please make an income statement and cash budget on an excel sheet, thank you so much.

DATA: The Grilton Tire Company manufactures racing tires for bicycles. Grilton sells tires for $50 each. Grilton is planning for next year (2021) by developing a master budget by quarters. Grilton's balance sheet for December 31, 2020 follows: GRILTON TIRE COMPANY Balance Sheet December 31, 2020 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 $ 130,000 87,100 Common Stock, no par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 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, 2020 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 2022 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 $16 per hour. g. Variable manufacturing overhead is $2 per tire produced. h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $26,780 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, 2020 Accounts Receivable ($40,000) is received in the first quarter of 2020. m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter. The December 31, 2020 Accounts Payable ($8,000) is paid in the first quarter of 2021. 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. J99 110 INCOME STATEMENT For the year ended Dec. 31, 2021 175 177 Sales 170 170 Cost of Goods Sold: 100 Fin. Goods Inv. Jan. 1, 2021 133 Cost of Goods Manufactured 183 154 105 Goods available for sale 100 17 Less. Fin. Goods Inv. 12/31/2021** 18 19 100 Cost of Goods Sold 19 Gross Margin 12 Selling and Admin. Expenses 194 105 Income from Operations 196 197 Interest Expense 100 100 Income before Income taxes 300 201 Income Tax Expense 200 Net Income 204 205 **Cost of Goods Manufactured/ 204 Total units produced = Unit cost for 207 units produced in 2021 210 11 "See Balance Sheet on 12/31/2020 212 90 22 CASH BUDGET For the year ended December 31, 2021 21 1 2 3 4 Year 7 Beginning Cash Balance 211 Add Cash Receipts: Collections from customers 221 Total cash available 22 Cash Payments: 220 Direct Materials Direct Labor 2017 Manufacturing Overhead 22: Selling and Administrative: Fixed Variable 221 Capital Expenditures 22 Income Taxes Total cash disbursements 22. Excess (deficiency) of cash available over disbursements 240 Cash balance before financing 24 Financing Section: Borrowings (at the beginning of quarters) Repayments (at the beginning of quarters) Interest 20 30 Ending Cash balance 25