Question 2 (20) R diagnostios provides reagents, and laboratory consumables to their local medical lahoratories. The following information has been obtained from R diagnostics: - Total sales figures (actual and budaeted) are: - The abridged Statement of Financial Position on 31 March 2019 is as follows: - Rent amounts to r240 000 per annum and is payable monthly. - Selling and administration expenses are estimated to be 25% of sales and are payable in the same month as the sale. - The gross profit percentage on sales is 60% - Depreciation on fixed assets for the year amount to R28 00D. - Cash sales account for 20% of total sales. Credit sales {80%] are usually collected as follows: for cash. The total purchases are as follows: March;AprilMayluneR160000R168000R152000R144000 - Creditors are paid in full in the month after the purchase. - All other expenses are paid monthly and are expected to amount to R22 000 per month. Required Glve a brief referenced description of each term then do the calculations and comment on your answers 2.1. Prepare a budgeted Statement of Comprehensive Income for the 3 months ended 30 June 2019. 2.2. Prepare a monthly cash budget for April, May and June 2019. 2.3. Prepare a budgeted Statement of Financial Position an 30 June 2019. Question 2 (20) R diagnostios provides reagents, and laboratory consumables to their local medical lahoratories. The following information has been obtained from R diagnostics: - Total sales figures (actual and budaeted) are: - The abridged Statement of Financial Position on 31 March 2019 is as follows: - Rent amounts to r240 000 per annum and is payable monthly. - Selling and administration expenses are estimated to be 25% of sales and are payable in the same month as the sale. - The gross profit percentage on sales is 60% - Depreciation on fixed assets for the year amount to R28 00D. - Cash sales account for 20% of total sales. Credit sales {80%] are usually collected as follows: for cash. The total purchases are as follows: March;AprilMayluneR160000R168000R152000R144000 - Creditors are paid in full in the month after the purchase. - All other expenses are paid monthly and are expected to amount to R22 000 per month. Required Glve a brief referenced description of each term then do the calculations and comment on your answers 2.1. Prepare a budgeted Statement of Comprehensive Income for the 3 months ended 30 June 2019. 2.2. Prepare a monthly cash budget for April, May and June 2019. 2.3. Prepare a budgeted Statement of Financial Position an 30 June 2019