Question 5 - Develop Budget You are required to prepare the Budgeted Profit and Loss Statement for Perfect Plant Ltd for the next financial year, in the table provided below (copy to excel and calculate in excel), using the following Information: Perfect Plants Ply Ltd Profit and Loss Statement For the year ended 30/6/19 $ Revenue Retail Cash Sales Wholesale Credit Sales interest Received 1,050,000 5,450,000 10,000 6,510,000 3,350,000 3,350,000 3,160,000 Sales is expected to increase by 8% COGS will move in line with sales Interest received, depreciation, Interest paid are expected to remain the same Admin & IT and Other operating expenses are expected to increase by 3x Salary and Wages are expected to Increase by 2.5% Superannuation will remain 9.5% of Salary and Wages Bad debts must be better managed to be limited to 1% of credit sales Income Tax expense is expected to be 27.5% Less Cost of Sales Cost of Goods Sold Gross Profit Less Expenses Admin & IT Salary and Wages Superannuation Interest Paid Bad Debts Depreciation 250,000 1,055,000 100,225 200,000 100,000 150,000 Other Operating Expenses 634,775 Total Expenses Net Profit Before Tax Income Tax Expense Net Profit After Tax 2,240,000 920,000 201,000 469,000 $ Perfect Plants Pty Ltd Budgeted Profit and Loss Statement For the year ended 30/6/20 $ Revenue Retail Cash Sales 1,134,000 Wholesale Credit Sales Interest Received Less Cost of Sales Cost of Goods Sold Gross Profit Less Expenses Admin & IT Salary and Wages Superannuation Interest Paid Bad Debts Depreciation Other Operating Expenses Total Expenses Net Profit Before Tax Income Tax Expense Net Profit After Tax PASTE SCREENSHOT OF