Required: Draft the Statement of Comprehensive income and the Statement of Financial Position

Forecasting (15) During the strategic meeting, the following targets have been set for the financial year ended Feb 2023. Use these targets and draft the Statement of Comprehensive Income and the Statement of Financial Position for the year ended February 2023. Target R45,296,000 Sales: Cost of Sales: The company uses a markup of 50% on cost of sales to calculate the sales price Expenses Finance Charges: Effective tax rate 21% of Total Sales R1,521,000 28% MBA5928 Financial Reporting and Analysis Jan 2022 S1 Fixed asset turnover rate 2.5 Inventory days 45 Days Trade debtor days 45 Days Current Liabilities 60 Days Long term liabilities to Equity 1.25: 1.0 Purchases 80% of cost of sales Credit sales 75% of total sales R1,450,0000 Cash and Marketable securities Required: Draft the Statement of Comprehensive income and the Statement of Financial Position Please note: 1. Organize your answer in a logical manner, 2. Number your questions clearly, 3. Marks are not based on the number of formulas used, but rather on the correct use of the formulas and ultimately the interpretation of the results