Month Sales Salary Marketing Expenses Rent June (Amount OMR) 90,000 60,000 9,000 3,000 July (Amount OMR) 120,000 75,000 12,000 6,000 August (Amount OMR) 150,000 60,000 12,000 6,000 September (Amount OMR) ditional information: a. Cash balance at the beginning of June 2016 is RO. 45,000 b. All sales is cash sales C. Salaries and Marketing expenses are paid at the beginning of next month d. Rent is settled in the same month 180,000 90,000 12,000 3,000
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- A companys controller is adjusting next years budget to reflect the impact of an expected 3 percent inflation rate. Listed below are selected items from next years budget before the adjustment. After adjusting for the 3 percent inflation rate, what is the companys total budget for the selected items before taxes for next year? a. 858,150 b. 860,412 c. 810,971 d. 858,971Roman Inc. has the following totals from its operating budgets: Prepare a budgeted income statement for the year ended December 31, 2016, assuming that income from operations is taxed at a rate of 30%.Budgeted selling and administrative expenses for King Tire Co. In P7-2 for the year ended December 31, 2016, were as follows: Required: 1. Prepare a selling and administrative expense budget, in good form, for the year 2016. 2. Using the information above and the budgets prepared in P7-2, prepare a budgeted income statement for the year 2016, assuming an income tax rate of 40%.
- Styles Abuhatim LLC has given the following particulars. You are required to prepare a cash budget for the three months ending 31st December 2019 Months Sales Materials Wages ( OMR) Over heads (OMR) (OMR) (OMR) August September October 20000 10200 3800 1900 21000 10000 3800 2100 23000 9800 4000 2300 November 25000 10000 4200 2400 December 30000 10800 4500 2500 Credit terms are 1.. Sales /Debtors 10% sales are on Cash, 50% of the credit sales are collected in next month and the balance in the following month 2. Creditors- materials 2 months Wages 1 month -1 month Overheads 3. Cash balance on 1st October is expected to be Ro.8000 4. A machinery will be installed in August at a cost of RO.100000, the monthly instalment of RO.5000 is payable from October onwards 5. Dividend at 10% on preference share capital RO.300,000 will be paid on 1* December 2019 6. Advance to be received for the sale of vehicles RO.20000in December 7. Income tax to be received in December RO.5000Q.No. 2 Abuhatim LLC has given the following particulars. You are required to prepare a cash budget for the three months ending 31st December 2019 Months Sales Materials Wages Over heads (OMR) (OMR) (OMR) (OMR) 1900 August 20000 10200 3800 September 21000 10000 3800 2100 October 23000 9800 4000 2300 November 25000 10000 4200 2400 December 30000 10800 4500 2500 Credit terms are 1. Sales /Debtors 10% sales are on Cash , 50% of the credit sales are collected in next month and the balance in the following month 2. Creditors – materials 2 months Wages 1 month Over heads – 1 month 3. Cash balance on 1st October is expected to be Ro.8000 4. A machinery will be installed in August at a cost of RO.100000, the monthly instalment of RO.5000 is payable from October onwards 5. Dividend at 10% on preference share capital RO.300,000 will be paid on 1st December 2019 6. Advance to be received for the sale of vehicles RO.20000in December 7. Income tax tobe received in December RO.5000Use the information provided below to prepare the Cash Budget for October, November, and December2021. Provide separate monetary columns for each month.INFORMATION1. The following data and estimates are available for a project of Fego Limited for September toDecember 2021:September October November DecemberR R R RSales 130 000 110 000 120 000 140 000Wages 40 000 34 000 38 000 39 000Fixed overheads 16 000 16 000 16 000 16 000Variable overheads 16 000 13 000 15 000 17 000Materials purchases 17 000 14 000 16 000 18 0002. Sixty percent (60%) of the sales are expected to be for cash and the balance on credit. Creditcustomers usually pay in the month after the sale.3. Labour costs are paid for in the month in which they are incurred.4. Fixed overheads include R5 000 each month for depreciation and payment is made monthly.5. Variable overheads are paid for in the month after they are incurred.6. Direct materials are purchased by electronic funds transfers each month.7. The cash balance on 01…
- The members of Networx Ltd decide to prepare a Cash Budget for November and December 2018. The following information is available:Actual BudgetedAugust RSeptember ROctober RNovember RDecember RSales:CashCredit194 500287 300235 700350 000275 000410 000250 500400 400368 000697 000Purchases 510 000 490 000 495 000 520 000 680 000Salaries & Wages 72 600 72 600 72 600 72 600 72 600Sundry Expenses 17 800 18 400 22 000 22 600 25 700 Required:Prepare a Cash Budget for the period 1 November and 31 December 2018The members of Networx Ltd decide to prepare a Cash Budget for November and December 2018. The following information is available:Actual BudgetedAugust RSeptember ROctober RNovember RDecember RSales:CashCredit194 500287 300235 700350 000275 000410 000250 500400 400368 000697 000Purchases 510 000 490 000 495 000 520 000 680 000Salaries & Wages 72 600 72 600 72 600 72 600 72 600Sundry Expenses 17 800 18 400 22 000 22 600 25 700Additional information:1. Cash in respect of credit sales is collected as follows: 50% within 30 days 30% within 60 days 15% within 90 days The balance is written off as irrecoverable. BAD DEBT - IGNORE2. The following discounts are allowed on sales: 10% on cash sales 7.5% on credit sales if accounts are settled within 30 days.3. All salaries, wages and sundry expenses are paid in cash.4. Sundry expenses include depreciation of R4 200 per month. Exclude depreciation5. Seventy-five (75%) of all purchases are on credit and paid within 30 days. The balance is paid…Using a separate columnar worksheet or Excel worksheet, prepare a Cash Budget by month for the quarter ending September 30, 2021, from the following data obtained from the CONSCIOÜNESS Company. Support your solution with schedules of estimated receipts and payments. August P 16,000 150,000 July September Cash Sales P 12,000 P 18,000 Credit Sales Purchases 110,000 120,000 90,000 120,000 110,000 Operating expenses Interest expense 15,000 18,000 16,000 2,000 Credit sales are collected 50% in the month of sales, 40% on the month following, 8% in the second month following and 2% uncollectible. Credit sales for May and June are expected to be P100,000 and P90,000, respectively. Purchases of merchandise, all on account, are paid 60% in the month of purchase and 40% in the month following. Purchases for June are estimated at P80,000. Expenses include depreciation of P2,000 monthly, and are paid in the month incurred. Cash balance on June 30, 2021.
- From the information below, prepare a cash budget for a company for April, May, and June 2019 in a columnar form. Month Sales Purchases Wages Exp. Jan. (actual) 80,000 45,000 20,000 5,000 Feb. (actual) 80,000 40,000 18,000 6,000 Mar. (actual) 75,000 42,000 22,000 6,000 Apr. Budget 90,000 50,000 24,000 6,000 May Budget 85,000 45,000 20,000 6,000 Jun. Budget 80,000 35,000 18,000 5,000 You are further informed that: 10% of purchases and 20% of sales are for cash. The average collection period of the company is half a month and credit purchases are paid off regularly after one month. Wages are paid half monthly and the rent of $500, excluded in expense, is paid monthly. Cash and bank balance on April 1 was $15,000, and the company aims to keep it below this figure at the end of every month. The excess cash is placed in fixed deposits.From the attached photo answer the following: 1. What is the sales collection schedule for the six (6) months showing the accounts receivable at the end of the six months ending June 2021.2.What is he purchase payment schedule for the six (6) months showing discounts received and accounts payable at the end of the six months ending June 2021.3. What is the cash budget including a total column for the three (3) months ending June 2021 (April to June 2021).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