Problem 1 The following data relate to Bookshop Ltd: The financial manager has made the following sales forecasts for the first five months of the coming year, commencing from 1 April 2012: Month Sales($) April May June July August Other data: (i) 40,000 45,000 55,000 60,000 50,000 Debtors' and creditors' balance at the beginning of the year are $30,000 and $14,000,. T balance of other relevant assets and liabilities are: Cash Balance Stock Accrued Sales Commission $7,500 $51,000 $3,500 40% sales are on cash basis. Credit sales are collected in the month following the sale. Cost of sales in 60 per cent on sales. (iv) The only other variable cost is a 5% commission to sales agents. The Sales Commission is paid a month after it is earned. respectively (iv) Inventory (stock) is kept equal to sales requirements for the next two month budgeted so Trade creditors are paid in the following month after purchases. (v) (vii) Fixed costs are $5,000 per month including $2,000 depreciation.

Problem 1 The following data relate to Bookshop Ltd: The financial manager has made the following sales forecasts for the first five months of the coming year, commencing from 1 April 2012: Month Sales($) April May June July August Other data: (i) 40,000 45,000 55,000 60,000 50,000 Debtors' and creditors' balance at the beginning of the year are $30,000 and $14,000,. T balance of other relevant assets and liabilities are: Cash Balance Stock Accrued Sales Commission $7,500 $51,000 $3,500 40% sales are on cash basis. Credit sales are collected in the month following the sale. Cost of sales in 60 per cent on sales. (iv) The only other variable cost is a 5% commission to sales agents. The Sales Commission is paid a month after it is earned. respectively (iv) Inventory (stock) is kept equal to sales requirements for the next two month budgeted so Trade creditors are paid in the following month after purchases. (v) (vii) Fixed costs are $5,000 per month including $2,000 depreciation.

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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