Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: ⚫ 0% in the first month after the month of sale ⚫ 60% in the second month after the month of sale ⚫ 30% in the third month after the month of sale ⚫ 10% in the fourth month after the month of sale

Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: ⚫ 0% in the first month after the month of sale ⚫ 60% in the second month after the month of sale ⚫ 30% in the third month after the month of sale ⚫ 10% in the fourth month after the month of sale

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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11. Calculating the Cash Budget Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019. LO 3 April May June $598,000 282,000 $689,000 $751,000 Credit sales 302,000 338,000 Credit purchases Cash disbursements 137,000 129,000 179,000 Wages, taxes, and expenses 15,600 15,600 15,600 Interest 53,500 6,600 248,000 Equipment purchases The company predicts that 5 percent of its credit sales will never be collected 35 percent of its sales will be collected in the month of the sale, and the re- maining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $561,000. Using this information, com- plete the following cash budget: April May June $182,000 Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases 289,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements…
The following information pertains to Direct Projects Ltd for the three months ended 31 December 2020. Actual October Budgeted November Budgeted December Revenue (20% for cash and 80% on credit) 360 000,00 380 000,00 400 000,00 Purchases (10% for cash 90% on credit) 240 000,00 280 000,00 320 000,00 Salaries and wages paid 40 000,00 60 000,00 60 000,00 Cash expenses 24 000,00 28 000,00 32 000,00 Depreciation 2 000,00 2 000,00 2 000,00 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 invoice. The remaining 5% is usually written off as bad debts. 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…
In September 2019, the budget committee of Jason Company assembles the following data: 1. 2 Expected Sales 4. October November December Cost of goods sold is expected to be 60% of sales. 3. Desired ending merchandise inventory is 20% of the next month's cost of goods sold. The beginning inventory at October 1 will be the desired amount. $1,800,000 1,700,000 V 1,600,000 Prepare the budgeted income statement for October through gross profit on sales, including a cost of goods sold schedule. V M JASON COMPANY Budgeted Income Statement For the Month Ended October 31, 2019 $ $
not graded... please help Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $74,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $50,000 and budgeted credit sales are $490,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale. 2. Budgeted merchandise purchases for May are $270,000. (Merchandise purchases in April were $240,000.) In the month of purchase, 70% of merchandise purchases are paid for, and the balance is paid for in the following month. 3. Budgeted cash disbursements for salaries and operating expenses for May total $155,000. 4. During May, $25,000 of principal repayment and $4,000 of interest payment are due to the bank. 5. A $20,000 income…
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The income statement for the first quarter of 2019 was as follows: Income Statement For the Quarter Ended March 31, 2019 Sales Cost of goods sold Gross profit Operating expenses ales salaries Rent expense Depreciation Utilities Miscellaneous Total operating expenses Net income $52,000 24,000 12,000 3,600 12,800 $720,000 396,000 324,000 104,400 $219,600 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2020.
Tyler Sheen is the owner of Stopby Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020. Selected Opening Balances as of June 1, 2020 Cash $108,700 Accounts Receivable 45,000 Inventory 235,000 Long-term Assets 648,000 Accounts Payable 48,400 Shareholder's Equity 928,000 Budgeted Amounts For the month of June: Total Revenue $349,000 Total General and Administration Costs 185,000 Total Capital Expenditures 193,000 For the month of July: Total Revenue 359,200 Total General and Administration Costs 203,000 Total Capital Expenditures 222,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company’s monthly depreciation represents 20% of general and administration costs. 70% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the…
Your data collection has yielded the following: (i) Extracts from the sales and purchases budgets are as follows: Month November 2023 - March 2024 Cash Sales Sales on Account Purchases November $151,000 $480,000 $375,000 December $145,500 $600,000 $360,000 January $159,025 $700,000 $508,000 February $169,350 $650,000 $400,000 March $176,200 $800,000 $521,000 An analysis of the records shows that trade receivables (accounts receivable) are settledaccording to the following credit pattern, in accordance with the credit terms 2/30, n90:45% in the month of sale30% in the first month following the sale.25% in the second month following the sale. (iii) Expected purchases include cash purchases of $28,000 in January and $21, 000 in March.All other purchases are on account. Accounts payable are settled as follows, in accordancewith the credit terms 4/30, n60:75% in the month in which the inventory is purchased.25% in the following month (iv) The management of Toyota &…
Month ($) Wages ($) From the following information, prepare a monthly cash budget for the three months ending 31st December 2019. Sales ($) Materials Other Expenses ($) Jun. (A) 3,000 1,800 650 385 Jul. (A) 3,250 2,000 750 385 Aug. (A) 3,500 2,400 750 425 Sep.(A) 3,750 2,250 .750 475 Oct. (E) 4,000 2,300 800 500 Nov. (E) 4,250 2,500 900 550 Dec. (E) 4,500 2,600 1,000 575 (A) Actual; (E) - Estimated. = The credit terms are as follows: • Sales -10% of sales are in cash. On average, 50% of credit sales are paid in the next month, while the other 50% are paid two months after the sale. • Creditors for material are paid 2 months after purchase. • Wages and other expenses are paid the same month. The cash and bank balance on 1st October is expected to be $1,500. Other information is given as follows: • Plant and machinery are to be installed in August at a cost of $24,000. This sum will be paid in monthly installments of $500 each from 1st October. • Dividends from investments amounting to…
Tune Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: As Tune Printing Supply's controller, you have assembled the following additional information: a. April dividends of $6,000 were declared and paid. b. April capital expenditures of $16,200 budgeted for cash purchase of equipment. c. April depreciation expense, $500. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $22,800. f. April selling and administrative expenses include salaries of $32,000, 30% of which will be paid in cash and the remainder paid next month. g. Additional April selling and administrative expenses also include miscellaneous expenses of 15% of sales, all paid in April. h. April budgeted sales, $86,000, 50% collected in April and 50% in May. i. April cash payments of…
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