Please fill out the rest

Soto Supplies Ltd sells carry bags for laptop computers. John Birt is responsible for preparing Soto Supplies master budget, and he has assembled the data below for May and June 2020.

	May ($)	June ($)
Cash sales	6,000	5,000
Credit sales	49,000	56,000
Credit purchases	32,000	36,000
Wages expense	12,000	13,200
Rent expense	1,200	1,200
Other miscellaneous expenses	3,200	2,400
Cost of sales	30,600	33,000
Depreciation expense	6,200	6,000
Cash proceeds from the sale of old machinery		2,000
Payment of dividends		6,000

1. Prepare a Budgeted Income Statement for the months of May and June.

Budgeted Income Statement For the months of May and June
	May ($)	June ($)
Sales
Less Cost of Sales
Gross Profit
Less Expenses
Administration Expenses
Wages Expense	12,000	13,200
Depreciation Expense	6,200	6,000
Rent Expense	1,200	1,200
Gross Expense
Profit