Accrual Accounting XXXXX XXXXX XXXXX Gross Profit Wages Administration Commission (2%) Insurance Amortization of Lease Net Profit XXXXX Mr. Martinez is setting up a new business on January 1, 2017 by investing 150,000 on that date, and has made the following estimates and policy decisions: a. Forecast sales (in units) made at a selling price of 50 per unit are: MONTH January February March April May June July SALES UNITS 1,650 2.200 3,850 4.400 4,400 4,950 5,500 XXXXX XXXXX XXXXX XXXXX Budgeted statement of financial position as at June 30, 2017 b. 50% of sales are cash sales. Credit terms are payment in the month following sale. c. The units cost P40 each and the supplier allows one (1) month credit. d. It is intended to hold inventory at the end f each month equivalent to 25% of the following month's sales e. Administration expenses estimated at P8,000 and wages of P16,000 are to be paid monthly as they arise. f. On January 1, 2017, payments will be made for a five-year lease of the business premises amounting to P80,000. Also paid at the same date is the premium for one year insurance amounting to 500. g. Staff sales commission of 2% of sales will be paid in the month following sale. Capital Net Profit Totals XXXXX XXXXX XXXXX XXXXX XXXXX XXXXX XXXXX XXXXX REQUIRED: Using the formats shown below, prepare on a separate bond paper, in word or excel: Non-current Assets Leasehold, Premises Less: Amortization Add: Current Assets Inventory Trade Receivable Prepayment: Insurance Cash Less: Current Liabilities Trade Payables Commission Net Assets XXXXX XXXXX XXXXX A budgeted statement of comprehensive income for the first six (6) months, and a state- ment of financial position on June 30, 2017) XXXXX XXXXX XXXXX XXXXX Budgeted profit and loss account for six (6) months ended June 30, 2017 XXXXX Sales Purchases. XXXXX Closing inventory June 30 2017 Cost of Sales End of document u XXXXX XXXXX Screens 1-2 of 2 E-H + 100%