Specifically, you will address the following critical elements listed below. Most of the critical elements align with a particular course outcome [shown in brackets}. I. Budgeting: Prepare Budgets A. Review the financial information in the case study. Create spreadsheets and enter your data for the following: 1. Prepare the sales budget by month and in total. [ACCBll-DZ] Prepare a schedule of expected cash collections from sales by month and in total. [ACE-31 102] Prepare a merchandise purchase budget in dollars by month and in total. [ACE311432] Prepare a schedule of expected cash disbursements for merchandise purchases by month and in total. [ACE311432] Prepare a selling and administrative budget by month and in total. [ACE-311402] Prepare a schedule of expected cash disbursements for selling and administration by month and in total. [ACE-Ell-DZ] Prepare a cash budget by month and in total. [ACE-311432] Prepare a budgeted income statement (pro forma] for the three-month period ending September 30th using the absorption costing approach. [ACC-Bll-DZ] Prepare a master bud get balance sheet (pro forma] as of September 30th. [ACE311432] FHP'P'PP'F to II_ Reporting A. Analyze Data 1. Briefly summarize each department budget and note any large variances. [ACC-3 11-03] 2. Explain two Iilrariances that might cause concern or prompt further a nalysis. [MI311433] \f\f\f\fBudgeted Income Statement For the Quarter Ended September Sth Sales Cost of Goods Sold Gross Margin Selling and Administrative Expenses Shipping Other Salaries and Wages Advertising Prepaid Insurance Depreciation Net Operating Incomes Less Interest Expense Net Income SRS Educational Supply Company Balance Sheet September Sth Assets Current Assets: Cash Accounts receivable Inventory.r Prepaid Insurance Total Current Assets Buildings and Equipment {Net} Total Assets Liabilities and Equity Accounts Pavable Notes Pavable Stockholder's Equity Capital Stock Retained Earnings Total Liabilitv and Eouitvr