After carefully reviewing the companys current financial situation, management team has decided to review the Proposed budget for year 2 and you are requested to prepare revised budget in accordance with organisational budgetary requirements for year 2 & 3.

Use appropriate software to prepare the budget and then attach it to this assessment tool.

My retail Business Budgeted Income Statement For year ended 30 June 2017
			Year 1
			$
Revenue
	Sales		458,580
less	TOTAL COST OF GOODS SOLD		334,764
	GROSS PROFIT		123,816
less OPERATING EXPENSES
	Accounting fees		560
	Advertising		4,168
	Bank charges		240
	Depreciation		632
	Electricity		762
	Insurances		1,650
	Interest paid		1,600
	Legal fees		210
	Rent		42,945
	Stationery		428
	Sundries		363
	Superannuation		3,488
	Telephone		936
	Wages		38,750
	Total operating expenses		96,732
	NET PROFIT		27,084

Additional information:

Annual sales are expected to increase by 20% each year

COST OF GOODS SOLD are expected to increase by 5% each year

Advertising costs are expected to increase by $500 each year

Depreciation charges are the same each year

Annual rent is expected to increase by 5% each year

Superannuation is 9.5 % of wages each year

Wages are expected to increase by 6% each year

All other operating expenses are expected to increase by 2% each year