1. Crazy Times (Pty) Ltd had similar expenses as in 2021 and wants to make provision for an adjustment of inflation of 8% for 2022. Complete the budgeted income statement for 2022 on the template provided. Using a tax rate of 28%: [Table 9 page 11] (5)

Budgeted Income Statement for Crazy Times (Pty) Ltd - 2022 INCOME Sales Less: cost of sales Opening inventory 2100 x R30,00 Materials Labour Less: closing inventory 2138 x R30,00 Gross income Current Expenses Bank charges Electricity Repairs Rent paid Commission paid Wages and salaries Accountant's fees Security Cleaning costs Stationery Regional Services Council levies Telephone Transport and deliveries Insurance Interest paid Operating expenses Net income before tax Tax Net income R 7380000 2403236 63000 739812 1664564 64140 4976765 4005566 28566 45644 6458 254821 72722 1674141 7452 12162 14467 891 11084 24865 102321 35764 49645 1664564 971199 271936 699263 Statement of comprehensive income (income statement) and statement of financial position (balance sheet) of Crazy Times (Pty) Ltd. TRIAL BALANCE Arear expenses Bank chargers Bank balance (overdrawn) Electricity Debtors Deposits Repairs Rent paid Cost of sales Commission paid Creditors Members' contribution Distributable reserves Long-term loan Wages and salaries Accountant fees Interest paid Interest received Accumulated loss the previous year Security Cleaning costs Stationery Regional Services Council levies Telephone Inventory Fixed assets - cost price - depreciation Sales Transport and deliveries Insurance Depreciation 2021 2021 dr St 0 17940 26450 0 0 98900 42263 0 220193 0 5980 0 47201 0 235946 0 2466354 0 67335 0 0 339250 0 863 0 946427 0 460000 1550131 0 6900 0 45968 0 0 403 651714 0 11261 0 13395 0 1518 0 10263 0 23023 0 391000 0 770932 0 0 5286803 94742 0 61267 0 406750 0 7150585 7150585