3.4 To assist in budgeting for the year ending 30 June 20XX, Central Bakery has provided the following information. Income Statement for the year ended 30 June 20XX

20XX			20XX (estimates)
	$	Details
Sales (80% credit)	500,000	1100 units @ $500 inc GST	Increase price per unit by 5% and number of units by 15%
Cost of sales	200,000	Cost $200 per unit inc GST	Suppliers price unchanged. All stock is purchased on credit
Gross Profit	300,000
Less other expenses
Bad debts	4000		20% of credit sales
Depreciation of equipment	18,000	15% per annum straight line	Same rate and method
Wages	95,000		5% increase plus one new employee at $65,000
Office expenses	25,000		Will pay $30,800 inc GST
Total Expenses	142,000
Net Profit	158,000
20XX			20XX (estimates)
	$	Details
Assets
Bank	28,000		No required
Debtors control	52,000		Collect $500,000 from debtors
Stock control	40,000	200 units	Number of units damaged
Prepaid office expenses	800		30 June 20XX balance $2000
Equipment	120,000		New equipment purchased for cash $20,000 + GST
Accum Depn	(44,000)
Total Assets	196,800
20XX			20XX (estimates)
	$	Details
Liabilities
Creditors control	27,000		Pay $245,000 to creditors 30 June balance $35,000
Accrued wages	2000		30 June balance $3,500
GST Clearing	3000		Not required
Loan	36,000	Taken 30 June 20XX	Settle in February paying $4,200 in total
Total Liabilities	36,000
Owners equity
Capital	168,800		Drawings $60,000 cash, no additional capital
Total Equities	196,800

3.4.1 Calculate the budgeted cost of sales for the year ending 30 June 20XX

3.4.2 Prepare a budgeted income statement for the year ending 30 June 20XX

3.4.3 Reconstruct the debtors control account to determine the estimated balance at 30 June 20XX

3.4.4 Reconstruct the creditors control account to determine the estimated balance at 30 June 20XX

3.4.1 Calculate the budgeted cost of sales for the year ending 30 June 20XX

3.4.2 Prepare a budgeted income statement for the year ending 30 June 20XX

3.4.3 Reconstruct the debtors control account to determine the estimated balance at 30 June 20XX

3.4.4 Reconstruct the creditors control account to determine the estimated balance at 30 June 20XX

3.4.1 Calculate the budgeted cost of sales for the year ending 30 June 20XX

3.4.2 Prepare a budgeted income statement for the year ending 30 June 20XX

3.4.3 Reconstruct the debtors control account to determine the estimated balance at 30 June 20XX

3.4.4 Reconstruct the creditors control account to determine the estimated balance at 30 June 20XX