x Update Error Open System Settings and allow 'Microsoft AutoUpdate' to run in the background. C9 + X V fx A B C D E F G H I Gem Star Productions, Inc. Profit and Loss Statement ACTUAL BUDGET VARIANCE 6 Sales: 8 Event Revenue $11,400 $11,400 10 Less Expenses: 11 Utilities Expense 220 220 13 Payroll Expense 3,200 3,200 14 Depreciation Expense 297 297 Interest Expense 233 233 16 Office Supplies Expense 667 667 Insurance Expense 1,200 1,200 18 Equipment Rental Expense 750 750 19 Total 6,567 0 20 21 Net Income 4,833 0 4,833 22 23 24 25 26 27 Sheet1 + Ready { Accessibility: Good to goAssignment 3 - Setting up Internal Controls and a Budget Congratulations! You have been promoted to Production Accountant. Unfortunately, the previous Production Accountant has been terminated for misappropriating funds. Understandably, The President of the company is greatly concerned about the lack of internal controls. Your assignment this week is to establish a system of internal controls that will help safeguard the company. To this end, you will need to come up with a list of 5 internal controls for management to review. Your list should be in order of importance with the most important one listed first. You can do a search on "Internal Controls", "Accounting Controls" and "Financial Controls" for some suggestions. Make sure they are controls and not categories of controls. For instance, access controls are a reference to a group of controls to prevent unauthorized access to company assets or records. Please make sure that you explain your controls in your own words and don't cut and paste into the Word doc. This is intended to be your own work. Failure to do this will result in grade deductions.For each control you come up with, please provide a description of the control including how it will work, what it will prevent and how you will determine if it is being enforced. In addition, management is desirous of creating a budget in order to provide a means to measure the performance of the company. Your requirement is to create a budget. Your budget must include numbers for all revenue and expense accounts from Assignment 2. You do not need to provide budgeted numbers for the Balance Sheet accounts. A template has been provided that contains the actual numbers from assignment 2 and a column for the Budget. Make sure that your budget numbers are different from the numbers in the actual column. Please include the difference between the actual amounts and the budget in the variance column. Your deliverable this week will be a Word document describing each control making sure you include all the points above. Your file should be saved using your first initial and last name and "A3 controls". Your second deliverable will be an Excel file. Use the template attached to the assignment