Review the budget information and financial statements for the Northern Alberta Foodbank Society in Chapter 6, and Probl

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Review the budget information and financial statements for theNorthern Alberta Foodbank Society in Chapter 6, and Problem 6-1,Part A. The Society will use the deferral method of revenuerecognition as of July 1, 2021 and maintain an operating fund and acapital fund. The revised budgeted balances at June 30 using thismethod are as follows:
ASSETS
LIABILITIES
NET ASSETS
Trans.
Cash
Invent.
PPE
Acct. Pay
Def. Rev.
Non-curr. Borrow.
Op. Fund Surplus (Defic.)
Cap. Fund
Surplus (Defic.)
Description
Carry fwd.
55,578
5,400
110,000
18,090
40,000
48,700
87,850
(23,662)
2nd qu. carry-fwd balances.
Assume the following information forthe third quarter, the three-month period ended September 30,2021:
Payments
Interest
Principal
Van loans
$8,009
$964
7,045
Mortgage
$1,077
$750
$327
All interest and principal amounts are recorded in the capitalfund.
Amount
Executive director
$2,500
All other staff
$8,000
Required:
a. Complete the third-quarter masterbudget worksheet.
b. Prepare the third-quarter budgetedfinancial statements. Prepare the statement of operations incontribution margin format.
c. Interpret the results. Ratioanalysis is not necessary.