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BSBFIM601 Manage Finances - Doc

   

Added on  2021-04-24

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Running head: BSBFIM601BSBFIM601Name of the Student: Name of the University: Author’s Note:

1BSBFIM601Table of ContentsProfit and Sales Budget...................................................................................................................2GST Cash Flow Analysis/ Budget...................................................................................................4Debtors Ageing Budget...................................................................................................................41.Identify the current statutory requirements for tax compliance and list and calculate the taxliabilities for Houzit Pty Ltd under taxation legislation..................................................................62.Identify the current compliance requirements and liabilities for this organisation under theCorporations Act 2001.....................................................................................................................73.Review commercially available financial management software to select the most suitablesoftware for Houzit Pty Ltd.............................................................................................................74.Explain how you can apply the following principles of accounting in developing the budgetsrequired for this task:.......................................................................................................................85.Explain and discuss the implications of probity when preparing and revising budgets...........96.List the critical dates and initiatives that will require or generate resources for Houzit PtyLtd in the next financial cycle.........................................................................................................97.List the items you would recommend for inclusion in the budgets for Houzit Pty Ltd.........108.List the new or modified internal controls that could improve risk management for HouzitPty Ltd including the maintenance of audit trails..........................................................................10Bibliography..................................................................................................................................13

2BSBFIM601Profit and Sales BudgetSales and profit BudgetProfit Budget2011/12Qtr 1Qtr 2Qtr 3Qtr 4Revenue %100%20%24%26%30%Sales $ 16,971,236.60 $ 3,394,247.32 $ 4,073,096.78 $ 4,412,521.52 $ 5,091,370.98 _cost of goods sold $ 9,673,605.00 $ 1,934,721.00 $ 2,321,665.20 $ 2,515,137.30 $ 2,902,081.50 Gross Profit $ 7,297,631.60 $ 1,459,526.32 $ 1,751,431.58 $ 1,897,384.22 $ 2,189,289.48 Gross Profit %43%43%43%43%43%Expenses_ Accounting fees $ 10,000.00 $ 2,500.00 $ 2,500.00 $ 2,500.00 $ 2,500.00 _ Interest Expenses $ 84,508.00 $ 21,127.00 $ 21,127.00 $ 21,127.00 $ 21,127.00 _ Bank Charges $ 1,600.00 $ 400.00 $ 400.00 $ 400.00 $ 400.00 _Depreciation $ 170,000.00 $ 42,500.00 $ 42,500.00 $ 42,500.00 $ 42,500.00 _Insurance $ 13,390.00 $ 3,347.50 $ 3,347.50 $ 3,347.50 $ 3,347.50 _ Store Supplies $ 3,749.20 $ 750.00 $ 900.00 $ 974.00 $ 1,124.76 _advertising $ 350,000.00 $ 200,000.00 $ 50,000.00 $ 50,000.00 $ 50,000.00 _ cleaning $ 16,282.24 $ 3,256.45 $ 3,907.74 $ 4,233.38 $ 4,884.67 _ Repair and maintenance $ 64,272.00 $ 12,854.40 $ 15,425.28 $ 16,710.72 $ 19,281.60 _ Rent $ 2,640,508.00 $ 660,127.00 $ 660,127.00 $ 660,127.00 $ 660,127.00 _ Telephone $ 14,996.80 $ 2,999.36 $ 3,599.23 $ 3,899.17 $ 4,499.04 _ Electricity Expenses $ 26,780.00 $ 5,356.00 $ 6,427.20 $ 6,962.80 $ 8,034.00 _ Luxury Car tax $ 32,163.00 $ 8,040.00 $ 8,040.00 $ 8,040.00 $ 8,040.00 _Fringe Benefits tax $ 32,163.00 $ 7,000.00 $ 7,000.00 $ 7,000.00 $ 7,000.00 _ Superannuation $ 187,020.00 $ 37,404.00 $ 44,884.80 $ 486,280.00 $ 5,610,600.00 _ wage and salaries $ 207,800.00 $ 41,560.00 $ 49,872.00 $ 54,028.00 $ 62,340.00 _Payroll tax $ 9,870.50 $ 1,974.10 $ 2,368.92 $ 2,566.33 $ 2,961.15

3BSBFIM601_workers' Compensation $ 4,156.00 $ 831.20 $ 997.44 $ 1,080.56 $ 1,246.80 Total Expenses $ 2,812,141.24 $ 696,730.71 $ 701,773.95 $ 697,331.77 $ 713,837.61 Net Profit (before tax) $ 4,505,653.36 $ 762,795.61 $ 1,049,657.63 $ 1,200,052.45 $ 1,306,580.63 Income tax $ 1,340,250.24 $ 228,838.68 $ 314,897.29 $ 360,015.73 $ 391,974.19 Net Profit $ 3,165,403.12 $ 533,956.93 $ 734,760.34 $ 840,036.71 $ 914,606.44 Sales budget for the financial year 2011-2012Total Budget: 16971237DepartmentSalepercentage(%)Total budget2011-2012 Qtr 1Qtr 2Qtr 3Qtr420%24%26%30%Bathroonfitting30% $5,091,371.10 $1,018,274.22 $1,221,929.06 $132,756.49 $152,741,133.00 Bedroomfitting25% $4,242,809.25 $848,561.85 $1,018,274.22 $1,103,130.41 $1,272,842.78 Mirrors15% $2,545,685.55 $509,137.11 $610,964.53 $661,878.24 $763,705.67 decorativeitems10% $1,697,123.70 $339,424.74 $407,309.69 $441,252.16 $509,137.11 lightingfixtures20% $3,394,247.40 $678,849.48 $814,619.38 $882,504.32 $1,018,274.22 Total 100%16971237003394247404073096884412521625091371.1DepartmentSalepercentage(%)Total budget2011-2012 Qtr 1Qtr 2Qtr 3Qtr420%24%26%30%Total 100% $16,971,237.00 3394247.44073096.884412521.620

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