The Modern Elite Manufacturing Co has just completed the second draft of their master budget. The cash budget summary shows a negative cash balance in Quarter 1, 3 and 4. The company, however, is not considering new loans to address the deficits. They intend to complete repayment of the old loan and the final interest payment. The Cash budget summary, the budget Income statement and the budget Balance Sheet are shown below. Evaluate the cash budget situation and suggest actions that can be taken to prepare the company for the next period of operations. Prepare a new Cash Budget, Income Statement and Balance Sheet. Include a liquidity, profitability, and debt management analysis in your evaluation.

\begin{tabular}{|l|l|} \hline \multicolumn{2}{|l|}{ Modern Elite Manufacturing Co for Budget Year 2024: Balance Sheet } \\ \hline Current Assets & \\ \hline Cash & 18,000 \\ \hline Account Receivables & 150,000 \\ \hline Raw Materials & 38,200 \\ \hline Inventories & 34,000 \\ \hline Total Current Assets & 204,200 \\ \hline Land & 100,000 \\ \hline Plant and Machines & 830,000 \\ \hline Less: Accumulated Depreciation & 392,000 \\ \hline Plant and Machines Net & 438,000 \\ \hline TOTAL ASSETS & 742,200 \\ \hline \hline Current Liabilities & \\ \hline Accounts Payable & 14,500 \\ \hline Total Current Liabilities & 14,500 \\ \hline Stockholders' Equity & \\ \hline Common Stock & 175,000 \\ \hline Retained Earnings & 552,700 \\ \hline Total Equity & 727,700 \\ \hline TOTAL LIABILITIES AND EQUITY & 742,200 \\ \hline \end{tabular} The Modern Elite Manufacturing Co has just completed the second draft of their master budget. The cash budget summary shows a negative cash balance in Quarter 1, 3 and 4. The company, however, is not considering new loans to address the deficits. They intend to complete repayment of the old loan and the final interest payment. The Cash budget summary, the budget Income statement and the budget Balance Sheet are shown below. Evaluate the cash budget situation and suggest actions that can be taken to prepare the company for the next period of operations. Prepare a new Cash Budget, Income Statement and Balance Sheet. Include a liquidity, profitability, and debt management analysis in your evaluation. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|l|}{ Modern Elite Manufacturing Co for Budget Year 2024: Balance Sheet } \\ \hline Current Assets & \\ \hline Cash & 18,000 \\ \hline Account Receivables & 150,000 \\ \hline Raw Materials & 38,200 \\ \hline Inventories & 34,000 \\ \hline Total Current Assets & 204,200 \\ \hline Land & 100,000 \\ \hline Plant and Machines & 830,000 \\ \hline Less: Accumulated Depreciation & 392,000 \\ \hline Plant and Machines Net & 438,000 \\ \hline TOTAL ASSETS & 742,200 \\ \hline \hline Current Liabilities & \\ \hline Accounts Payable & 14,500 \\ \hline Total Current Liabilities & 14,500 \\ \hline Stockholders' Equity & \\ \hline Common Stock & 175,000 \\ \hline Retained Earnings & 552,700 \\ \hline Total Equity & 727,700 \\ \hline TOTAL LIABILITIES AND EQUITY & 742,200 \\ \hline \end{tabular} The Modern Elite Manufacturing Co has just completed the second draft of their master budget. The cash budget summary shows a negative cash balance in Quarter 1, 3 and 4. The company, however, is not considering new loans to address the deficits. They intend to complete repayment of the old loan and the final interest payment. The Cash budget summary, the budget Income statement and the budget Balance Sheet are shown below. Evaluate the cash budget situation and suggest actions that can be taken to prepare the company for the next period of operations. Prepare a new Cash Budget, Income Statement and Balance Sheet. Include a liquidity, profitability, and debt management analysis in your evaluation