Fabian is preparing a set of budgets for the quarter ending December 2023. 

Information is as under: Expected sales $380,000 Cost of goods sold $46,000 Electricity expenses $6,000 Advertising expenses $11,000 Sales staff salaries $120,000 Manager's salary $95,000 Bank charges $1,000 Telecommunication $12,000 Work cover 4% of salaries Superannuation 10% of salaries 

Prepare an income statement for the quarter ending December 2023. 

Note: When preparing the income statement, ensure you define all relevant cash, expenditure, and revenue items relevant to budget.