Question 3) Ali Yılmaz is planning to open a restaurant in a small touristic village as of the beginning of September. The restaurant will be open only in September and October and will be closed because of season-end. Expected sales September 300.000 TL, October 220.000 TL 10% of the sales will be collected in the next month Food expense for the months: September 150.000 TL, October 110.000 TL %50 of food purchases will be paid in the current, the other %50 will be paid in the next month. Advertising expense: September 40.000 TL, October 10.000 TL, and will be paid in the following month. General administrative expenses in each month will be 80.000 TL and will be paid in the same month. Monthly depreciation expense: 13.000 TL Cash balance at the beginning of September is 10.000 TL Prepare monthly budgeted income statements for Ali Yılmaz’s Restaurant, September and October Prepare cash budgets for the same months. How much will be receivables and payables as of the end of October?
Question 3) Ali Yılmaz is planning to open a restaurant in a small touristic village as of the beginning of September. The restaurant will be open only in September and October and will be closed because of season-end. Expected sales September 300.000 TL, October 220.000 TL 10% of the sales will be collected in the next month Food expense for the months: September 150.000 TL, October 110.000 TL %50 of food purchases will be paid in the current, the other %50 will be paid in the next month. Advertising expense: September 40.000 TL, October 10.000 TL, and will be paid in the following month. General administrative expenses in each month will be 80.000 TL and will be paid in the same month. Monthly depreciation expense: 13.000 TL Cash balance at the beginning of September is 10.000 TL Prepare monthly budgeted income statements for Ali Yılmaz’s Restaurant, September and October Prepare cash budgets for the same months. How much will be receivables and payables as of the end of October?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 3) Ali Yılmaz is planning to open a restaurant in a small touristic village as of the beginning of September. The restaurant will be open only in September and October and will be closed because of season-end.
Expected sales September 300.000 TL, October 220.000 TL
10% of the sales will be collected in the next month
Food expense for the months: September 150.000 TL, October 110.000 TL
%50 of food purchases will be paid in the current, the other %50 will be paid in the next month.
Advertising expense: September 40.000 TL, October 10.000 TL, and will be paid in the following month.
General administrative expenses in each month will be 80.000 TL and will be paid in the same month.
Monthly depreciation expense: 13.000 TL
Cash balance at the beginning of September is 10.000 TL
- Prepare monthly
budgeted income statements for Ali Yılmaz’s Restaurant, September and October - Prepare
cash budgets for the same months. - How much will be receivables and payables as of the end of October?
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