Please see attached. This is due shortly this evening and am scrambling. i know this is a very intricate/involved question. Thank you greatly in advance for your assistance.

The North Central Water Company has finalized its financial statements for the 2022 financial year. The Company's board of directors has asked you, their cost accountant, to look at the financial results and to compare the financial performance for the 2022 fiscal year to the results of the 2021 financial year. The board would also like you to project the budget revenues and expenses for the 2023 financial year based on several key assumptions. They have asked you to submit an excel file containing the financial results and budget projections and a one-page memorandum of your findings. The board members are especially concerned about rising costs because of inflation and the growing number of customers. cel Analysis (Please submit your answers with the excel file provided in Ilearn entitled th Central Financial Results- Student Copy." I on the financial results provided above, complete the excel spreadsheet file provided a and submit your file in Ilearn. Please include your name in the filename. You must ormulas in the excel spreadsheet rather than typing-in calculated numbers to get full t. You will run into rounding errors unless you use formulas. The spreadsheet already des some formulas and calculated numbers to help you. YOU SHOULD HAVE AN WER WHEREVER YOU SEE A QUESTION MARK (?). Required: 1. Calculate each revenue and expense item as a percentage of total revenues in 2022 and 2021 (show percentages out to TWO decimal places for all revenues and expenses, but round total revenue's percentage to ZERO decimal places- see examples in the spreadsheet). 2. Calculate the water sales per customer for 2022 and 2021 (show the number out to TWO decimal places- see example in the spreadsheet). 3. Calculate the Company's budgeted amounts for 2023 based on the assumptions listed below for each revenue and expense item. Then calculate each item as a percentage of total revenues, just like you did for 2022 and 2021 . Then calculate the water sales per customer for 2023 , just as you did for 2022 and 2021 - see examples in the spreadsheet. 4. Finally, calculate the variance differences in each revenue and expense item between 2023 and 2022 and 2022 and 2021 - see the example in the spreadsheet. You will also need to indicate whether the variance difference between 2021 and 2022 is favorable (F) or unfavorable (U) for each revenue and expense item. This will provide insight into the year-to-year changes and help you with your business memo, which is the second part of this project. 2023 BUDGET ASSUMPTIONS: Assume that the water company expects that in 2023: a. The number of customers will increase by 8% as more people move into the local community. b. Water sales will increase by 10% as home building accelerates to accommodate the growing local population. c. Late fees will increase by 20% as the Utility expects low-income customers to be more likely to run behind on their water bills because of inflationary pressures on family budgets. d. Hydrant fees will decrease by 5% because the Utility plans to take several older hydrants out of service. e. The cost of water sold will increase by 18% because of higher chemical, electricity, and fuel costs. f. Payroll expenses will increase by 16% because the Utility is finding it hard to find new employees to replace older employees that retired because of the Covid pandemic. Furthermore, the Utility's insurance carrier informed the Utility that it plans to raise the cost of employee health insurance significantly in 2023. g. Overhead expense will increase by 6% because of inflation. h. Miscellaneous expenses are expected to decrease by 7% because of efforts to control costs. Here are some check figures to help you out: 2023 Total Revenue =1,692,978 2023 Total Expense =1,988,285 Total Income loss Variance 2023 vs 2022=$104,758 Total Income loss Variance 2022 vs 2021=$98,050 Total Income loss > as a percentage of total revenue in 2023=17.44% Total Income 4 loss > as a percentage of total revenue in 2022= 12.29% II. Business Memo: In the second part of the project, you will need to write a small memo detailing the difference in the financial results between 2022 and 2021. To complete this part of the project, download and open the word file called "North Central Business Memo." In this memo, you should describe how management might be able to increase net income in 2023 based on your budget projections. You will also be asked to offer your opinion about an ethical situation faced by Company's management. Your memo should be single-spaced, and you should use times new roman style with a font size of 12 . When finished, upload your word file into Ilearn. Please include your name in the filename. If you have not signed up for your free Grammarly account, you should do so before completing this project. For the link, go back and check your College of Business emails from the beginning semester. III. Grading: The project is worth 50 points. The business memo is worth 20 points based on Grammarly and the teacher's scores. The excel file is worth 30 points, of which 15 points are for accurate and consistent formatting, and 15 points are for formula accuracy