11:06 7 Chrome EDIT 2. Coolice's balance sheet for 30 November follows. Use it and the folowing information to prepare a coch budget for Cool-ice for December 80% of sales are on account, of which hat are collected in the month of the sale. 49% are collected the following month and 1% are never collected and are written off as bad debts All purchases of materials are on account Coolice pays for 70% of purchases in the month of purchase and 30% in the following month All other costs are paid in the month incumed Coolice is making monthly interest payments of 1% (12% per year on a $20 000 long-term loan. Coolice plans to pay the $500 of taxes owed as of 30 November in the month of December, Income tax expense for December 40% of processing and set-up coths, and 30% of marketing and genera administration costs are depreciation Cool-ice Balance sheet as of 30 November Assels Cash Accounts receivable $4800 Leu: Allowance for bod deth inventories Direct materia Finished goodi Food an depreciation Less: Accumulated fofal assets Liabilities and equity Accounts payable Taxes payable Interest payable Long-term debt Ordinary shares Retained earnings Total liabilities and equity $587 M 4704 149 974 $190000 55.759 134241 $140675 $696 500 200 20000 10000 109279 $140675 2. Prepare a budgeted income statement for December and a budgeted balance sheet for Coolice as of 31 December PART Prepare a 5 mins PPT presentations with voice overs to the board members on the financial strength of Coolice especially in financing its long-term loan