Refer to the AFS for Parker Tool & Die. You are required to provide a budgeted Income Statement for the year $20$X$3$ based on the following assumptions.

i$.$ Sales have been projected to increase by $45\%$ in year $20$X$3.$

ii$.$ Gross profit is expected to remain at $22\%$ of sales.

iii. Other income for year $20$X$3$ is only expected to be interest from their call account of R$2500.$

iv$.$ Mr Parker indicated that he would provide a further capital injection of R$100000$ to the shareholder's loan.

v$.$ The company will be seeking an overdraft line of R$200000,$ which is likely to be granted. They anticipate only using the overdraft in emergencies and will cover the interest. This has been budgeted at R$1350$ and is included in the expected increase of expenses at $25\%.$ The overdraft balance as at $20$X$3$ was R$26152.$

vi$.$ Total expenses are expected to increase in line with the increase in sales at $25\%.$

vii. The company expects to pay tax at $20\%$ of the profits.

viii. Debtors increased by $15\%.$

ix$.$ Creditors increased by $35\%.$

x$.$ Stock increased by $25\%.$

Use the following structure as a guideline for your budgeted income statement.

Budgeted statement of comprehensive income for $20$X$3$:

$-$ Sales

$-$ CoS

$-$ GP

$-$ Other income

$-$ Total income

$-$ Expenses

$-$ NPbT

$-$ Tax

$-$ NPaT