Please only do the FOUR following parts (PLEASE USE EXCEL):

1. Budget Assumptions

2. Cash Budget

3. Income Statement

4. Balance sheet

Here is the Rubric:

Here is the beginning balance sheet:

ACC 2100 BUDGET PROJECT-Winter 2020 Traverse Recreation Company manufactures a single product that is popular with outdoor enthusiasts. The company sells its product to retailers throughout the midwestern section of the United States. It is in the process of creating a master budget for 2020 and reports a balance sheet at December 31, 2019 as follows: Required: The company's CFO has asked you to prepare the 2020 master budget. To fulfill this request, prepare the following budget schedules and financial statements. Your leader mandates that all data be linked to only budget assumptions and related schedules. All of the schedules must be formula driven. NO HARD CELLS. The company's chief financial officer (CFO), in consultation with various managers across the organization has developed the following set of assumptions to help create the 2020 budget: The schedules must be created in Excel. A template is provided in Moodle. Each schedule will be on a different tab as indicated by name. DO NOT move the tabs, reorganize the tabs, or rename the tabs. Submit the file upon completion using the Moodle link. Refer to Ch. 8 in the textbook for formatting the schedules for each requirement. 1. The budgeted unit sales are 12,000 units, 37,000 units, 15,000 units, and 25,000 units for quarters 1-4, respectively. Notice that the company experiences peak sales in the second and fourth quarters. The budgeted selling price for the year is $32 per unit. The budgeted unit sales for the first quarter of 2021 is 13,000 units. 2. All sales are on credit. Uncollectible accounts are negligible and can be ignored. Seventy-five percent of all credit sales are collected in the quarter of the sale and 25% are collected in the subsequent quarter. 1. Quarterly sales budget including a schedule of expected cash collections. 2. Quarterly production budget. 3. Quarterly direct materials budget including a schedule of expected cash disbursements for purchases of materials. 4. Quarterly direct labor budget. 5. Quarterly manufacturing overhead budget. 6. Ending finished goods inventory budget at December 31, 2020. (LIFO inventory assumption) 7. Quarterly selling and administrative expense budget. 8. Quarterly cash budget. Determine any borrowing that would be needed to maintain the minimum cash balance as indicated in your data set. (This will require the use of an "If' statement in Excel.) 9. Income statement for the year ended December 31, 2020. 10. Balance sheet at December 31, 2020. 3. Each quarter's ending finished goods inventory should equal 15% of the next quarter's unit sales. 4. Each unit of finished goods requires 3.5 yards of raw material that costs $3.00 per yard. Each quarter's ending raw materials inventory should equal 10% of the next quarter's production needs. The estimated ending raw materials inventory on December 31, 2020 is 5,000 yards. 5. Seventy percent of each quarter's purchases are paid for in the quarter of purchase. The remaining 30% of each quarter's purchases are paid in the following quarter. DUE DATE: MONDAY, APRIL 6TH 9:20AM 6. Direct laborers are paid $18 an hour and each unit of finished goods requires 0.25 direct labor- hours to complete. All direct labor costs are paid in the quarter incurred. 7. The budgeted variable manufacturing overhead per direct labor-hour is $3.00. The quarterly fixed manufacturing overhead is $150,000 including $20,000 of depreciation on equipment. The number of direct labor-hours is used as the allocation base for the budgeted plantwide overhead rate. All overhead costs (excluding depreciation) are paid in the quarter incurred. 8. The budgeted variable selling and administrative expense is $1.25 per unit sold. The fixed selling and administrative expenses per quarter include advertising ($25,000), executive salaries ($64,000), insurance ($12,000), property tax ($8,000), and depreciation expense ($8,000). All selling and administrative expenses (excluding depreciation) are paid in the quarter incurred. 9. The company plans to maintain a minimum cash balance at the end of each quarter of $30,000. Assume that any borrowings take place on the first day of the quarter. To the extent possible, the company will repay principal and interest on any borrowings on the last day of the fourth quarter. The company's lender imposes a simple interest rate of 3% per quarter on any borrowings. 10. Dividends of $15,000 will be declared and paid in each quarter. 11. The company uses a last-in, first-out (LIFO) inventory flow assumption. This means that the most recently purchased raw materials are the "first-out" to production and the most recently completed finished goods are the first-out" to customers. 15 points Selling and Administrative Correct formula for quarterly total Budget Schedule Correct links for variable and fixed costs Correct formula for cost calculation Proper format Cash Budget Schedule Correct link for beginning cash Correct link for cash collections Correct formula for cash available Correct links for operating expenses Correct formula for cash disbursements Correct formula for calculation of excess (deficiency) Correct calculation for borrowings Correct link for repayments Correct interest formula Correct formula for total financing Correct formula for ending cash balance Proper format Budgeted Income Statement Correct links (Traditional format) Correct calculations Proper format Budgeted Balance Sheet Correct links Correct calculations Proper format 7 points ACC 2100/Winter 2020 DUE Monday, April 6TH 9:20 AM EXCEL Project-Rubric Sheet Task With the exception of the beginning balance sheet Possible and assumption tab, any cells not containing a cell Points reference or formulas will be a zero for that schedule and any related schedules Budget Assumptions Create budget assumptions based on information | 10 points provided. Proper format DO NOT DO THE ENTIRE PROJECT IN THIS TAB. FORMULAS SHOULD BE USED IN SUBSEQUENT SCHEDULES TO LINK TO ASSUMPTIONS. Sales Budget Schedule Linked to sales dollars and volumes 6 points Correct formulas Expected Cash Collections Proper format Schedule Linked to assumptions Correct linking and formulas for monthly collections Correct formula for total by quarter Proper format Production Budget Schedule Linked to correct schedule 10 points Correct linking and ending inventory calculation Correct formula for quarterly total Correct link for beginning inventory Proper format Direct Material Budget Linked to correct schedule 15 points Schedule Correct linking and ending inventory calculation Correct formula for quarterly total Schedule of Expected Cash Correct link for beginning inventory Disbursements for Purchases Correct link for material cost calculation of Material Proper format Direct Labor Budget Linked to correct schedule 5 points Schedule Correct formula for quarterly total Proper format Manufacturing Overhead Correct links Budget Schedule (Show Correct formula for quarterly total calculation of predetermined Correct links for variable and fixed costs overhead rate) Correct formula for cost calculation Proper format Ending Finished Goods Correct calculation of product unit cost for 5 points Budget Schedule inventory Correct inventory balances Proper format 13 points Total Points 100 7 points The Traverse Recreation Company's balance sheet as of December 31, 2019 is given below: $ Assets Current Assets: Cash Accounts Receivable (net) Raw Materials Inventory (4,500 yards) Finished Goods Inventory (1,500 units) Total current assets 46,200 260,000 11,250 32,250 $ 349,700 Property and Equipment: Buildings and Equipment Accumulated Depreciation Plant and Equipment (net) Total Assets 900,000 (292,000) 608,000 957,700 $ $ 158,000 Liabilities and Stockholder's Equity Current Liabilities: Accounts Payable Stockholder's Equity: Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 419,800 379,900 799,700 957,700 $