With the below financial information for a company for fiscal year 2016, create a budget
for fiscal year 2017 assuming a growth rate of 5%/annum.

Revenues $100,000
Cost of Goods Sold 12,000
Gross Profit 88,000
Sales & General Expenses 3,000
Salaries Expense 2,000
Interest Expense 1,000
Research & Development Expense 5,000
Operating Income 77,000
Taxes (20%) 15,400
Net Income $ 61,600