Manage Finance: Budgets, Sales & Profit Budget, Cash Budget, Debtor's Ageing Report

MANAGE FINANCE

TABLE OF CONTENTS
TABLE OF CONTENTS................................................................................................................2
TASK 2............................................................................................................................................1
BUDGETS.......................................................................................................................................1
Sales & Profit Budget..................................................................................................................1
Sales budget.................................................................................................................................2
Cash Budget.................................................................................................................................3
Debtor's Ageing Report...............................................................................................................3
PROMPT QUESTIONS..................................................................................................................3
Part A...........................................................................................................................................3
Part B...........................................................................................................................................6
REFERENCES..............................................................................................................................12

TASK 2
BUDGETS
Sales & Profit Budget
PROFIT
BUDGET 2017/18 Qtr 1 Qtr 2 Qtr 3 Qtr 4
Revenue - 20% 24% 26% 30%
Sales 16971236 3394247 4073097 4412521 5091371
– Cost of
Goods Sold
9673605 1934721 2321665 2515137 2902081
Gross Profit 7297631 1459526 1751432 1897384 2189289
Gross Profit % 43% 43% 43% 43% 43%
Expenses
– Accounting
Fees
10000 2500 2500 2500 2500
– Interest
Expense
84508 21127 21127 21127 21127
– Bank
Charges
1600 400 400 400 400
– Deprecia-
tion
170000 42500 42500 42500 42500
– Insurance 13390 3347.5 3347.5 3347.5 3347.5
– Store Sup-
plies
3862 772 927 1004 1159
– Advertis-
ing
350000 20000
0
50000 50000 50000
– Cleaning 16771 3354 4025 4360 5031
– Repairs &
Mainte-
nance
64272 16068 16068 16068 16068
– Rent 264050
8
66012
7
660127 660127 660127
– Telephone [phone] 3899.2 4499.0
4
– Electricity
Expense
26780 5356 6427.2 6962.8 8034
– Luxury Car
Tax
6582 6582 0 0 0
1

– Fringe
Benefits Tax
28000 7000 7000 7000 7000
– Superan-
nuation
187020 37404 44884.
8
48625.
2
56106
– Wages &
Salaries
207800
0
41560
0
498720 540280 623400
– Payroll Tax 98705 19741 23689.
2
25663.
3
29611.
5
– Workers’
Compensa-
tion
41560 8312 9974.4 10805.
6
12468
Total Ex-
penses
583655
4
14531
90
139531
6
144467
0
154337
8
Net Profit
(Before Tax)
146107
7
6336 356115 452714 645912
Income Tax 438323
.1
1900.8 106834
.6
135814
.2
193773
.5
Net Profit 146107
7
6336 356115 452714 645912
Sales budget
SALES 2017/18 Qtr 1 Qtr 2 Qtr 3 Qtr 4
BUDGET Total
Budget
20% 24% 26% 30%
Total
Sales
1,69,71,2
37
33942
47
40730
97
44125
22
50913
71
Bath-
room fit-
tings
30% 5091371.
1
10182
74
12219
29
13237
56
15274
11
Bed-
room fit-
tings
25% 4242809.
25
84856
2
10182
74
11031
30
12728
43
Mirrors 15% 2545685.
55
50913
7
61096
5
66187
8
76370
6
Decora-
tive
items
10% 1697123.
7
33942
5
40731
0
44125
2
50913
7
2