Question 2 R diagnostics provides reagents, and laboratory consumables to their local medical laboratories. The following information has been obtained from R diagnostics: Total sales figures (actual and budgeted) are: Actual Budgeted January February March April May June R R R R Total sales 320 000 200 000 400 000 420000 360000 360000 The abridged Statement of Financial Position on 31 March 2019 is as follows: Statement of Financial Position as at 31 March 2019 R ASSETS Non-current assets Property plant and e Current Inventories Debtors Bank Total t EQUITY AND LIABILITIES Equity Cap Current Cred Total equity and Rent amounts to R240 000 per annum and is payable monthly. 200 000 200 000 805600 240000 361500 4000 33800 112000 1122000 805600 (20) 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 000. Cash sales account for 20% of total sales. Credit sales (80%) are usually collected as follows: >80% 20% 1 month after the sale 2 months after the sale. The inventory balance will remain constant. Thirty percent (30%) of all purchases are for cash. The total purchases are as follows: March R160 000 April R168 000 May R152 000 R144 000 June 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 Give 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 on 30 June 2019.