budgets P 943 Problem 23 5A

Sheet3 Sheet2 Sheet1 P 943/944 P23-5A Jan Feb Mar Apr Sales units Sales Unit Selling Price Receipts from customers budget Sales Budget Cash Sales Credit Sales Current month 25% 1 month prior 60% credit sales 2 months prior 40% credit sales Closing Accounts Receivable Related to last year Receipts from customers 40% February credit sales March credit sales Cost of Sales Budget Units Opening Inventory plus Purchases less Sales equals Closing inventory Cost of Sales$ Plus Purchases Closing Inventory Less Closing Inventory Equals Cost of Sales Purchases Payments 1 month prior 20% 2 months prior 80% Accounts Payable end March Expenses Budget Sales Commissions Sales Salaries Admin Salaries Maintenance Depreciation On existing assets on assets bought in jan on assets bought in feb on assets bought in mar Total Expenses Payments for Expenses Cash Forecast Receipts from Customers Payments for Purchases Payments for Assets Excess Deficit Opening Cash Closing Cash Provisional Closing Cash Interest paid Loan repaid Loan taken out Income Statement Less Cost of Sales Gross Income Less Expenses Net Income Tax 40% Balance Sheet 31 March Assets Cash Accounts Receivable Equipment Acc Depreciation Total Assets Liabilities and Equity Accounts Payable Inventory Taxes Payable Common Stock Retained Earnings Total Liabilities and Equity Land 0000.00 0000.00 0000.00 0000.00 00.00 00.00 00.00 00.00 000000.00 000000.00 000000.00 000000.00 00000.00 0.00 00000.00 0.00 00000.00 0.00 000000.00 0.00 000000.00 0.00 000000.00 0.00 000000.00 000000.00 000000.00 00000.00 00000.00 00000.00 00000.00 0.00 000000.00 0.00 00000.00 0.00 00000.00 000000.00 000000.00 000000.00 000000.00 00000.00 0.00 000000.00 000000.00 0000.00 000.00 0000.00 0000.00 0000.00 0000.00 0000.00 0000.00 0000.00 0000.00 000.00 0.00 0000.00 0.00 0000.00 0.00 00000.00 00.00 00000.00 00.00 00000.00 00.00 00000.00 00.00 000000.00 00.00 000000.00 00.00 00000.00 00.00 00000.00 00.00 00000.00 00.00 000000.00 000000.00 000000.00 00000.00 0.00 00000.00 0.00 00000.00 0.00 00000.00 000000.00 00000.00 000000.00 00000.00 000000.00 0.00 000000.00 000000.00 00000.00 00000.00 0.00 00000.00 0.00 00000.00 0.00 0000.00 00000.00 00.00 0000.00 00000.00 00.00 0000.00 00000.00 00.00 0000.00 00000.00 00.00 0000.00 00000.00 00.00 0000.00 00000.00 00.00 0000.00 0000.00 0000.00 0000.00 0000.00 0000.00 00000.00 00000.00 00000.00 0000.00 000000.00 0.00 00.00 0000.00 000000.00 0.00 00.00 0000.00 000000.00 0.00 00.00 000.00 00000.00 0.00 00.00 000.00 00000.00 0.00 00.00 000.00 00000.00 0.00 00.00 000.00 00000.00 0.00 00.00 000.00 00000.00 0.00 00.00 000.00 00000.00 0.00 00.00 0000.00 0000.00 0000.00 00000.00 00000.00 00000.00 000000.00 000000.00 000000.00 00000.00 000000.00 00000.00 00000.00 00000.00 00000.00 00000.00 00000.00 00000.00 00000.00 00000.00 0000.00 00000.00 00000.00 00000.00 00000.00 000000.00 00000.00 000000.00 000000.00 00.00 0000.00 0.00 0000.00 00000.00 000000.00 000000.00 000000.00 000000.00 000000.00 000000.00 000000.00 000000.00 00000.00 000000.00 000000.00 00000.00 00000.00 00000.00 00000.00 00000.00 00000.00 00000.00 0.00 00000.00 0.00 00000.00 0.00 00000.00 00000.00 00000.00 000000.00 000000.00 00000.00 000000.00 000000.00 00000.00 00000.00 00000.00 00000.00 00000.00 000000.00 00000.00 000000.00 000000.00 000000.00 00000.00 000000.00 000000.00 000000.00 000000.00