Manage Finance: Budgeting, Financial Management, and Taxation in Australia
Added on 2023-06-09
17 Pages3785 Words326 Views
Running head: MANAGE FINANCE
Manage Finance
Name of the Student:
Name of the University:
Authors Note:
Manage Finance
Name of the Student:
Name of the University:
Authors Note:
1MANAGE FINANCE
Table of Contents
Task 1...............................................................................................................................................2
Part1.................................................................................................................................................2
Part 2................................................................................................................................................4
Answer 1..........................................................................................................................................4
Answer 2..........................................................................................................................................4
Answer 3..........................................................................................................................................5
Answer 4..........................................................................................................................................5
Answer 5..........................................................................................................................................6
Answer 6..........................................................................................................................................6
Answer 7..........................................................................................................................................7
Answer 8..........................................................................................................................................7
Task 2...............................................................................................................................................8
Reference.......................................................................................................................................11
Table of Contents
Task 1...............................................................................................................................................2
Part1.................................................................................................................................................2
Part 2................................................................................................................................................4
Answer 1..........................................................................................................................................4
Answer 2..........................................................................................................................................4
Answer 3..........................................................................................................................................5
Answer 4..........................................................................................................................................5
Answer 5..........................................................................................................................................6
Answer 6..........................................................................................................................................6
Answer 7..........................................................................................................................................7
Answer 8..........................................................................................................................................7
Task 2...............................................................................................................................................8
Reference.......................................................................................................................................11
2MANAGE FINANCE
Task 1
Part1
SALES and
PROFIT
BUDGET
2017/18 Qtr 1 Qtr 2 Qtr 3 Qtr 4
Revenue 100% 20% 24% 26% 30%
Sales $16,971,236 $3,394,248 $4,073,097 $4,412,521 $5,091,370
– Cost of Goods
Sold $9,673,604 $1,934,721 $2,321,665 $2,515,137 $2,902,081
Gross Profit $7,297,632 $1,459,527 $1,751,432 $1,897,384 $2,189,289
Gross Profit % 43% 43% 43% 43% 43%
Expenses
– Accounting Fees $10,000 $2,500 $2,500 $2,500 $2,500
– Interest Expense $84,508 $21,127 $21,127 $21,127 $21,127
– Bank Charges $1,600 $400 $400 $400 $400
– Depreciation $170,000 $42,500 $42,500 $42,500 $42,500
– Insurance $13,390 $3,348 $3,348 $3,348 $3,348
– Store Supplies $3,749 $937 $937 $937 $937
– Advertising $350,000 $200,000 $50,000 $50,000 $50,000
– Cleaning $16,282 $3,256 $3,908 $4,233 $4,885
– Repairs &
Maintenance $64,272 $16,068 $16,068 $16,068 $16,068
– Rent $2,640,508 $660,127 $660,127 $660,127 $660,127
– Telephone $14,997 $2,999 $3,599 $3,899 $4,499
– Electricity
Expense $26,780 $5,356 $6,427 $6,963 $8,034
– Luxury Car Tax $12,000 $12,000 $0 $0 $0
– Fringe Benefits
Tax $28,000 $7,000 $7,000 $7,000 $7,000
– Superannuation $187,020 $37,404 $44,885 $48,625 $56,106
– Wages & Salaries $2,078,000 $415,600 $498,720 $540,280 $623,400
– Payroll Tax $98,705 $19,741 $23,689 $25,663 $29,611
Task 1
Part1
SALES and
PROFIT
BUDGET
2017/18 Qtr 1 Qtr 2 Qtr 3 Qtr 4
Revenue 100% 20% 24% 26% 30%
Sales $16,971,236 $3,394,248 $4,073,097 $4,412,521 $5,091,370
– Cost of Goods
Sold $9,673,604 $1,934,721 $2,321,665 $2,515,137 $2,902,081
Gross Profit $7,297,632 $1,459,527 $1,751,432 $1,897,384 $2,189,289
Gross Profit % 43% 43% 43% 43% 43%
Expenses
– Accounting Fees $10,000 $2,500 $2,500 $2,500 $2,500
– Interest Expense $84,508 $21,127 $21,127 $21,127 $21,127
– Bank Charges $1,600 $400 $400 $400 $400
– Depreciation $170,000 $42,500 $42,500 $42,500 $42,500
– Insurance $13,390 $3,348 $3,348 $3,348 $3,348
– Store Supplies $3,749 $937 $937 $937 $937
– Advertising $350,000 $200,000 $50,000 $50,000 $50,000
– Cleaning $16,282 $3,256 $3,908 $4,233 $4,885
– Repairs &
Maintenance $64,272 $16,068 $16,068 $16,068 $16,068
– Rent $2,640,508 $660,127 $660,127 $660,127 $660,127
– Telephone $14,997 $2,999 $3,599 $3,899 $4,499
– Electricity
Expense $26,780 $5,356 $6,427 $6,963 $8,034
– Luxury Car Tax $12,000 $12,000 $0 $0 $0
– Fringe Benefits
Tax $28,000 $7,000 $7,000 $7,000 $7,000
– Superannuation $187,020 $37,404 $44,885 $48,625 $56,106
– Wages & Salaries $2,078,000 $415,600 $498,720 $540,280 $623,400
– Payroll Tax $98,705 $19,741 $23,689 $25,663 $29,611
3MANAGE FINANCE
– Workers’
Compensation $41,560 $8,312 $9,974 $10,806 $12,468
Total Expenses $5,841,371 $1,458,676 $1,395,209 $1,444,476 $1,543,010
Net Profit (Before
Tax) $1,456,261 $851 $356,222 $452,908 $646,280
Income Tax $436,878 $255 $106,867 $135,872 $193,884
Net Profit $1,019,383 $596 $249,356 $317,036 $452,396
CASH FLOW
ANALYSIS – GST 2017/18 Qtr 1 Qtr 2 Qtr 3 Qtr 4
GST Collected $1,697,124 $339,425 $407,310 $441,252 $509,137
Less GST Paid $1,281,358 $256,272 $307,526 $333,153 $12,480
GST Payable $415,765 $83,153 $99,784 $108,099 $496,657
AGED
DEBTORS
BUDGET
TOTAL Qtr 1 Qtr 2 Qtr 3 Qtr 4
Sales 16971236 3394247.63 4073096.73 4412521.274 5091370.368
% Debtors
Sales 20% 20% 20% 20%
Total Debtors 100% $678,849 $814,619 $882,504 $1,018,274
Current 84.00% $570,233 $684,280 $741,303 $855,350
30 Days 10% $67,885 $81,462 $88,250 $101,827
60 Days 5% $33,942 $40,731 $44,125 $50,914
90 Days 1% $6,788 $8,146 $8,825 $10,183
– Workers’
Compensation $41,560 $8,312 $9,974 $10,806 $12,468
Total Expenses $5,841,371 $1,458,676 $1,395,209 $1,444,476 $1,543,010
Net Profit (Before
Tax) $1,456,261 $851 $356,222 $452,908 $646,280
Income Tax $436,878 $255 $106,867 $135,872 $193,884
Net Profit $1,019,383 $596 $249,356 $317,036 $452,396
CASH FLOW
ANALYSIS – GST 2017/18 Qtr 1 Qtr 2 Qtr 3 Qtr 4
GST Collected $1,697,124 $339,425 $407,310 $441,252 $509,137
Less GST Paid $1,281,358 $256,272 $307,526 $333,153 $12,480
GST Payable $415,765 $83,153 $99,784 $108,099 $496,657
AGED
DEBTORS
BUDGET
TOTAL Qtr 1 Qtr 2 Qtr 3 Qtr 4
Sales 16971236 3394247.63 4073096.73 4412521.274 5091370.368
% Debtors
Sales 20% 20% 20% 20%
Total Debtors 100% $678,849 $814,619 $882,504 $1,018,274
Current 84.00% $570,233 $684,280 $741,303 $855,350
30 Days 10% $67,885 $81,462 $88,250 $101,827
60 Days 5% $33,942 $40,731 $44,125 $50,914
90 Days 1% $6,788 $8,146 $8,825 $10,183
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