Please make a cash budget for the months of January, February and March 1999 based on the data for
HASF PVT.LTD | |||
BUDGETED INCOME STATEMENT | |||
FOR 1st QUARTER 1999 | |||
Description | JANUARY | FEBRUARY | MARCH |
Sales | 285,000 | 323,000 | 221,000 |
Purchases | 129,000 | 168,000 | 95,000 |
Wages | 35,000 | 37,000 | 30,000 |
Supplies | 26,000 | 23,000 | 21,500 |
Utilities | 6,500 | 8,700 | 7,200 |
Rent | 15,000 | 12,800 | 13,600 |
Insurance | 12,000 | 12,000 | 12,000 |
Advertising | 24,500 | 28,500 | 18,000 |
Depreciation | 20,000 | 20,000 | 20,000 |
Net Profit | 17,000 | 13,000 | 3,700 |
Required:
Please make a cash budget for the months of January, February and March 1999 based on the data for: (5 Marks)
View Receivable Trend:
30% of Sales are collected in the month of sale
30% of Sales are collected after the month of sale
40% of Sales are collected two months after the sale is made
View Payable Trend:
10% of Purchases are paid for in the month of purchase
35% of Purchases are paid after the month of purchase
55% of Purchases are paid two months after the purchase is made
Additional Information:
Rent and Insurance expense were prepaid at the end of 1998
All other expenses are paid for in the month they were incurred
November Sales = 195,000
November Purchases = 100,000
December Sales = 250,000
December Purchases = 165,000
Please see attached Budgeted Income Statement for 1st Quarter 1999
(write the answer in text form , dont post the screenshot of the answer)
Homework Answers
CASH BUDGET
| DETAILS | JANUARY | FEBRUARY | MARCH |
| OPENING BALANCE(A) | 20850 | 37850 | |
| CASH RECEIPTS | |||
| Received from Receivables(Working Note 1) | 238500 | 282400 | 277200 |
| TOTAL(B) | 238500 | 282400 | 277200 |
| CASH PAYMENTS | |||
| Wages | 35000 | 37000 | 30000 |
| Supplies | 26000 | 23000 | 21050 |
| Utilities | 6500 | 8700 | 7200 |
| Advertising | 24500 | 28500 | 18000 |
| Paid to Payables(Working Note 2) | 125650 | 168200 | 206100 |
| TOTAL(C) | 217650 | 265400 | 282350 |
| CLOSING BALANCE(A+B-C) | 20850 | 37850 | 32700 |
WORKING NOTE 1
| DETAILS | JANUARY | FEBUARY | MARCH |
| NOVEMBER SALE (40% RECEIVED) | 78000 | ||
| DECEMBER SALE(30% RECEIVED) | 75000 | ||
| DECEMBER SALE(40% RECEIVED) | 100000 | ||
| JANUARY SALE(30% RECEIVED) | 85500 | ||
| JANUARY SALE(30% RECEIVED) | 85500 | ||
| JANUARY SALE(40% RECEIVED) | 114000 | ||
| FEBRUARY SALE(30% RECEIVED) | 96900 | ||
| FEBRUARY SALE(30% RECEIVED) | 96900 | ||
| MARCH SALE(30% RECEIVED) | 66300 | ||
| TOTAL | 238500 | 282400 | 277200 |
WORKING NOTE 2
| DETAILS | JANUARY | FEBUARY | MARCH |
| NOVEMBER PURCHASE(55% PAID) | 55000 | ||
| DECEMBER PURCHASE(35% PAID) | 57750 | ||
| DECEMBER PURCHASE(55% PAID) | 90750 | ||
| JANUARY PURCHASE(10% PAID) | 12900 | ||
| JANUARY PURCHASE(35% PAID) | 45150 | ||
| JANUARY PURCHASE(55% PAID) | 70950 | ||
| FEBRUARY PURCHASE(10% PAID) | 32300 | ||
| FEBUARY PURCHASE(35% PAID) | 113050 | ||
| MARCH PURCHASE(10% PAID) | 22100 | ||
| TOTAL | 125650 | 168200 | 206100 |
Add Answer to:
Please make a cash budget for the months of January, February and March 1999 based on the data for
Please make a cash budget for the months of January, February and March 1999 based on the data for
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