Caspian is a manufacturer of water filters. Its management has projected values for the following account balances for the period ending on June 30, 2022 including a projected net profit of $10. Required: Prepare a classified Balance Sheet for Caspian as at June 30, 2022. Account titles Projected balance ($) Account titles Projected balance ($) Accum. Dep. – Equipment 13,500 Inventory 5,200 Bank Loan (due in 5 years) 17,100 Equipment 49,800 GST Collected 7,900 Bank overdraft 3,560 Bank Loan (due in 5 months) 2,900 GST Paid 4,700 Share Capital 40,300 PAYG Withheld 6,530 Distributions to owners 16,000 Prepaid Rent 7,100 Accounts Payable 24,000 Accounts Receivable 29,700 Prepaid Insurance 6,500 Wages Payable 3,200 Classified Balance Sheet for Caspian as at June 30, 2022 Assets ($) ($) Liabilities + OE ($) ($) Based on the projected account balances above, calculate the value of payment to or refund from the ATO Caspian would report in its Business Activity Statement for the period ending June 30, 2022.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Caspian is a manufacturer of water filters. Its management has projected values for the following account balances for the period ending on June 30, 2022 including a projected net profit of $10.
Required:
Prepare a classified
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Account titles |
Projected balance ($) |
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Account titles |
Projected balance ($) |
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Accum. Dep. – Equipment |
13,500 |
|
Inventory |
5,200 |
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Bank Loan (due in 5 years) |
17,100 |
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Equipment |
49,800 |
|
GST Collected |
7,900 |
|
Bank overdraft |
3,560 |
|
Bank Loan (due in 5 months) |
2,900 |
|
GST Paid |
4,700 |
|
Share Capital |
40,300 |
|
PAYG Withheld |
6,530 |
|
Distributions to owners |
16,000 |
|
Prepaid Rent |
7,100 |
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Accounts Payable |
24,000 |
|
|
29,700 |
|
Prepaid Insurance |
6,500 |
|
Wages Payable |
3,200 |
Classified Balance Sheet for Caspian as at June 30, 2022
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Assets |
($) |
($) |
Liabilities + OE |
($) |
($) |
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Based on the projected account balances above, calculate the value of payment to or refund from the ATO Caspian would report in its Business Activity Statement for the period ending June 30, 2022.
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