Skint Limited has an opening bank balance of €1610 on 1 May. During May, the company makes sales of €100,000. Customers are allowed one month's credit (which is availed of by all customers). during April were worth €80,000. During May, Skint Limited incurred the following expenses: Wages & salaries €31389 Monthly rent of €30,000 which is paid annually in advance on 1 January of each year Depreciation of €15,000 Variable Overheads €11067 of which are paid as incurred; and Monthly insurance expenses of €4276 which are paid quarterly in February, May, August and November each year. What is the budgeted closing cash figure at 31 May? I
Skint Limited has an opening bank balance of €1610 on 1 May. During May, the company makes sales of €100,000. Customers are allowed one month's credit (which is availed of by all customers). during April were worth €80,000. During May, Skint Limited incurred the following expenses: Wages & salaries €31389 Monthly rent of €30,000 which is paid annually in advance on 1 January of each year Depreciation of €15,000 Variable Overheads €11067 of which are paid as incurred; and Monthly insurance expenses of €4276 which are paid quarterly in February, May, August and November each year. What is the budgeted closing cash figure at 31 May? I
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Skint Limited has an opening bank balance of €1610 on 1 May.
During May, the company makes sales of €100,000. Customers are allowed one month's credit (which is availed of by all customers).
during April were worth €80,000. During May, Skint Limited incurred the following expenses:
Wages & salaries €31389
Monthly rent of €30,000 which is paid annually in advance on 1 January of each year
Depreciation of €15,000
Variable Overheads €11067 of which are paid as incurred; and
Monthly insurance expenses of €4276 which are paid quarterly in February, May, August and November each year.
What is the budgeted closing cash figure at 31 May?
I](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe6a10494-f073-484b-85a1-57278f9a6565%2F75388add-6132-4194-af6f-d10035e4888a%2F24ldqin_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Skint Limited has an opening bank balance of €1610 on 1 May.
During May, the company makes sales of €100,000. Customers are allowed one month's credit (which is availed of by all customers).
during April were worth €80,000. During May, Skint Limited incurred the following expenses:
Wages & salaries €31389
Monthly rent of €30,000 which is paid annually in advance on 1 January of each year
Depreciation of €15,000
Variable Overheads €11067 of which are paid as incurred; and
Monthly insurance expenses of €4276 which are paid quarterly in February, May, August and November each year.
What is the budgeted closing cash figure at 31 May?
I
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