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Schedule of Cash Receipt | |||||||
Credit Sale | % | Discount | May | June | |||
Credit Sale: | |||||||
February Sale | $ 410,500 | $ 61,575 | |||||
March Sale | $ 500,500 | 30% and 15% | $150,150 | $ 75,075 | |||
April Sale | $ 585,800 | 50% and 30% | 5% | $278,255 | $175,740 | ||
May Sale | $ 580,000 | 50% | 5% | $275,500 | |||
June Sale | $ 600,000 | ||||||
Cash Sale | 10% | $270,000 | $288,000 | ||||
Total Cash Collection | $759,980 | $814,315 | |||||
Schedule of payment for purchase | |||||||
May | June | ||||||
Credit Purchases: | |||||||
April Purchase | $ 420,480 | $420,480 | |||||
May Purchase | $ 414,000 | $414,000 | |||||
June Purchase | $ 426,000 | ||||||
Cash Purchase | 40% | $276,000 | $284,000 | ||||
Cash Payment for purchases | $696,480 | $698,000 | |||||
Cash Budget: | |||||||
May | June | ||||||
Beginning Balance | $ 15,500 | $ -4,300 | |||||
Add: Cash Collection | $759,980 | $814,315 | |||||
Total Cash Available | $775,480 | $810,015 | |||||
Payment for: | |||||||
Purchases | $696,480 | $698,000 | |||||
Salary and wages | $ 65,800 | $ 65,800 | |||||
Sundry Expense (Excluding Dep) | $ 17,500 | $ 18,500 | |||||
Total Cash Payment | $779,780 | $782,300 | |||||
Ending Balance | $ -4,300 | $ 27,715 | |||||
2Thel Manageamoem of Ankit lad decided so preare csbget for May and June 2018. Following information...
The management of Sondela Limited has decided to prepare a cash budget for May and June 20X9. The following information is available: February March April May June Sales: Cash R250 600 R290 500 R305 700 R300 000 R320 000 Sales: Credit R410 500 R500 000 R585 800 R580 000 R600 000 Purchases R595 400 R684 700 R700 800 R690 000 R710 000 Salaries and wages R65 800 R65 800 R65 800 R65 800 R65 800 Sundry expenses R18 700 R19...
Tiro provides you with the following information Project 3 Cash budgets and budgeted financial statements (Chapters 4 and 5) Question 1 P. Ttro provides you with the following figures March actual sales April budgeted sales May budgeted sales June budgeted sales 42 000 39 COC 36 CCC 25 200 Sales are expected to be 70% credit and 30% cash and include GST. Invoices for credit sales are issued at the end of the month. Accounts receivable pay 70% within 30...
The following figures are available for Insure (Pty) Ltd: Actual (2018) Budget (2018) January February March April May Sales 96 000 120 000 60 000 160 000 200 000 Purchases 100 000 50 000 160 000 84 000 60 000 Sales commission 400 600 1 200 800 400 Wages 800 800 800 ? ? 40% of all sales are for cash. 35% of all purchases are for cash. Collection from debtors are as follows: 20% is collected in the month...
The following transactions occurred in June 2018 for Borderline Ltd JuneReceved a cheque for S1 200 from Roar Ltd in full settlement of its account and deposited it in the bank account Sold inventory for $905(before any discounts have been applied) to Jones Ltd on credit (the company was given a trade discount of $80, then the normal credit terms) COGS was $420 Paid rent for June S1 500, chq no. 561 (Assume the rent is GST free) Purchased inventory...
The information provided below was taken from the books of Uli Enterprise for the financial year ended 31 May 2018. Extract of the statement of comprehensive income for the year ended 31 May 2018 $ Sales 480 000 Cost of sales 240 000 Rent income 12 000 Advertising 4 800 Salaries and wages 72 000 Rates and taxes 1 200 Other operating expenses 96 000 Additional information: 1. All inventories are priced at cost plus 25%. 2. Sales are divided...
Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $876,000, inventories of $106,920, and accounts payable of $30,536. The budget is to be based on the following assumptions. Each month’s sales are billed on the last day of the month. Customers are allowed a 2 percent discount if payment is made within 10 days after the billing date. Receivables are...
Technopak Limited supplies components for smartphones. REQUIRED Use the information provided below to: 5.1 Prepare debtors collection schedule for April and May 2019. 5.2 Prepare cash budget for April and May 2019. Note: Where applicable, round off all amounts to the nearest to the nearest Rand (14) INFORMATION The following figures are available: Sales Purchases Sales Commission Wages January 96000 100000 400 800 Actual 2019 February 120000 50000 600 800 March 60000 160000 1200 800 Estimated 2019 April May 160000...
Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $876,000, inventories of $128,520, and accounts payable of $36,202. The budget is to be based on the following assumptions. Each month’s sales are billed on the last day of the month. Customers are allowed a 2 percent discount if payment is made within 10 days after the billing date. Receivables are...
a. Budgeted monthly absorption costing income statements for April-July are: April May June July $ 470,000 $1,000,000 $450,000 $ 350,000 329,000 700,000 315,000 245,000 141,000 300,000 135,000 105,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense Total selling and administrative expenses Net operating income 91,000 42,500 133,500 7,500 $ 95,000 56,800 151,800 148,200 $ 56,000 35,000 9 1,000 44,000 $ 35,000 33,000 68,000 37,000 $ *Includes $17,000 of depreciation each month. b. Sales...
Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $855,000, inventories of $122,625, and accounts payable of $29,134. The budget is to be based on the following assumptions. • Each month's sales are billed on the last day of the month. • Customers are allowed a 2 percent discount if payment is made within 10 days after the billing date....