Please use excel and show the formulas for calculations please! Thank you!

The May 31, balance sheet for Memories, INC., a photographic printing company is as follows Memories, Inc. Balance Sheet May 31 Assets Cash Accounts Receivable Inventory Buildings and equipment, net depreciation Total Assets 15,000 65,000 30,000 500,000 $610,000 Liabilities and Stockholders' Equity Accounts payable Notes payable Capital stock Retained earnings Total liabilities and stockholders' equity 90,000 5,000 420,000 95,000 $610,000 The company is in the process of preparing a budget for June and has assembled the following data a. Sales are budgeted at $260,000 for June. Of these sales, $60,000 will be for cash, with the remainder being credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder is collected the following month. All of the May 31 accounts receivable will be collected in June b. Purchases of inventory are expected to total $190,000 during June. These purchases will be on account. Forty percent of all inventory purchases are paid for in the month of purchase with the remainder being paid in the following month. All of the May 31 accounts payable to suppliers will be paid during June C. The June 30 inventory balance is budgeted at $45,000. d. Selling and administrative expenses for June are budgeted at $40,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $2,000 for the month e. The note payable on May 31 balance sheet will be paid during June. The company's interest expense for June (on all borrowing) will be $500, which will be paid in cash. f. New warehouse equipment costing $9,000 will be purchased for cash during June During June, the company will borrow $18,000 from its bank by giving a new note payable to the bank for that amount. The note will be due in one year g. Required Note: Name your file starting with your last name. For example: Robbins SusanCase Study 2 (USE EXCEL TO COMPLETE AND SUBMIT): 1. Prepare a cash budget for June. Support your budget with a schedule of expected cast collections from sales a schedule of expected cash disbursements for inventory purchases. 2. Using Excel, prepare a budgeted income statement for June. Use the absorption costing income statement. 3. Using Excel, prepare a budgeted balance sheet as of June 30. Be sure to use Excel to calculate your answers. 4. Prepare a paragraph or two of the briefing you would conduct with the Chief Operating Officer concerning the performance from May to June. Please be careful with your format. Follow the formats in Chapter 8. Be sure headings are in your statements. These statements should look professional as the reports are coming from the Chief Financial Officer to the Chief Executive Officer