Using the included Loyalist Electronics Corporation financial statements, prepare two columns as follows: i. Column to show the amount of variance of actual versus budget for each item of the Income Statement and the Balance Sheet ii. Column to show the type of variance (Favourable F, Unfavourable U, or 0 for no change) for each item of both the Income Statement and the Balance Sheet. Question 3: (10 marks) Youre the President of Loyalist Electronics Corporation. You have called in the National Sales Manager to discuss her performance. Her responsibilities included creation of the budget, the Business Plan, andits implementation. Required: Using the results from Question 2 and the financial statements below, prepare an agenda for this meeting. This agenda should: - Identify 8 key issues arising from the Variance Analysis; your particular concerns for each issue; - a ranking of her performance, on a 15 scale ( 1 = very poor, 5 = excellent), and - a summary to justify your evaluation of her performance An example of your report could include: Significant deviations from the budget, called budget variances, may have three causes - The budget may not have been well conceived - Conditions may have changed - Managers may have performed their jobs particularly well or poorly A suggested framework could include for each of Revenue, Expenses, Net Income, Assets, Hiabilities, Equity, one large variance, a second large variance ( 8 items): - What were changes from budget? - What answer do you anticipate? - What score would you give her? Loyalist Electronics Corporation Pro Forma Income Statement For the Year Ending December 31, 2022 Lovalist Electronics Corporation Using the included Loyalist Electronics Corporation financial statements, prepare two columns as follows: i. Column to show the amount of variance of actual versus budget for each item of the Income Statement and the Balance Sheet ii. Column to show the type of variance (Favourable F, Unfavourable U, or 0 for no change) for each item of both the Income Statement and the Balance Sheet. Question 3: (10 marks) Youre the President of Loyalist Electronics Corporation. You have called in the National Sales Manager to discuss her performance. Her responsibilities included creation of the budget, the Business Plan, andits implementation. Required: Using the results from Question 2 and the financial statements below, prepare an agenda for this meeting. This agenda should: - Identify 8 key issues arising from the Variance Analysis; your particular concerns for each issue; - a ranking of her performance, on a 15 scale ( 1 = very poor, 5 = excellent), and - a summary to justify your evaluation of her performance An example of your report could include: Significant deviations from the budget, called budget variances, may have three causes - The budget may not have been well conceived - Conditions may have changed - Managers may have performed their jobs particularly well or poorly A suggested framework could include for each of Revenue, Expenses, Net Income, Assets, Hiabilities, Equity, one large variance, a second large variance ( 8 items): - What were changes from budget? - What answer do you anticipate? - What score would you give her? Loyalist Electronics Corporation Pro Forma Income Statement For the Year Ending December 31, 2022 Lovalist Electronics Corporation