Template - Harper Trading Session 11

School: TAFE Queensland - Course: SIT HCCC005 - Subject: Accounting

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

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