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can I have help answer this budget question part a and b

a. Prepare a Classified Budgeted Income Statement for year ended 30 June 2020.

Commencing in July 2019, the business plans on preparing monthly budgets rather than budgeting on an annual basis.

b. Outline two benefits of preparing budgets monthly.

Thao Trendy owns and operates Thao's Trick's, a small business that sells magic kits. She has asked you to assist with the budgeting process for the year ended 30 June 2020. Thao has provided you with the following information, she has decided to mark-up all Inventory by 150%. THAO'S TRICKS Balance Sheet as at 30 June 2019 S S 11.400 6 000 17 400 s Current Assets Current Liabilities Cash at Bank 42 000 Accounts Payable Accounts Receivable 15 000 GST Clearing Inventory 23 0000 000 Non-current Assets Owner's Equity Office Equipment 15 800 Capital: T. Trendy Less Acc. Dep 7 110 690 88 690 71 290 88 690 Estimates for 2019-2020 reporting period. Total Sales $580,000 (plus GST) Credit Sales 70 percent of Total Sales Cash Inventory Purchases $120,000 (plus GST) Credit Inventory Purchases $280,000 (plus GST) Payments to Accounts Payable $290,000 Inventory Loss 1% of Total Inventory Purchases (excluding GST) Inventory Drawings $2.000 Cash received from Accounts Receivable S320,000 Bad Debts Expense $8,000 Discount Revenue $5,000 Discount Expense $9.500 Rent Paid $36,400 (plus GST) Rent Expense per month $2,800 Wages Paid S60.000 Wages Owing at end $4,800 Office Equipment $4.000 (plus GST) to be purchased on 1 April 2020 Depreciated at 10% per annum using the straight-line Office Equipment Depreciation method a. Prepare a Classified Budgeted Income Statement for year ended 30 June 2020. Commencing in July 2019, the business plans on preparing monthly budgets rather than budgeting on an annual basis. b. Outline two benefits of preparing budgets monthly. Thao's Tricks Budgeted Income Statement for Year ended 30 June 2020

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