Please finish all the questions and use excel to do it

2. Sipia's balance sheet for 30 November 2019 follows. Use it and the following information to prepare a cash budget for Sipia for December 2019 (10 marks): 80% of sales are on account. Out of these sales on account, 50% are collected in the month of the sale, 49% are collected the following month and 1% are never collected and written off as bad debts All purchases of materials are on account. Sipia pays for 70% of purchases in the month of purchase and 30% in the following month All other costs are paid in the month incurred Sipia is making monthly interest payments of 1% (12% per year) on a $20,000 long-term loan Sipia plans to pay the $500 of taxes owed as of 30 November 2019 in December 2019. Income tax expense for December is zero 40% of processing and set-up costs, and 30% of marketing and general administration costs, are depreciation Sipia Balance Sheet as of 30 November 2019 Assets Cash $2,000 Account receivable Less: Allowance for bad debts $4,800 4,704 96 Inventories: Direct materials 172 Finished goods Fixed assets 990 $190,000 55,759 Less: Accumulated depreciation Total assets 134,241 $142,107 Liabilities and equity Account payable Taxes payable Interest payable Long-term debt Ordinary shares Retained eamings Total liabilities and equity $696 500 200 20,000 10,000 110,711 $142.107 3. Prepare a budgeted income statement for December 2019 and a budgeted balance sheet for Sipia as of 31 December 2019. (10 marks) 2. Sipia's balance sheet for 30 November 2019 follows. Use it and the following information to prepare a cash budget for Sipia for December 2019 (10 marks): 80% of sales are on account. Out of these sales on account, 50% are collected in the month of the sale, 49% are collected the following month and 1% are never collected and written off as bad debts All purchases of materials are on account. Sipia pays for 70% of purchases in the month of purchase and 30% in the following month All other costs are paid in the month incurred Sipia is making monthly interest payments of 1% (12% per year) on a $20,000 long-term loan Sipia plans to pay the $500 of taxes owed as of 30 November 2019 in December 2019. Income tax expense for December is zero 40% of processing and set-up costs, and 30% of marketing and general administration costs, are depreciation Sipia Balance Sheet as of 30 November 2019 Assets Cash $2,000 Account receivable Less: Allowance for bad debts $4,800 4,704 96 Inventories: Direct materials 172 Finished goods Fixed assets 990 $190,000 55,759 Less: Accumulated depreciation Total assets 134,241 $142,107 Liabilities and equity Account payable Taxes payable Interest payable Long-term debt Ordinary shares Retained eamings Total liabilities and equity $696 500 200 20,000 10,000 110,711 $142.107 3. Prepare a budgeted income statement for December 2019 and a budgeted balance sheet for Sipia as of 31 December 2019. (10 marks)