Annual Budget | ||||||||
Name: Deon and May Daley | ||||||||
Cash-Flow Statement | ||||||||
2017 | ||||||||
2016 | Jan. | Feb. | Mar. | Apr. | May | June | Explanation | |
Income | ||||||||
Deon's salary | 59000 | 5162.5 | 5162.5 | 5162.5 | 5162.5 | 5162.5 | 5162.5 | 59000/12*1.05 |
May's salary | 53100 | 4557.75 | 4557.75 | 4557.75 | 4557.75 | 4557.75 | 4557.75 | 53100/12*1.03 |
Deon's bonus | 5000 | 5900 | ||||||
Interest & Dividends | 150 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 150/12 |
1.Total Income | 117250 | 15632.75 | 9732.75 | 9732.75 | 9732.75 | 9732.75 | 9732.75 | |
Expenditures | ||||||||
Fixed expenses | ||||||||
Mortgage | 14976 | 1248 | 1248 | 1248 | 1248 | 1248 | 1248 | 14976/12 |
Deon's Federal Income Tax | 12800 | 2212.5 | 1032.5 | 1032.5 | 1032.5 | 1032.5 | 1032.5 | (sal+Bonus)*20% |
Deon's State Income Tax | 3840 | 663.75 | 309.75 | 309.75 | 309.75 | 309.75 | 309.75 | (sal+Bonus)*6% |
Deon's Social Security Taxes | 4896 | 846.28 | 394.93 | 394.93 | 394.93 | 394.93 | 394.93 | (sal+Bonus)*7.65% |
May's Federal Income Tax | 10620 | 911.55 | 911.55 | 911.55 | 911.55 | 911.55 | 911.55 | Sal.*20% |
May's State Income Tax | 3186 | 273.47 | 273.47 | 273.47 | 273.47 | 273.47 | 273.47 | Sal.6% |
May's Social Security Taxes | 4062 | 348.67 | 348.67 | 348.67 | 348.67 | 348.67 | 348.67 | sal.*7.65% |
Property Taxes | 4100 | 4100 | ||||||
Property Insurance | 1200 | 1200 | ||||||
Medical Insurance | 2400 | 240 | 240 | 240 | 300 | 240 | 300 | |
Automobile Insurance and Registration | 700 | 175 | 175 | 700/4 | ||||
Savings for auto purchase | 500 | 500 | 500 | 500 | 500 | 500 | ||
2.Total Fixed expenses | 62780 | 7244.21 | 5258.86 | 5433.86 | 5318.86 | 5258.86 | 10793.86 | |
Variable expenses | ||||||||
Food | 1620 | 135 | 135 | 135 | 135 | 135 | 135 | 1620/12 |
Entertainment | 3000 | 250 | 250 | 250 | 250 | 250 | 250 | 3000/12 |
Dining out | 4700 | 391.67 | 391.67 | 391.67 | 391.67 | 391.67 | 391.67 | 4700/12 |
Electric | 350 | 29.17 | 29.17 | 29.17 | 29.17 | 29.17 | 29.17 | 350/12 |
Water and sewer | 800 | 200.00 | 200.00 | 800/4 | ||||
Heat | 1250 | 208.33 | 208.33 | 208.33 | 208.33 | 1250/6 | ||
Cable TV | 3000 | 250.00 | 250.00 | 250.00 | 250.00 | 250.00 | 250.00 | 3000/12 |
Telephone | 600 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 600/12 |
Cell phone | 900 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 75.00 | 900/12 |
Gifts | 2000 | 1000.00 | 2000/2 | |||||
Personal care | 600 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 50.00 | 600/12 |
Medical expenses | 3700 | 308.33 | 308.33 | 308.33 | 308.33 | 308.33 | 308.33 | 3700/12 |
Vehicle gas and maintenance | 2530 | 210.83 | 210.83 | 210.83 | 210.83 | 210.83 | 210.83 | 2530/12 |
Charitable contributions | 1500 | 250 | 250 | 250 | 250 | 250 | 250 | 3000/12 |
Vacation | 6000 | |||||||
3.Total Variable expenses | 26550 | 3408.333 | 2208.33 | 2208.33 | 2408.33 | 2000 | 8000 | |
4.Total expenses--------(2+3) | 89330 | 10652.55 | 7467.2 | 7642.2 | 7727.2 | 7258.86 | 18793.86 | |
5.SURPLUS/(DEFICIT)--- (1-4) | 27920 | 4980.20 | 2265.55 | 2090.55 | 2005.55 | 2473.89 | -9061.11 | |
9. Preparing a budget A cash-flow budget uses the same format as a cash-flow statement. It...
A cash-flow budget uses the same format as a cash-flow statement. It is prepared on a monthly basis and it reflects budgeted income and expenses.In addition to the cash-flow statement, Deon and May made a list of budget assumptions: . Deon's income will increase by 5%, effective January 1 . His bonus is generally 10% of his income in the previous year, and he receives it in January. . May's raise will be 3%, effective January 1, Interest and dividend...
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A cash-flow budget uses the same format as a cash-flow statement. It is prepared on a monthly basis and it reflects budgeted income and expenses. In addition to the cash-flow statement, Deon and May made a list of budget assumptions, listed for you here: • Deon’s income will increase by 5%, effective January 1. His bonus is generally 10% of his income in the previous year, and he receives it in January. • May’s raise will be 3%, effective January...
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Cash Budget The controller of Sonoma Housewares Inc. Instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget Information: May June July Sales Manufacturing costs $86,000 34,000 15,000 $90,000 39,000 16,000 $95,000 44,000 22,000 Selling and administrative expenses Capital expenditures - 80,000 The company expects to sell about 10% of its merchandise for cash of sales on account, 70% are expected to be collected in the month following the sale...
Cash Budget The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $86,000 $90,000 $95,000 Manufacturing costs 34,000 39,000 44,000 Selling and administrative expenses 15,000 16,000 22,000 Capital expenditures _ _ 80,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the...
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Cash Budget The controller of Sonoma Housewares Inc. Instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget Information: May June July Sales Manufacturing costs $86,000 34,000 15,000 $90,000 39,000 16,000 $95,000 44,000 22,000 Selling and administrative expenses Capital expenditures - 80,000 The company expects to sell about 10% of its merchandise for cash of sales on account, 70% are expected to be collected in the month following the sale...
Cash Budget The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $112,000 $138,000 $186,000 Manufacturing costs 47,000 59,000 67,000 Selling and administrative expenses 32,000 37,000 41,000 Capital expenditures _ _ 45,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the...
PR 22-4A Cash budget OBJ. 5 The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash bud- get for the next three months. You are presented with the following budget information: May June July Sales .................................... ......******* $86,000 $90,000 $95,000 Manufacturing costs........ 34,000 39,000 44,000 Selling and administrative expenses...... 15,000 16,000 22,000 Capital expenditures ...... 80,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be...