BELOW IS THE INCOME STATEMENT FOR NEW COMPANY FOR JANUARY 2020SALESPER UNIT$75SALES VOLUME185000$13,875,000COSTSCOST OF GOODS SOLD8,960,250MARKETING AND ADMIN (FIXED)1,500,000TOTAL COSTS10,460,250OPERATING PROFIT3,414,750TAXES1,126,8682,287,8820.33PROFIT AFTER TAXESPREPARE A BUDGET FOR FEBRUARY TAKING INTO ACCOUNT THE FOLLOWINGSALES VOLUME WILL INCREASE 30 PERCENTUNIT SALE VALUE WILL DECREASE 5 PERCENTCOST OF GOODS SOLD WILL INCREASE LIKE SALESMARKETING AND ADMIN WILL DECREASE 6 PERCENTTAX RATE WILL INCREASE 3 PERCENTAGE POINTS

Operating Profit = Sales - Total Cost Total cost = Cost of goods sold + Marketing and Administrative…

BELOW IS THE INCOME STATEMENT FOR NEW COMPANY FOR JANUARY 2020 SALES PER UNIT $75 SALES VOLUME 185000 $13,875,000 COSTS COST OF GOODS SOLD 8,960,250 MARKETING AND ADMIN (FIXED) 1,500,000 TOTAL COSTS 10,460,250 3,414,750 1,126,868 OPERATING PROFIT TAXES 0.33 PROFIT AFTER TAXES 2,287,882 PREPARE A BUDGET FOR FEBRUARY TAKING INTO ACCOUNT THE FOLLOWING SALES VOLUME WILL INCREASE 30 PERCENT UNIT SALE VALUE WILL DECREASE 5 PERCENT COST OF GOODS SOLD WILL INCREASE LIKE SALES MARKETING AND ADMIN WILL DECREASE 6 PERCENT TAX RATE WILL INCREASE 3 PERCENTAGE POINTS

BELOW IS THE INCOME STATEMENT FOR NEW COMPANY FOR JANUARY 2020 SALES PER UNIT $75 SALES VOLUME 185000 $13,875,000 COSTS COST OF GOODS SOLD 8,960,250 MARKETING AND ADMIN (FIXED) 1,500,000 TOTAL COSTS 10,460,250 3,414,750 1,126,868 OPERATING PROFIT TAXES 0.33 PROFIT AFTER TAXES 2,287,882 PREPARE A BUDGET FOR FEBRUARY TAKING INTO ACCOUNT THE FOLLOWING SALES VOLUME WILL INCREASE 30 PERCENT UNIT SALE VALUE WILL DECREASE 5 PERCENT COST OF GOODS SOLD WILL INCREASE LIKE SALES MARKETING AND ADMIN WILL DECREASE 6 PERCENT TAX RATE WILL INCREASE 3 PERCENTAGE POINTS

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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QOPPC company chief accountant has provided you with the following information relating to the next budget period. Expenses: (in GH¢) October November December Selling & distribution 20,000 30,000 34,000 General & administration 15,000 18,000 12,000 Bad debts 21,000 15,000 20,000 Rate 8,000 6,000 10,000 Interest charges 1,600 2,000 2,400 Depreciation expenses 30,000 10,000 10,000 Expenses are payable in the month of incurrence. 2. A contingent liability of GH¢10,000 is expected to mature in November 3. Estimated cash balance at the end of September will be GH¢5000. Cash balances should not be less than GH¢10,000. Cash can be borrowed in multiples of GH¢10,000 to finance any deficit at an interest rate of 15% per annum. 4. The sales manager's salary, which is GH¢ 7000 per month is expected to increase by GH¢1,000 every month after June 5. Motor vehicle will be purchased in November at GH¢240,000.…
Please help me with show all calculation thanku
Subject: accounting
Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense October November December Multiple Choice 30,000 30,500 15,000 15,500 12,000 12,000 14,400 14,400 16,500 16,500 2,100 2,300 90,000 91, 200 ? 15,100 12,000 ? 2,200 ? 30,500 ? 12,000 ? ? ? Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses The amount of cash paid for Selling and Administrative expenses during the month of November is: 31,000 15,300 12,000 14,400 16,500 2,500 91,700 ? ? 12,000 14,400 ?
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The following information pertains to Omega Projects Ltd for the three months ended 31 December 2020. Actual Budgeted October November December R R R Revenue (20% for cash and 80% on credit) 360 000 380 000 400 000 Purchases (10% for cash 90% on credit) 240 000 280 000 320 000 Salaries and wages paid 40 000 60 000 60 000 Cash expenses 24 000 28 000 32 000 Depreciation 2 000 2 000 2 000 Additional information: It is expected that debtors will settle their accounts as follows: 20% in the month of invoice 70% in the month after the month of invoice, and 5% in the second month after the month of The remaining 5% is usually written off as bad Trade creditors are paid in the month after the purchases at a discount of 5%. 50% of the salaries and wages are weekly wages. Because wages are paid weekly, usually 10% of the wages are paid in the month following the month in which they were…
АCTIVITY From the following information obtained from the books of Maruti LLC, prepare cash budget for the quarter ending 30h June 2020. Sales (OMR) 80,000 Purchase (OMR) Wages (OMR) Expenses (OMR) 5,000 Month January February March 45,000 20,000 18,000 22,000 24,000 80,000 40,000 42,000 6,000 6,000 April May June 80,000 90,000 85,000 80,000 50,000 45,000 35,000 7,000 20,000 18,000 6,000 5,000 Special information 1. Advance payment of income tax in May OMR 4,000. 2. Purchase of plant in April OMR 10,000 3. Rent OMR 300 payable each month 4. 10% of purchase and sales are in cash terms 5. Credit purchases are paid after one month and credit sales are collected after 2 months 6. Time lag in wages and expenses ½ month 7. Cash and bank balance on April 1st OMR 13,000
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Italian Exports, Inc. For March Sales are expected to increase each month by 10%. Prepare a budgeted income statement
If the projection is that sales will increase by 10% in the coming year, can the company afford to also increase commission from 12% to 15%? Why or why not.