Financial Management Assignment 1901

This assignment involves preparing budgeted financial statements and applying accounting practices and management accounting techniques.

5 Pages673 Words95 Views

Added on 2023-01-18

About This Document

This document is an assignment for Financial Management with the code 1901. It includes input data, sales collection budget, purchases budget, cash flow forecast, and projected income statement.

Financial Management Assignment 1901

This assignment involves preparing budgeted financial statements and applying accounting practices and management accounting techniques.

Added on 2023-01-18

Related Documents

Running Head: FINANCIAL MANAGEMENT 1
FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT 2
ASSIGNMENT 1901 INPUT DATA
Months in a year 12
Months in a quarter (budget period) 3
SALES
Collection period
Percentage of sales which are for cash 70%
Percentage of credit sales collected in following month 90%
Percentage of credit sales collected two months after sale 10%
Estimated Monthly Sales (dollars)
April 60,000
May 55,000
June 45,000
July 40,000
Purchases as a percentage of Sales 65%
OTHER PAYMENTS
Monthly
Advertising $500
Communication Costs $700
Electricity expenses $300
Rent $4,200
Wages $6,500
Annual
Annual Insurance premium (paid in advance 2 March 2019) $3,600
BALANCE SHEET ITEMS
Cash at Bank as at 31 March 2019 $24,750
Accounts Payable for Purchases 31 March 2019 $32,500
Accounts Payable for Communication costs 31 March 2019 $740
Accounts Payable for Electricity 31 March 2019 $280
Accounts Receivable at 31 March relating to March 2019 $14,000
Accounts Receivable at 31 March relating to February 2019 $1,600
NON-CURRENT ASSETS
Cost Estimated Residual
Life Value
Furniture & Fittings $35,000 10 $0
Office Equipment $25,000 5 $5,000

End of preview

Want to access all the pages? Upload your documents or become a member.