Appendix A Industry Projected Income Statement for the period ended 30 June 2023 $ Sales revenue 2,144,153.03 Cost of sales (1,001,973.99) Gross Prot W Wages and salaries (387,989.60) Rental expenses (140,400.00) Depreciation Equipment (234,5 17.3 3) Operating Prot W Interest Expense (1 5,000.00) Income tax expense (109,281.64) Net Profit W Dividend (76,497.14) Transferred to retained earnings 178,493.34 Industry Projected Balance Sheet as at 30 June 2023 ASSETS Cash at bank Accounts receivable Inventory Prepaid rental expenses Equipment Accumulated depreciation equipment Patent Total Assets LIABILITIES AND EQUITY Accounts payable Wages and salary payable Bank loan Share capital Retained earnings Total Liabilities and Equity 52,457.75 146,006.61 365,032.39 33,200.00 2,706,533.36 (1,539,994.32) 75,000.00 1,393,236.29 202,219.92 122,523.03 140,000.00 450,000.00 978,493.34 1,393,236.29 Milton ASSETS _| Cash at bank 42221.884 Accounts receivable 00190.5 Inventory 103631 Prepaid rental expenses 42000 Equipment 910393.344 Accumulated depreciation " equipment -448001.12 Patent 50000 Total Assets T59T81.008 LIABILITIES AND EQUITYr Accounts payable T005T.5 Wages and salary payable 46305 Bank loan 00000 Share capital 300000 Retained earnings 282819.108 Total Liabilities and Equity I59?81.608 MILTON Sales revenue 926100 Cost of sales -471050 Gross Profit 455050 Rental expenses -78000 Depreciation - Equipment -81285. 1 Wages and salaries -185220 Operating Profit 110544. 9 Interest Expense -7000 Income tax expense -31063. 5 Net Profit 72481. 42 Dividend -36240. 7 Transferred to retained earnings 36240. 71