HI5017 Managerial Accounting - Tutorial Questions

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Question 3 - Week 6 (11 marks)

A new company, is being established to manufacture and sell an electronic tracking device: the Trackit. The owners are excited about the future profits that the business will generate. They have forecast that sales will grow to 2,600 Trackits per month within five months and will be at that level for the remainder of the first year.

The owners will invest a total of $250,000 in cash on the first day of operations (that is the first day of July). They will also transfer non-current assets into the company.

Required:

  1. Prepare a cash receipts budget schedule for each of the first three months (July – September), including the total receipts per month. (3 marks)
  2. Prepare a material purchases budget schedule for each of the first three months (July – September), including the total purchases per month. (4 marks)
  3. Prepare a cash budget for the month of July. Include the owners’ cash contributions (4 marks)

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