All Aboard Ltd is preparing a quarterly budget covering the 3 months ending 30 June 2025. The information available for the budget is as follows.

1. Cash sales represent 40% of all monthly sales; 60% of all credit sales are collected in the month of sale and the remainder are collected in the month following the sale.

2. Inventory purchases that are made on account equal 60% of the sales forecast for that month; 40% of the purchases are paid for in the month of purchase, and 60% are paid for in the following month.

3. Ending inventory on 30 June 2025 is projected to be $35 600.

4. Equipment purchases at the end of June are budgeted at $58 000.

5. Other quarterly expenses are budgeted as follows: electricity, $8800; rent, $33  000; salaries, $92 000. These expenses are paid when incurred.

6. Depreciation for the quarter is $10 400.

7. The statement of financial position as at 1 April 2025 will have the following account balances.

8. Budgeted sales are April, $152  000; May, $146  000; June, $152 000.

Required Prepare a budgeted statement of financial performance and statement of financial position for the quarter ending 30 June 2025. Ignore income tax.

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Cash at bank Accounts receivable Inventory Equipment {List-Inside-End |} $ 17 820 Accumulated depreciation $56 300 58 960 Accounts payable 36 200 Share capital 172 500 Retained earnings 51 120 100 000 78 060