The Excel sheet attached

Part I - Instructions
    GB212 Individual Assignment
    Part l: Master Budget
    The Kelly Company sells Irish wool blankets which they purchase from a manufacturer in Ireland. You have just been hired as the Controller of the company and have been told to prepare the budget for 2020. The CFO provided you with a balance sheet as of 12/31/19 and budgeting assumptions for 2020 (see tabs below).
    Prepare the following budgets:
    1. Sales Budget & Cash Receipts (Collections)
    2. Inventory Purchases Budget & Cash Payments
    3. Cost of Goods Sold Budget
    4. Selling and Administrative Expenses Budget & Cash Payments
    5. Budgeted Income Statement
    6. Cash Budget
    7. Budgeted Balance Sheet amounts at 12/31/2020 for the following accounts:
- Accounts Receivable
- Inventory
- Accounts Payable
- Commissions Payable
- Loans Payable
    Additional Information: There are not required formats for each budget, however the budgets should be prepared in good form (titles, underlines, $, etc.), please refer to Cold Stone Creamery examples in your textbook. It is preferable that you use this spreadsheet to prepare the budgets (a spreadsheet/tab has been provided for each budget), however you are not obligated to. If you use Excel, your spreadsheet will not be tested for formulas so you can hard code the numbers. If you use Microsoft Word to complete the assignment, it would be preferable that you use tables for the budgets. The only two formats acceptable are Microsoft Excel or Word. Do not submit a handwritten assignment.
    Hints: Except for the income statement, all budgets should have a column for each quarter in 2020 and a column for the year. The CFO indicated that she expects Operating Income of $226,300 and the ending cash balance should be $250,000.
    Grading: Each budget is worth 10 points, except for the budgeted income statement and balance sheet accounts which are both worth 5 points for a total of 60 points.
    Upon completion of the project, please upload the file to your professors blackboard section. Use the following format to name the file; Last Name, First Name and Section Number (i.e. Smith, John 14).
                                                                            SP2019
Part ll - Instructions
    GB212 Individual Assignment
    Part ll: Flexible Budget
    The Kelly Company has just completed their 2020 fiscal year. The budgeted Operating Income was $226,300 and the actual Operating Income was a LOSS of -$5,175. The CFO is very disappointed at the results so she would like to understand the reasons why the company was so far off budget. Therefore, she has provided you with the Actual vs. Budget Data (see tab) and would like you to prepare a Flexible Budget with Spending and Volume variances for the year ended December 31, 2020 (a spreadsheet/tab has been provided, see below). Prepare the flexible budget in good form using the same formats used in the solutions for Day 18 problem. All formats should be followed such as dollar signs, decimal places, underscores, etc.
    Additional Information: You can use either Microsoft Word or Excel to complete Part ll, however if using Word, it is preferable that you use a table to prepare the flexible budget.
    Grading: The Flexible Budget is worth 30 points.
                                                                            SP2019
Part lll - Case Question
    GB212 Individual Assignment
    Part lll - Case Question
    Grading: The Case Question is worth 10 points.
    1. Analyze the variances from the flexible budget and identify issues that management should be concerned about. You only need to highlight variances that are a concern.
    The entity has incu
ed losses in actual as compared to budget. There are various concerns which management should address which are as below:
The sale price of the entity has decreased by $2 per unit which is one of the major concern and has resulted in loss. The entity should focus to increase...