Harper Trading's Budget VariablesSales Expenses Cash ReceiptsC GST PayableIncome Statement
Purchases Cost of Goods Sold Cash Payments Cash Budget Balance Sheet
Harper Trading Variables Sales ($) Actual July318,500 August315,000 September350,000 Forecast October420,000 November560,000 December700,000 January588,000 Total Sales each Month Cash sales30% Credit sales70% Debtors Collections 10 days of invoice date50% 30 days of invoice date20% Second month after invoice date28% Bad debts2% Discount allowed on credit sales1% Purchases and Inventory Mark-up on stock0.75 Closing inventory in units each month40% Cost of goods sold1.75 of next month's unit sales Purchases paid on following month80% Cash discount received2% of payments received20% Operating ExpensesPer Monthof each months purchases Administration costs - ex dep. & rates10% annually Depreciation - Plant & equipment7.00% annually Depreciation - Office equipment10.00% of each months sales Marketing costs8.00% annually Mortgage interest4.50% equal instalments paid each quarter Property rates$12,000
Dashboard Variables OriginalNew Cash Sales30%30% Credit Sales70%70% 10 days of invoice date50%50% 30 days of invoice date20%20% Second month after invoice date28%28% Bad debts2%2% Discount allowed on credit sales1%1% Mark-up on stock0.750.75 Closing inventory in units each month40%40% Cost of goods sold1.751.75 Purchases paid on following month80%80% Cash discount received2%2% of payments received20%20% Administration costs - ex dep. & rates10%10% Depreciation - Plant & equipment7%7% Depreciation - Office equipment10%10% Marketing costs8%8% Mortgage interest4.5%4.5% Property rates $12,000 $12,000 Totals for December Quarter OriginalNew Sales1,680,0001,680,000 Purchases842,400842,400 Cost of goods sold960,000960,000 Expenses256,054256,054 Cash Receipts1,500,0761,500,076 Cash Payments1,082,6641,082,664 Closing Bank Balance502,412502,412 GST Payable to ATO60,19560,195 Net Profit468,797468,797 Net Assets1,035,0621,035,062
Expert's Answer
Chat with our Experts
Want to contact us directly? No Problem. We are always here for you
Your future, our responsibilty submit your task on time.
Order Now
Get Online
Assignment Help Services
