Requirements: Using separate tabs in a spreadsheet] provide your answers for the toilewing. T. Prepare a cash budget for the year ended December 31, 2020 based on sales of 2,690 combos per month at a price of $3.5!) per combo. The budget should be prepared on a quarterly basis. Assume ail sales are cash sales and that all costs and expenses are paid in cash. Rent, insurance, and advertising costs will be paid on a monthly basis- A minimum cash balance of $2,509 shouid be maintained I 8. Prepare the company's forecasted income statement for the year ended December 31, 202:} based on the sale of 31,2 combos at $3.50 per combo 9. Prepare a forecasted balance sheet as of December 31, 2021] based on the sale of 31,2111] combos at $3.50 per combo Business Bescnption A friend, Jay Green, recently opened a drive through coffee and donut shop. day has asked you for help with formulating the projected numbers for the business and hetp analyze if the company will be successful. Using the skitls you have developed in ACCT 551 Accounting for Managers, you will analyze the business to provide a forecast and recommendations for the business venture. Jay opened the business on January 1, 2tltl| and has provided the nancial information for the year ended December 31, 219. Provide answers to the required items based on the information provided below and other amounts calculated. Be sure to show your calculations. Cost information: Jay purchases bis donuts wholesale from a baker for $13111] per dozen. The cost per cup of coffee including the cup, creamer, and sugar is on average 4t] cents per cup. Jay has rented a location on Main Street near downtown that is rented for $3 per month. Utilities average $31 per month. Fixtures for the business were purchased for $E,DDD {depreciation will be $BDD per year for it} years} Jay is open 6 days per week (Monday through Saturday} from AM until 1111} PM. The store is operated by one emptoyee at a time. The emptoyees are paid $113.51] per hour. Business insurance has been obtained at a cost of $T5 per year. Jay plans on spending $51312} per month for advertising. The nancial statements prepared by Jay for the year ended December 31, Et Q are attached