Answer Happy

INFORMATION
The following statement ofcomprehensive income for the financial year ended 31 December 2021and the statement of financial position as at 31 December 2021 havebeen provided by Midas Enterprises:
Statement of comprehensiveincome for the year ended 31 December 2021
R
Sales
10 000 000
Cost of sales
(5 750 000)
Gross profit
4 250 000
Variable selling and administrativeexpenses
(1 500 000)
Fixed selling and administrativeexpenses
(500 000)
Net profit
2 250 000
Statement of financial positionas at 31 December 2021
R
ASSETS
Non-current assets
800 000
Property, plant and equipment
800 000
Current assets
3 400 000
Inventories
1 600 000
Accounts receivable
600 000
Cash
1 200 000
4 200 000
EQUITY ANDLIABILITIES
Equity
3 760 000
Currentliabilities
440 000
Accounts payable
440 000
4 200 000
Additionalinformation:
First quarter
R2 625 000
Second quarter
R2 750 000
Third quarter
R2 875 000
Fourth quarter
R2 750 000
Use the information providedabove to prepare the following for Midas Enterprises:
1.1 Budgeted Statementof Comprehensive Income for the year ended 31 December 2022.
(8 marks)
1.2 Budgeted Statementof Financial Position as at 31 December 2022.
(12 marks)