please provide a monthly cash flow statement ended at 2021 in excel with calculation, the format is attached.

We Capltd Corporation Statement of income and Retained Earnings For the year ended Mint 31 Sales Cost of goods sold Gross Margin Selling and administration expenses Interest Depreciation Management fees Accounting polio; change Net income before tax Tax provision Net income after tax Retained earnings . beginning Dividends Retained earnings - ending 201.8 2017 28,126,953 31,432,565 18,272,632 21,331,544 9,854,321 10,101,021 8,194,449 7,664,329 159,327 190,625 535,211 21,099 530,030 530,000 6,828,063 9,418,987 15,234,116 435,334 (5,133,095) I 162,120! 597,454 (5,133,095) 8,744,353 15,427,448 1,550,000 9,341,807 8,744,353 Mackenzie Capital Corporation Balance Sheet as at Aqua 31 Aunts Accounts receivable Inventory Property, plant and equipment Other assets liabilities Bani: loan Accounts payable Shareholders Entity Share capital Retained earnings 2018 2017 5,646,561 5,854,657 10,320,695 9,758,318 15,967,256 15,612,975 530,752 242,812 130,981 140,638 16,628,989 15,996,425 2,703,317 2,082,980 3,436,679 4,027,406 6,145,496 6,110,386 1,141,686 1,141,686 9,341,807 8,744,353 16,628,989 15,996,425 0 0 4. Liquidity -Working capital & Current ratio According to "rule of thumb", it is better for a company to have a current ratio which is greater than two. For this company, it always has a higher-than-two current ratio, which means the company has an ability to meet short-term obligations as they come due. -Age of receivables This ratio is decreasing from 2019 to 2020, which means the liquidity of company's current asset is increasing. However, it is 88.18 days in 2020, which is still high. It is better to have a low age of receivables, but between year to year, this ratio should not decrease too much because it will affect the sales revenue. Age of payables This ratio is increasing from 2017 to 2019, which is good for the company because the company could have more cash on hand and pay current liabilities on time. However, if the ratio is too high, it may affect the company's reputation. -Age of inventory From 2018 to 2020, the age of inventory is more than two hundred, which means the company has excess inventory and might meet inventory impairment every year. Therefore, the company should buy less inventory to reduce the costs and wastes. 5. Stability -Net worth to total assets Higher is safer because equity financing does not have obligation and the company does not need to pay dividends every year. However, the cost of equity financing is higher than debt financing and if this ratio is too high, the ownership of the company will change. -Total debt to total assets Lower is safer because debt financing has obligation and company needs to pay interest every year. But the cost of debt financing is lower than equity financing. -Debt to equity The ratio is increasing from 2018 to 2019 and is decreasing from 2019 to 2020. According to the analysis before, the company's financial situation cannot take a big risk because when the number of sales increases, the profits decrease. However, the liquidity of the company shows that the company can pay short-term obligations on time and return on equity shows that it little h rd forMackenzie Capital Corporation Statement of Income and Retained Earnings For the year ended August 31 2020 2019 Sales 25,962,917 24,318,923 Cost of goods sold 18,139,847 18,235,040 Gross Margin 7,823,070 6,083,883 Selling and administration expenses 6,340,118 4,449,592 Interest 104,887 48,005 Depreciation 346,448 392,571 Management fees 530,000 530,000 7,321,453 5,420,168 Net income before tax 501,617 663,715 Tax provision 129,567 Net income after tax 501,617 534,148 Retained earnings - beginning 9,875,955 9,341,807 Retained earnings - ending 10,377,572 9,875,955Past nancial statement analysis report 1. Protability -Cost of goods sold to sales & Gross prot to sales The COGS-to-sales ratio is increasing from 2017 to 2019 and is decreasing from 2019 to 2020. That means the company might have a good trend to reduce costs and earn prot on each sale. However, the ratio in 2020 is 70%, which is still high. The company should nd some methods to reduce cost of goods sold. -Operating expenses to sales The lower the ratio, the lower the expense relative to sales. The ratio is decreasing from 2017 to 2019 but is increasing from 2019 to 2020. Therefore, the manager should control the operating activities more efciently to reduce the expense. -Net income to sales (net income before tax) The higher the ratio, the more protable each sale. For this company, this ratio is quite low, and it is among 2% to 5%, which means that the prot each sale earns is not high. The manager should improve it. 2 . Return on investment -Return on Asset The higher the ratio, the better the use of assets. From 2019 to 2020, the ratio decreased from 4% to 3%, which means the company did not use assets efciently. -Return on Equity The higher the ratio, the happier shareholders will be. From 2019 to 2020, the ratio decreased from 6% to 4%, which means the company did not use their equity efciently and it will be a little hard for them to borrow money from investors. 3. Growth Prot growth & Sales Growth Although the sales were increased from 2019 to 2020, the prot growth had a negative ratio which is -6%. That means more sales decrease the prot and are not good for the company. I Background MacKenzie Capital Corporation (MCC) is a Canadian manufacturer of recreational paddleboards that sells to retailers across Canada. The company's financial statements for 2020, 2019 and 2018 are attached. The company is based in Southern Ontario and its business is quite seasonal. The company's year-end is August, and its annual revenue is typically generated monthly in the percentages shown below: January 5% February 10% March 15% April 20% May 20% Jun 15% July 10% August 5_% Total 100% Retailers start ordering their inventory from MCC in January and, typically, will not purchase any more product after August each year because the retailers do not want to carry any unsold (and potentially obsolete) stock over the winter months. All sales are credit sales and customers typically pay their accounts in the second month after the month ofthe sale. MCC has purchased a new piece of manufacturing equipment to replace a worn out one that has no salvage value and zero net book value. The new machine will cost $7,200,000 and will reduce Cost of Goods Sold by 5% and double the plant capacity. The purchase agreement was signed on September 1, 2020 and delivery is expected December 1, 2020. The vendor has agreed to finance the total purchase price with the following terms: 5% annual interest Payments amortized over 10 years Fixed principal payments per month plus interest Interest is paid in the month in which the interest was incurred No interest or payments until delivery OOOOO Mackenzie Capital Corporation Statement of Income and Retained Earnings For the year ended August 31 2019 2018 Sales 24,318,923 28,126,953 Cost of goods sold 18,235,040 18,272,632 Gross Margin 6,083,883 9,854,321 Selling and administration expenses 4,449,592 8,194,449 Interest 48,005 159,327 Depreciation 392,571 535,211 Management fees 530,000 530,000 5,420,168 9,418,987 Net income before tax 663,715 435,334 Tax provision 129,567 (162,120) Net income after tax 534,148 597,454 Retained earnings - beginning 9,341,807 8,744,353 Retained earnings - ending 9,875,955 9,341,807Inventory levels are fixed within a relevant range of $20-$30 million in sales. However, this level will increase by $5,000,000 when sales are within a relevant range of $30-$40 million. A\" Cost of Goods Sold amounts are credit purchases and MCC typically pays for all Cost of Goods Sold amounts in the second month after the month of the expense. Management fees are paid to the Parent company and will be increased to $540,000 annually for 2021. These fees are paid monthly. Sales for July 2020 and August 2020 were $2,500,000 and $1,200,000 respectively. Cost of Goods Sold for July 2020 and August 2020 were $1,700,000 and $900,000 respectively. Dividends of $200,000 will be paid in each month of November, February, May and August. The 2020 balance in Property, Plant and Equipment should be completely depreciated in 2021 over the 12 months equally. The 2020 balance in Other Assets will remain unchanged for 2021. An Income Tax provision should be accrued each month at a rate of 15% Required 1) Analyse and report on the past financial statements to determine trends. Use whatever techniques and ratios you feel are necessary and document your results. (no more than 2 pages) 2) Use the analysis and trends that you determined in 1), plus the background and notes to the financial statement information above, to prepare a monthly budget for 2021 using Excel. The budget for 2021 must include a monthly Balance Sheet, a monthly Income Statement and a monthly Cash Flow Statement. Formats for these 3 statements are attached. Include your Excel file with your submission. Note: All Balance Sheet figures should be calculated with a formula that draws amounts from the opening Balance Sheet (for September) and/or the other Budgeted figures for the remaining months. In other words, there should be no figures entered directly into the Balance Sheet. 3) Document all assumptions used to prepare the Budget. (no more than 2 pages) Mackenzie Capital Corporation Balance Sheet as at August 31 2019 2018 Assets Accounts receivable 7,636,357 5,646,561 Inventory 10,779,530 10,320,695 18,415,887 15,967,256 Property, plant and equipment 296,208 530,752 Other assets 121,324 130,981 18,833,419 16,628,989 Liabilities Bank loan 1,730,343 2,708,817 Accounts payable 6,085,435 3,436,679 7,815,778 6,145,496 Shareholder's Equity Share capital 1,141,686 1,141,686 Retained earnings 9,875,955 9,341,807 18,833,419 16,628,989 0MacKenzie Capital Corporation Cash Flow Statement for the Year ended Aug 31, 2021 5/8 separate columns for Sep Oct Nov other months Jul Aug Total Cash Receipts xx xx xx xx xx xx xx (all receipts regardless oftheir nature) xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx Cash disbursements xx xx xx xx xx xx xx (all disbursements regardless of their nature) xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx xx Net cash for the month (1) xx xx xx xx xx xx xx Plus: beginning cash (2) xx xx xx xx xx xx xx Ending cash (3) xx xx xx xx xx xx xx (1) total receipts less total disbursements (2) from the 2018 Balance Sheet for Sep and from the previous month's ending cash balance for the remaining months (3) to the Balance Sheet for the month The new machine will be depreciated on a declining balance basis at an annual rate of 30%. A new sales program has been initiated for 2021 by the sales department that will increase sales by 10%. However, this program will cost $500,000 and will have to be paid equally in the 4 months from November to February. Notes to Financial Statements Selling and Administration (5&A) expense is fixed within a relevant range of $20-$30 million in sales. However, this expense will increase by $1,000,000 when sales are within a relevant range of $30-$40 million. S&A expense is paid monthly. The company also has a $5,000,000 Line of Credit with its bank. The Line of Credit allows MCC to have a cash shortfall in any month (up to a maximum of $5,000,000) but is charged interest at a rate of 6% per annum forthe month in which the shortfall occurs. This interest is expensed and paid in the month following the month of the shortfall. The bank has set financial policies (called Covenants) that MCC must comply with in order to maintain its Line of Credit. These Covenants are: 0 Working Capital must be > than $10,000,000 and the Working Capital ratio must be > 1.5 to 1.0 o The Debt to Equity ratio must be