Make sure to use only ONE Google Sheet/Microsoft Excel file. Then, rename each sheet as following:

Sheet 1 = Q1

Sheet 2 = Q2

"

Q 1

{a} Drolet and Associates is a business consulting rm. It provides advice. planning. and business and investment strategies to its clients. Prepare a cash ow statement (in thousands of dollars) for Drolet and Associates 'om the following information. Jan. 1 Cash balance $ 90 000 Cash from consulting revenue $1 500 000 Payments for operating expenses. $1 200 000 Depreciation $ 25 000 Dividends paid to shareholders 13 100 000 Income tax payments $ 60 000 Loan payments $ 90 000 Equipment purchases 13 50 000 (b) Comment on the company's cash position. Below is a budgeted income statement for New Star Software. a eompan}r that develops custom software for small businesses. {a} Complete the $ Over and the \"/1: Budget columns. (13) Comment on the results for the scal period. New Star Software Income Statement Budget vs. Actual For the three months ended June 30, 20 Actual Budget 35 Over % Budget Sales $460 000 $400 000 33? ? % Cost of Goods Sold 82 000 80 000 _ '9 '34: Gross Prot STE 000 320 000 ? '9 % Product Development Expenses 120 000 100 000 '3 ? % Marketing Expenses T5 000 80 000 '3 ? % Administrative Expenses 50 000 50 000 _? ? % Total Operating Expenses _ 245 000 _ 230 000 _? '9 '34: Net Income before Income Taxes 133 000 90 000 '3 '9 '34: Income Taxes {25%) 33 250 22 500 _? ? % Net Income $ 99 259 $ 152 S ? %