2 (Marks: 20) Asante Limited incurred the following expenses and income for the year ended...
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Accounting
2 (Marks: 20) Asante Limited incurred the following expenses and income for the year ended 31 December 2022: Item R Wages and salaries 120 000 Water and electricity 73 000 Sales returns 56 000 insurance 48 000 Interest on savings account 64 000 advertising 23 000 General expenses 13 000 Credit losses recovered 37 000 Interest on bank overdraft 12 000 Interest on creditors account 65 000 Interest on debtors account 46 000 Sales 1 675 000 Rent expense 90 000 Cost of sales 675 000 Telephone 29 000 Assume Asante Limited introduces the following changes for the year ended 31 December 2023: Increase net sales by 8%. Increase cost of sales by 15%. Increase additional income by 5%. Increase each operating expense by 12%. Reduce interest income by 6%. Increase interest expense by 7%. Tax is calculated at 28% of profit before tax. REQUIRED: Prepare the budgeted statement of comprehensive income of Asante Limited for the financial year ended 31 December 2023
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