Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 03 Aug 2017 My Price 11.00

cash budget Database

Preparation of receipts from debtors schedule and cash budget Database Ltd has presented the following estimates relating to 2012 activities:

 

 

Sales in the December quarter 2011 were $500 000. All sales are on credit, of which 70 per cent are collected in the quarter of sale and 30 per cent in the following quarter. Purchases are on credit, and entity policy is such that all purchases are paid for in the same quarter. The marketing and administration expenses incurred and paid are the same. Occupancy expenses incurred and paid are the same, except that the December quarter does not include the last month’s electricity usage, equal to $510. A major IT hardware acquisition of $25 400, to be paid for in cash, is expected in the December quarter. The bank balance at 31 December 2011 was $18 260.

(take out 510 from 68000)

Required:

 

a. Prepare a schedule of receipts from debtors showing cash collections for each quarter of 2012 (4 marks)

b. Prepare a cash budget (on a quarterly basis) for the 12 months ending 31 December 2012 (8 marks)

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Aug 2017 07:08 PM My Price 11.00

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