Less: Dir. Mat. Inv 12/31/2022 Cost of Direct Mat. Used Direct Labor Costs Manufacturing OH costs Total Manufacturing costs Add: Beg. WIP 1/1/2022 Subtotal Less: End WIP 12/31/2022 Cost of Goods Manufactured INCOME STATEMENT For the year ended December 31, 2022 Sales Cost of Goods Sold: Fin. Goods Inv. Dec. 31,2021* Cost of Goods Manufactured Goods available for sale Less. Fin. Goods Inv. 12/31/2022** Cost of Goods Sold Gross Margin Selling and Admin. Expenses Income from Operations Interest Expense Income before Income taxes Income Tax Expense Net Income **Cost of Goods Manufactured/ Total units produced = Unit cost for units produced in 2022 *See Balance Sheet on 12/31/2021 CASH BUDGET For the year ended December 31, 2022 1 2 3 4 Year Beginning Cash Balance Add Cash Receipts: Collections from customers Total cash available Cash Payments: Direct Materials (Cash Payments) Direct Labor Manufacturing Overhead Selling and Administrative: Fixed Variable Capital Expenditures Income Taxes Total cash disbursements Excess (deficiency) of cash available over disbursements Cash balance before financing Financing Section: Borrowings (at the beginning of quarters) Repayments (at the beginning of quarters) Interest Ending Cash balance

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