Financial Budgeting - Online Homework Question Autumn 2023 The following is the Statement of Financial Position summary for Freelance Trading Ltd on 30th June 2022: Freelance Trading Statement of Financial Position as at 30 June 2022 Current Assets Cash at bank Accounts receivable Inventories at Cost NunCurrent Assets Buildings Less Accumulated Depreciation Motor Vehicles at Cost E Less Accumulated Depreciation TOTAL ASSETS Current Liabilities Accounts Payable Provision for Dividend Provision for Income tax Nun-Current Liabilities Mortgage Loan Total Liabilities NETASSETS Shareh olders' Equity 400,000 Shares of 51 fully paid Retained Earnings lg Projected transaction data for the year ending 30'h June 2023: Expected Sales $750,000 (all sales, are on accou nt}. Cost of Goods Sold is 50% of sales. Marketing and administrative expenses are expected to be 15% of sales {excluding depreciation) and are paid for in cash as incurred. Interest expense is $29,925. Taxation and dividends as listed in the Statement of Financial Position on 30 June 2021 will be paid in full. Repayment of the principal of the mortgage loan of $25,000 Accounts Receivable are expected to grow by 10%. Accounts Payable are expected to grow by 5%. Inventory will grow by 10% An interim dividend will be paid amounting to $10,000 {paid out of retained earnings). Depreciation allowed on buildings is 5% per annum on original historical cost. Depreciation allowed on vehicles 15% per annum straight-line method. . On 30'h June 2023, after the calculation of the depreciation expense for the year, vehicles costing $15,000 with a written-down value of $10,000 will be sold for $15,000. A new motor vehicle will be purchased for $20,000 cash on 30"" June 2023. Provision for Taxation will be 30% of the current profit. Provision for the dividend will be 25% of net profit after tax