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REQUIRED Use the information provided below to prepare the following: 4.1 Budgeted Statement of...

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Accounting

REQUIRED

Use the information provided below to prepare the following:

$4.1$

Budgeted Statement of Comprehensive Income for the year ended $30$ June $2024 .$

$(5$ marks $)$

$4.2$

Budgeted Statement of Financial Position as at $30$ June $2024 .$

$(15$ marks $)$

INFORMATION

MARBURG LTD

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED $30$ JUNE $2023$

R

Sales

$4 800 000$

Cost of sales

$(3 600 000)$

Gross profit

$1 200 000$

Expenses

$(600 000)$

Profit before tax

$600 000$

Company tax $(30 %$ of pre $-$ tax profit $)$

$(180 000)$

Profit after tax

$420 000$

MARBURG LTD

STATEMENT OF FINANCIAL POSITION AS AT $30$ JUNE $2023$

R

ASSETS

Non $-$ current assets

$2 100 000$

Fixed $/$ Tangible assets

$2 100 000$

Current assets

$1 800 000$

Inventories

$600 000$

Accounts receivable

$900 000$

Cash and cash equivalents

$300 000$

Total assets

$3 900 000$

EQUITY AND LIABILITIES

R

Shareholders equity

$1 950 000$

Ordinary share capital $(450 000$ shares $)$

$900 000$

Retained earnings

$1 050 000$

Non $-$ current liabilities

$1 200 000$

Long $-$ term loan

$1 200 000$

Current liabilities

$750 000$

Accounts payable

$732 000$

Company tax payable

$18 000$

Total equity and liabilities

$3 900 000$

Answer & Explanation Solved by verified expert

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