Please do it in the excel and include the formula in the cells.

Ontario Tole Art Ontario Tole Art sells high quality wooden and metal objects, both new and antique, painted by the owner, Gael Foster. Until recently each object was unique and Gael did all the work by herself. Two years ago, however, Gael developed a new product line that she intended to sell in larger volumes because she wanted to expand her business. The new products are two models of painted fishing buoys--Santa, a buoy painted to look like Father Christmas and Danny Buoy, a buoy painted to look like an Irish fisherman. Gael set up a new operation for this new product called Ontario Tole Art, Buoy Division (hereafter called Ontario Tole Art). Gael did the planning for this operation and hired a manager, Julius Lopes, to handle the daily operations of the new business. The production process begins when Gael purchases, for $2.25 each, used fishing buoys from local fishing boat owners. An artist sands the used buoys to remove old paint and debris and applies a base coat of primer paint. When the base coat is dry, the artist hand paints the image of the Santa or the fisherman onto the buoy. Once the image dries, the artist applies a finishing coat of varnish. When the varnish dries the artist wraps the finished buoy in packing material and inserts it into a specially designed mailing container that Ontario Tole Art ships directly to the customer. Ontario Tole Art has two types of customers, retail and dealer. Retail orders arrive by mail and are prepaid. The retail price per unit, including packing and shipping charges, is $80. If there is any excess capacity, Gael sells to dealers at the lower per unit price of $55. Gael loses dealer orders that she does not fill immediately because dealers will buy alternative products from other producers. Gael operates only the JIT principle and only produces buoys to be sold each month. Sales to dealers are on account; stated terms call for the dealers to pay the full amount of the invoice within 30 days of billing. Receipts from dealers, however, are often delinquent. Typically only 30% of dealers pay in the month following the sale; 45% pay in the second month following the sale, 20% in the third month following the sale, and 5% of dealer sales are never collected. Ontario Tole Art hires local area artists to paint the buoys. Due to local employment conditions, Ontario Tole Art must hire artists for periods of three months. The artists receive a fixed monthly salary of $2,000 and work up to a maximum of 160 hours per month. The Ontario Tole Art manager makes staffing decisions at the start of each quarter, beginning January 1. The total time to sand, base coat, paint and pack each buoy is .8 labor hours. Paint costs $3.15 for each buoy. Other manufacturing costs, including sandpaper, brushes, varnish, and other shop supplies, amount to $2.75 per buoy. Packing material costs $1.95 per buoy and shipping by courier costs $7.50 per buoy. Ontario Tole Art rents space in a local industrial parkl where the employees work on the buoys. The one-year lease stipulates that rent is to be paid quarterly in advance. Ontario Tole Art can rent shops of several sizes that would provide the following monthly capacities in buoys: 600, 800, 1000, and 1200. The quarterly rents for each of these units are $3,600 $4,800, $6,000 and $7,200 respectively. All production takes place to order, and Ontario Tole Art acquires supplies only as needed. Insurance, heating, lighting and business taxes cost $20,000 per year and advertising expenses amount to $40,000 per year. Julius, the manager of Ontario Tole Art, receives $30,000 per year to supervise the operation, manage the raw materials acquisitions, handle all the order taking and billing and do the accounting. All operating expenses are incurred and paid in equal monthly installments. Realized sales for October, November, and December of 2016 and forecasted demand for 2017 appear in the following table. Month October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 Retail Demand 150 290 350 100 105 95 115 75 60 50 55 75 150 290 350 Dealer Demand 275 300 310 375 400 425 350 300 250 300 325 300 300 350 400 Based on the demand forecast, Gael and her manager have decided to rent an 800-capacity unit for 2017 and hire two painters in the first quarter, two painters in the second quarter, one painter in the third quarter, and three painters in the fourth quarter. (2016 numbers are actual.) Gael plans to withdraw $20,000 from the company at the start of each six-month period for a total of $40,000 per year as her compensation for functioning as owner. She also wants to maintain all the firm's cash in a bank account for her business only with a minimum cash balance of $5,000. The beginning of the year Balance Sheet is shown below. Cash Accounts Receivable Total Assets Ontario Tole Art Balance Sheet January 1, 2017 5,000.00 Liabilities 29,947.50 Owner's Equity 34,947.50 Total Liabilities and Owner's Equity 0.00 34,947.50 34,947.50 Gael has arranged a $50,000 line of credit with her bank to provide her with short-term funds for the company. Gael only borrows once a month on the 1st. At the start of each month, the bank charges interest at the rate of 9% annually on the balance of the line of credit during the previous month. The bank pays interest at the rate of 2.4% annually on any cash in excess of $5,000 held in the account. All interest is paid on the first day of each month based on the balance in the account at the end of the previous month (this is a simplified assumption). Complete a budget for 2017 for Ontario Tole Art, including pro forma financial statements