Joanne Coffey owns a retail business. She sells all her products for cash or bank transfer and lodges all cash received to the business bank account at the end of every day. Her suppliers provide her with one month's credit. At 1 April, the business bank balance is €4160. Her budgeted sales for the month are €11701 and her budgeted purchases are €5849. Her purchases in March were €5090. Her other budgeted expenses for April were wages and salaries of €1768 and light and heat of €1082. The energy supplier issues bills every second month and they must be paid within one week. The bill for April/May is due arrive in the first week of June. The shop's rent is €1343 a month, payable every quarter (with the first payment of the year payable on January 2nd). Based on this, what is Joanne's budgeted closing cash balance at 30 April?

Joanne Coffey owns a retail business. She sells all her products for cash or bank transfer and lodges all cash received to the business bank account at the end of every day. Her suppliers provide her with one month's credit. At 1 April, the business bank balance is €4160. Her budgeted sales for the month are €11701 and her budgeted purchases are €5849. Her purchases in March were €5090. Her other budgeted expenses for April were wages and salaries of €1768 and light and heat of €1082. The energy supplier issues bills every second month and they must be paid within one week. The bill for April/May is due arrive in the first week of June. The shop's rent is €1343 a month, payable every quarter (with the first payment of the year payable on January 2nd). Based on this, what is Joanne's budgeted closing cash balance at 30 April?

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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