Yummy Delight is a frozen yogurt store selling frozen yogurt in one-kilogram sizes and has the following information: E l' | | || | S | i' : January to March: 45,000 per month April to September: ?0,000 per month Dctober to December: 22,000 per month Frozen yogurt cups sell for $2.00 each from January 15'to March 31 *1, and $2.50 for April 1'911 to June 30'\". $2.30 for July 15' to September 30'\Line of Credit The store has a line of credit that they can borrow from time to time. Assume that advances occur on the first day of each quarter, and repayments occur on the last day of each quarter. Any extra cash is first used to pay off the line of credit. Interest payments are made on the 1 day of the following quarter. For example, interest for the period January 1st to March 31 is due April 1st. Interest is 3% per quarter. Any extra cash is first used to pay off the line of credit. Assume that advances occur on the first day of each quarter, and repayments occur on the last day of each quarter. The only line of credit activity in the last 3 months of 2018 was a Nov 1" advance of $6,000. Cash At the end of each quarter, the minimum cash balance is $1,000. Beginning Balances at December 31. 2018 Cash $ 1,000 Inventory 5,000 Accounts Receivable 2,000 Equipment 180,000 Accumulated Depreciation (70.000) Total Assets 118,000 Accounts Payable $22,000 Line of Credit 6,000 Retained Earnings 90.000 Total Liabilities and Equity 118,000 Required: 1. Complete the provided Excel schedules. 2. Prepare a balance sheet at December 31, 2019. 3. Prepare an income statement for the year ending December 31, 2019. 4. What is the purpose for Yummy Delight to budget and what can the stakeholders take from this? Do you have other recommendations