Q8. Ridge and Roberts are partners in a small accounting firm. Income and expenses for the year ended 30 June 2015 were: Fees Income $ 224,000 Marketing Expenses $ 6,900 Other Income 52,000 Other Expenses 2,000 Office Wages 31000 Insurance 8,800 Office Expenses 9.600 Rent 11,200 For the year ending 30 June 2016, budgets are to be based on the following: . Fees income is expected to rise by 9%. . Other income is expected to rise by 3%. . Office expenses, Office wages, and Other Expenses will rise by 2%%. . Insurance will rise by 6%. . Rent will rise by 3%. . Marketing expenses will rise by 7%. Required: Prepare the Income Statement for year ended 30 June 2015 and prepare a budgeted Income Statement for the year ending 30 June 2016. Income Statement 2015 Budgeted Income Statement 2016 $ $ Increase % $ Fees Income Other Income Total Income $ Less Expenses: Office wages S Office Expenses Marketing Expenses Other Expenses Insurance Rent $ $ Net Profit