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Ridge and Robertsare partners in a smallaccounting firm. Incomeand expenses for the year ended30 June 2020 were:
Fees Income
$ 224,000
MarketingExpenses
$ 6,900
Other Income
52,000
Other Expenses
2,000
Office Wages
31,000
Insurance
8,800
Office Expenses
9,600
Rent
11,200
Based on the data for the past three years, it shows that:
The purchase department advises that the firm is planning to upgrade the office fixtures and fittings, which will cost approximately $40,000.
Managers in Ridge and Roberts will receive a performance bonus at the end of the year if the firm achieves their budgeted profit.
Required:
(a) Prepare the Income Statement for year ended 30 June 2020 and prepare a budgeted Income Statement for the year ending 30 June 2021 based on the above information
For the budgeted income statement, you will need to establish the assumptions such as increase or decrease % and parameters which will be relevant for the budget. You can use the parameters provided in the income statement for 2020 and add any additional parameters if necessary.
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