Using the guidelines below and drawing on the figures in the budgeted Profit and Loss Statement for 20X3, prepare a Cash Budget for2003
要求 Prepare a Cash Budget for 20X3 using the following information:
1. Accounts Receivable (Sale of Cattle) are usually collected in the following manner:
•50% deposit in the month of sale
•50% in the month following sale
Note: Refer to Sales for June 20X2 and Sales for June 20X3 are estimated to be $52000.
2. Memberships: Remember memberships are received in May.
3. Interest Revenue of $1,350 owing in June will be received in July 20X2. Interest will also be received in December 20X2 and June 2003.
4. Remember the following accounts have no effect on Cashflow: Depreciation, Opening Stock, Closing Stock –and therefore they are not displayed in the Cash Budget.
5. Remember there is no GST on the following: Interest, Bank Charges, Motor Vehicle Registration, Wages, Loan Repayments.
6. Expenses are paid for as follows: [remember to add GST to budgeted figures if applicable]
• Telephone and Electricity are quarterly accounts. They are recorded as an expense when the account is received and paid by the end of the month.
• Suppliers are paid in the month of purchase.
•Quarterly Tractor Lease of $4,950 inc GST will be paid at the end of September, December, March and June 2003.
•iv.Cattle purchased will be paid for within 7 days. [ie the amount owing at the end of June 20X2 will be paid in July 20X3: It is anticipated that cattle will be purchases as follows: November20X2: $33,000 inc GST;
February20X3: $35,000 inc GST,
March20X3: $27,500 inc GST,
May20X3: $22,000 inc GST.
7. All other expenses are paid in the month incurred.
8. A loan repayment of $20,000 is due in December.
9. Net Wages not Gross Wages will be entered in the Cash Budget i.e. Gross wages less an average of 22% Pay as You Go Tax (PAYG). Also remember that $1,100 owing in June will be paid in July.
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