INFORMATION The following statement of comprehensive income for the financial year ended 31 December 2021 and the statem

[answerhappygod]

INFORMATIONThe following statement of comprehensive income for the financialyear ended 31 December 2021 and the statement offinancial position as at 31 December 2021 have been provided byMidas Enterprises:Statement of comprehensive income for the year ended 31 December2021RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable selling and administrative expenses (1 500 000)Fixed selling and administrative expenses (500 000)Net profit 2 250 000Statement of financial position as at 31 December 2021RASSETSNon-current assets 800 000Property, plant and equipment 800 000Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 0004 200 000EQUITY AND LIABILITIESEquity 3 760 000Current liabilities 440 000Accounts payable 440 0004 200 000Additional information:1. The sales budget for 2022 is as follows:First quarter R2 625 000Second quarter R2 750 000Third quarter R2 875 000Fourth quarter R2 750 0002. 90% of the sales is collected in the quarter of the sale and 10%in the quarter following the sale.3. The gross margin ratio for 2022 is expected to be the same asfor 2021.4. Inventory is purchased in the quarter of the expected sale.Eighty (80%) of inventory purchases is paid for in thequarter of purchase and twenty percent (20%) is paid for in thequarter following the purchase.5. The inventories balance at the end of each quarter is expectedto be the same as the end of the last quarter of2021 viz. R1 600 000.6. Variable selling and administrative expenses will vary in thesame ratio to sales as for 2021.7. Fixed selling and administrative expenses will be the same asfor 2021 and will include annual depreciation ofR160 000 on property, plant and equipment.8. On 31 December 2022 an old vehicle with a cost price of R180 000and accumulated depreciation of R150 000will be traded-in for new vehicle. The new vehicle will cost R400000 and the trade-in value of the old vehicle isexpected to be R50 000.9. The proprietor’s drawings for 2022 are estimated to be R1 527000.10. The cash balance must be calculated (balancing figure).Use the information provided above to prepare the following forMidas Enterprises:1.1 Budgeted Statement of Comprehensive Income for the year ended31 December 2022. (8 marks)1.2 Budgeted Statement of Financial Position as at 31 December2022. (12 marks)