The following is required for the fourth requirement of the case study: Use the prepared template to develop a revised cash budget for MTI for the 2001-2002 fiscal year. Note that the spreadsheet mode

The following is required for the fourth requirement of the case study:Use the prepared template to develop a revised cash budget for MTI for the 2001-2002 fiscal year. Note that the spreadsheet model incorporates Billy Young’s assumptions that (1) the entire impact of the $199,000 reduction in revenues in Exhibit 6 occurs in September, and (2) that the salary increase and new hire are off the table until fiscal year 2002.  If you make changes in staffing, be prepared to justify your decisions, given the potential impact of layoffs on MTI’s ability to respond when business recovers.  You may use the template to: Manipulate post 9/11 revenues using best case, worst case and middle ground scenarios.Eliminate or reinstate the incentives for salaried employees.Defer some proportion of fixed salaries; any deferred compensation will appear as a liability on MTI’s 8/31/2002 balance sheet.Defer some portion of the rent on the Seattle office; any deferred rent will appear as a liability on MTI’s 8/31/2002 balance sheet.Lay off up to eight salaried employees.Decisions about retaining or eliminating the new hire at $35,000 per year are controlled entirely by the macros.  The “original revenue” and “reinstate incentives” scenarios retain the new hire.  All other scenarios assume the new hire is eliminated.Be sure to follow the instructions in the supplemental excel files when completed the work for requirement 4.  You should provide a detailed discussion regarding why you made the choices that you did, it is not enough to simply submit the excel file.InstructionsUnlike the other case studies, this one takes a complex financial model and simplifies things greatly with the use of macros.  The discussion for this requirement can be completed in a word document.  To help me understand your conclusions for the  requirement, go ahead and submit the excel file with your word file as well.