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a) Estimated profit and loss account (Profit and loss budget) b) Cash budget c) Estimated balance sheet 31.12.201X

a) Estimated profit and loss account (Profit and loss budget) b) Cash budget c) Estimated balance sheet 31.12.201X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Need help for a,b & c
Riina Lokka 台」 P Etsi - O AaBbCcD AaB S Korvaa Otsikko 3 Otsikko A Valitse Luo ja jaa Pyydä Sanele Luottamuksellisuus Kirjoitusavustaja Adoben PDF allekirjoituksia Käy Muokkaus Adobe Acrobat Puhe Luottamuksellisuus Kirjoitusavustaja Käytä tiec The balance sheet of Satulinna 1.1.201X shows the following: ASSETS EQUITY AND LIABILITIES euro euro Building Machinery, and equipment 38 000 Share capital 11 000 Retained earnings 12 000 4 500 Rawmaterials Accounts receivable (short term) 2 000Loans 32 000 3 500 Qther creditors (short 2 800 term) 1 400 Accounts pavable (shod term) Cash at bank and in 4 600 hand Total 55 900 Total The following details are given to prepare the budget: 55 900 Turnover is 48 000,-, accounts receivable at the end of the year are 10 % of the turnover. Purchases 18 000.-, accounts payable at the end of the year are 15 % of the purchases, usage of rawmaterials 18 800,- (= variable costs). Salaries 12 000,-, rent 3 600,-, other operating expenses 2 100,-. Investment in machinery 2 000 - and investment in building 6 000,-, which will be financed by the share issue of 3 000,- and the loan of 5 000,- Depreciation of the machinery is 25 % of the undepreciated balance and depreciation of the building is 4 % of the undepreciated balance. Taxes are 20 % of the profit before taxes. Amortization of loans is 4 300.- and interest expenses are 3 200,-. Distribution of dividends is 1 800,- Cash at the end of the year should be at least 2 000,-. If more money is needed, loans are available from the bank. PREPARE for next year a) Estimated profit and loss account (Profit and loss budget) b) Cash budget c) Estimated balance sheet 31.12.201X D Keskity 52% 0°C Selkeä
Transcribed Image Text:Riina Lokka 台」 P Etsi - O AaBbCcD AaB S Korvaa Otsikko 3 Otsikko A Valitse Luo ja jaa Pyydä Sanele Luottamuksellisuus Kirjoitusavustaja Adoben PDF allekirjoituksia Käy Muokkaus Adobe Acrobat Puhe Luottamuksellisuus Kirjoitusavustaja Käytä tiec The balance sheet of Satulinna 1.1.201X shows the following: ASSETS EQUITY AND LIABILITIES euro euro Building Machinery, and equipment 38 000 Share capital 11 000 Retained earnings 12 000 4 500 Rawmaterials Accounts receivable (short term) 2 000Loans 32 000 3 500 Qther creditors (short 2 800 term) 1 400 Accounts pavable (shod term) Cash at bank and in 4 600 hand Total 55 900 Total The following details are given to prepare the budget: 55 900 Turnover is 48 000,-, accounts receivable at the end of the year are 10 % of the turnover. Purchases 18 000.-, accounts payable at the end of the year are 15 % of the purchases, usage of rawmaterials 18 800,- (= variable costs). Salaries 12 000,-, rent 3 600,-, other operating expenses 2 100,-. Investment in machinery 2 000 - and investment in building 6 000,-, which will be financed by the share issue of 3 000,- and the loan of 5 000,- Depreciation of the machinery is 25 % of the undepreciated balance and depreciation of the building is 4 % of the undepreciated balance. Taxes are 20 % of the profit before taxes. Amortization of loans is 4 300.- and interest expenses are 3 200,-. Distribution of dividends is 1 800,- Cash at the end of the year should be at least 2 000,-. If more money is needed, loans are available from the bank. PREPARE for next year a) Estimated profit and loss account (Profit and loss budget) b) Cash budget c) Estimated balance sheet 31.12.201X D Keskity 52% 0°C Selkeä
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