URGENT!! Hello someone please help me solve this solution the correct way for Budgeting and Management Reporting. The deadline for me is tomorrow midnight and I would appreciate if someone can help me ASAP with the correct solution! Thank you!

Budgeting and Management Reporting 2022 Final assighment Below please find information about the final assignment for the course. The assignment is to be handed in as one Excel spreadsheet and one pdf document through itslearning, by the deadline 17.3.2022. 1. Background You have been employed as financial controller from 1.12.2021 of a small family-owned company. In the past there has really been no financial management but now that the founder's daughter took over as CEO she wants proper procedures and reports. The company has a board of directors with three external board members plus two representatives of the owning family. The company imports electronic equipment from South Korea and Japan and sells that to distributors. There are no retail sales of the products directly to customers, but there is a service department selling spare parts online to consumers and repair shops. The company is organized into three divisions: Audio (2 salespersons), Video (1 salesperson) and Spares (1 salesperson). The purchasing is done by one person and you are in administration. The CEO is also a full-time employee. 1. Background You have been employed as financial controller from 1.12.2021 of a small family-owned company. In the past there has really been no financial management but now that the founder's daughter took over as CEO she wants proper procedures and reports. The company has a board of directors with three external board members plus two representatives of the owning family. The company imports electronic equipment from South Korea and Japan and sells that to distributors. There are no retail sales of the products directly to customers, but there is a service department selling spare parts online to consumers and repair shops. The company is organized into three divisions: Audio (2 salespersons), Video (1 salesperson) and Spares (1 salesperson). The purchasing is done by one person and you are in administration. The CEO is also a full-time employee. Business is going acceptably but there is a slight concern that the brands represented may not be at the spearhead of technology. The CEO is actively looking for new brands to sell, but that is likely to have an effect in 2024, earliest. Liquidity has been poor during the last year. 2. Numerical data The income statement and balance sheet for 2021 and 2022 (forecast) can be found below. The company has prepared no operating budget nor any cash flow budgets in the past. Arcada Imports Ltd Financial Information 000 of euros 2021 2022 INCOME STATEMENT Sales 2087 2096 Cost of goods sold - 1461 - 1467 Gross profit 626 629 Payroll costs - 317 - 297 Other Operating expenses - 17 - 137 Depreciation - 125 |- 125 Interest expense - 83 - 79 Profit before tax - 16 - 9 Income taxes - 1 - Net profit - 17 - 9 BALANCE SHEET 2021 2022 BALANCE SHEET ASSETS Office equipment Goods for sale in inventory Spare parts in inventory Acc. Receivables Prepaid expenses Cash equivalent LIABILITIES Share capital Retained earning Long-term loans Acc. Payable Accrued expenses Other short-term debt 2021 500 876 158 442 132 152 2260 100 69 1500 390 113 2260 2022 375 937 212 458 77 41 2100 100 59 1300 89 112 2100 Annual depreciation 125 Annual amortization 200 2022 Sales in 000 of January [ 100 | 79 | 13 | 192 | February s | 78 | 9 | 200 | March 192 April 210 May 109 | 67 | 9 | 18 June 142 July o | o | a | & | August September | s [ 1 | 2 | October 112 78 7 197 November 121 93 19 238 December 135 138 8 281 1106 850 140 2096 3. The budget Your first task is to prepare a master budget (operating budget, balance sheet and cash flow budget) for 2022. The budget may of course be partly based on the figures from previous years but all budget numbers and underlying assumptions must be briefly discussed and documented. Where you lack data for the budget, carry out research and try to come up with sensible numbers that you can explain. Be sure to include recommendations and action points in the documentation, if you come up with any. 4, The proposed financial report Secondly, prepare a proposal for a financial report for the company, in particular the Board. Prepare a template (a model) of the January 2022 monthly financial report, using January 2022 budget data, leaving the actual outcomes blank. Remember to include all relevant financial and non-financial information, but without drowning the reader in details. The report must give the Board all necessary information for evaluating the performance of the company. 5. Grading notes The assignment gives a maximum of 40 points as follows: - documented budget assumptions with discussion and explanations 8p - a sensible and realistic operating budget 8p - a balance sheet that balances and ties in with the other parts 8p - a realistic monthly cash flow budget that ties in with the others 8p - reporting structure and template 8p Please note that Excels that are incomprehensible (impossible for me to understand) will get no points! Late submissions will get o points