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- Cash budgeting is critical to a company’s financial information needs. The following information was extracted from the records of A & B Manufacturing Company Limited. The opening cash balances on January 01, 2021 was expected to be $30,000. The budgeted sales were as follows: Budgeted Sales Month Year $ November 2020 80,000 December 2020 90,000 January 2021 80,000 February 2021 75,000 March 2021 60,000 April 2021 70,000 Analysis of records shows that debtors settle according to the following pattern: 70% within the month of sale 30% the following month Extracts of the purchases budget were as follows: Purchases budget Month Year $ December 2020 65,000 January 2021 50,000 February 2021 75,000 March…The following information pertains to Omega Projects Ltd for the three months ended 31 December 2020. Actual Budgeted October November December R R R Revenue (20% for cash and 80% on credit) 360 000 380 000 400 000 Purchases (10% for cash 90% on credit) 240 000 280 000 320 000 Salaries and wages paid 40 000 60 000 60 000 Cash expenses 24 000 28 000 32 000 Depreciation 2 000 2 000 2 000 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 The remaining 5% is usually written off as bad 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 are paid weekly, usually 10% of the wages are paid in the month following the month in which they were…Prepare a Budgeted Statement of Financial Position as at 31 December 2022 using the below information: Statement of comprehensive income for the year ended 31 December 2021Sales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable selling and administrative expenses (1 500 000)Fixed selling and administrative expenses (500 000)Net profit 2 250 000 Statement of financial position as at 31 December 2021ASSETSNon-current assets 800 000Property, plant and equipment 800 000Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000 4 200…
- The following information was extracted from NOVO cash budget for July 2019. The following data are as follows: Excess of cash available over disbursements is P700; cash balance as of July 1, 2019 is P 5,000 and a total cash disbursement for July is P22,500. The business can only borrow in round figures of P1,000 amounts. If the business is required to maintain a minimum cash balance of P100,000, how much money should be borrowed in July?You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…Use the information given below to prepare the following for Altech Limited for July and August 2021:1.1 Debtors Collection Schedule 1.2 Cash Budget Note: Provide separate monetary columns for each month. Where applicable, round off amounts to the nearest Rand.Information:Extract of Statement of Comprehensive Income for the month ended 30 June 2021RSales 200 000Cost of sales 100 000Rent income 8 000Advertising 4 000Salaries and wages 10 000Rates and taxes 1 200Electricity 3 000Other operating expenses 9 000Additional information:1. The business uses a fixed mark-up of 100% on cost.2. Sales are expected to increase by 10% each month.3. Thirty percent (30%) of the sales are for cash and the balance is on credit. Collections from credit sales are as follows: 40% in the month of the sale, and these customers are entitled to a 2% discount; 55% one month after the sale. The balance is usually written off as bad debts.4. Closing Inventories are kept at a constant level. 50% of purchases…
- The following selected information pertains to Brock Company:Cash balance, January 1, 20x1 P130,000Accounts receivable, January 1, 20x1 190,000Collections from customers in 20x1 2,100,000Capital account balance, January 1, 20x1 380,000Total assets, January 1, 20x1 750,000Additional cash investment, July 1, 20x1 50,000Total assets, December 31, 20x1 1,010,000Cash balance, December 31, 20x1 200,000Accounts receivable, December 31, 20x1 360,000Withdrawals made during 20x1 110,000Total liabilities, December 31, 20x1 410,0007. Net income for the year ended December 31, 20x1Required:(a) The business needs to have a sense of its future cash flows and therefore requires thepreparation of the following:▪ A schedule of budgeted cash collections for trade receivables (sales on account) for each ofthe months July to September. ▪ A schedule of expected cash disbursements for accounts payable (purchases on account)for each of the months July to September.▪ A cash budget, with a total column, for the quarter ending September 30, 2022, showing theexpected cash receipts and payments for each month and the ending cash balance for eachof the three months, given that no financing activities took place.80. Presented below is the balance sheet of bbb Company as of December 31, 2015: Assets Liabilities & Equity Cash Php30,400 Income Tax payable Php 4,800 Accounts receivable 48,000 Inventory 17,600 Ordinary Shares 256,000 PPE 232,000 Retained Earnings 67,200 Total Assets Php328,000 Total L&E Php 328,000 The manager instructs you to update the balances based on the budget below: 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Sales Php112,000 Php128,000 Php144,000 Php140,800 Production Costs 76,800 80,000 89,600 80,000 Operating expenses 25,600…
- Zito Inc operates under effective budgeting management techniques and it has reported the following balances for the year December 31 2020: Prepare closing entries at December 31, 2020. Retained earnings =$30,000 Dividends= $2,000 Service revenue= $50,000 Salaries expense =$27,000 Supplies expense= $4,000Cash balanceThe following budgeted May cash information is available for Salado Corp.: Net after-tax income $201,600 Depreciation expense 33,720 Accrued income tax expense 49,200 Increase in Accounts Receivable for month 4,800 Decrease in Accounts Payable for month 4,200 Estimated bad debts expense 2,460 Dividends declared in May 21,000 Dividends paid in May 28,200 If Salado’s May 1 cash balance is $13,800, what is the company’s budgeted May 31 cash balance? $AnswerA. The following information is extracted from Merry Hotel’s management report for themonth of January 2022. USD Beginning cash balance 8,200 Budgeted revenue 13,000 Purchase of inventory by cash 4,500 Cash repayment of bank loan 5,800 Additional information, 70% of Sosana Hotel’s revenue is received in cash and theremaining 30% on credit. All credit sales are expected to be collected in the followingmonth. Assume that there were no credit sales and credit purchases in December 2021.Based on the given information, prepare a cash budget for the month ended 31st January2022 to calculate ending cash balance.
