The following information is budgeted for Gagasao Sdn. Bhd.(GSB) for second quarter next year: Sales Purchase...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is budgeted for Gagasao Sdn. Bhd.(GSB) for second quarter next year: Sales Purchase of materials Administration expenses Fixed overhead Direct labour cost Variable overhead Proceeds-sales of securities Sales of motor vehicle Repaid loan April RM 120,000 RM 90,000 RM 50,000 RM 60,000 RM 50,000 RM 25,000 RM 150,000 RM 15,000 RM 10,000 May RM 100,000 RM 95,000 RM 40,000 RM 60,000 RM 30,000 RM 15,000 RM 152,000 June RM 130,000 RM 85,000 RM 35,000 RM 60,000 RM 40,000 RM 15,000 RM 90,000 Collections are expected to be 70% in the month ofsale and 30% in the month following sale. GSB purchase all material on credit.80% of purchases are paid for in the month of purchase, the remaining 20% are paid for in the following month. The purchase of material for the month of March is RM70,000. Fixed overhead include depreciation of RM5,000. Direct labour cost, variable overhead and administration expenses are paid within the month they are incurred. During the month of May and June, the company also paid 3% on sales as a bonus to top management. The company's cash balance on April 1 is expected to be RM100,000. The company wants to maintain a minimum cash balance of RM10,000. Required: A) Prepare a schedule ofexpected cash collections for the month of April, May and June. B) Prepare schedule for payment of materials for April, May and June. C) Prepare a cash budget for the months of April, May and June. The following information is budgeted for Gagasao Sdn. Bhd.(GSB) for second quarter next year: Sales Purchase of materials Administration expenses Fixed overhead Direct labour cost Variable overhead Proceeds-sales of securities Sales of motor vehicle Repaid loan April RM 120,000 RM 90,000 RM 50,000 RM 60,000 RM 50,000 RM 25,000 RM 150,000 RM 15,000 RM 10,000 May RM 100,000 RM 95,000 RM 40,000 RM 60,000 RM 30,000 RM 15,000 RM 152,000 June RM 130,000 RM 85,000 RM 35,000 RM 60,000 RM 40,000 RM 15,000 RM 90,000 Collections are expected to be 70% in the month ofsale and 30% in the month following sale. GSB purchase all material on credit.80% of purchases are paid for in the month of purchase, the remaining 20% are paid for in the following month. The purchase of material for the month of March is RM70,000. Fixed overhead include depreciation of RM5,000. Direct labour cost, variable overhead and administration expenses are paid within the month they are incurred. During the month of May and June, the company also paid 3% on sales as a bonus to top management. The company's cash balance on April 1 is expected to be RM100,000. The company wants to maintain a minimum cash balance of RM10,000. Required: A) Prepare a schedule ofexpected cash collections for the month of April, May and June. B) Prepare schedule for payment of materials for April, May and June. C) Prepare a cash budget for the months of April, May and June.
Expert Answer:
Answer rating: 100% (QA)
A Calculations of Cash Collections From Sales Particulars April May June Sales 120000100000130000 Ca... View the full answer
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Posted Date:
Students also viewed these accounting questions
-
Which is not a characteristic of the Mann-Whitney Test? A. It can be used as a test for equality of two population medians. B. It is analogous to a one-sample t-test comparing a mean with a...
-
In exercise 2.13, you considered the food stamp programs in the US. Under this program, poor households receive a certain quantity of food stamps stamps that contain a dollar value which is accepted...
-
Some A are not B. Therefore, it is false that all A are B. Use the modified Venn diagram technique to determine if the following immediate inference forms are valid from the Boolean standpoint,...
-
1. Consider a local department store which only sells jeans (J) and sweaters (S). Jeans cost $20 and sweaters cost $30. For each of the examples below, graph the budget constraint our consumer faces,...
-
Many marketers felt that the Internet would hurt the direct mail catalog industry. In fact, this has not been the case. Explain some of the similar characteristics of catalog shopping and shopping on...
-
Width of diffraction maximum we suppose that in a linear crystal there are identical point scattering centers at every lattice point pm = m a, where m is an integer. By analogy with (20), the total...
-
Pileri Industries shipped goods to Consolidated Industries, Inc., via a common carrier. The goods were lost in transit. Pileri claimed that the sale was a shipment contract, thus putting the risk of...
-
A mixture of 75 mole% propane and 25 mole% hydrogen is burned with 25% excess air. Fractional conversions of 90% of the propane and 85% of the hydrogen are achieved: of the propane that reacts. 95%...
-
Please convert this E-R diagram to Relational model. Production Fixed Expenses FixedExpenseID DatePaid Description Amount Category Item Show/Production ShowID Actors Budget SetBudget OpiningDate...
-
The following table summarizes the operating results for Bene Petits first year of operations: Bene Petit First year operating data: Single (1 serving) Dual (2 servings) Family (4 servings) Total...
-
Tom Terry, a Human Resource management consultancy firm was contracted to advice the management of Tobia Mbayo Ltd on the importance of Human Resource planning HRP to an organization. Evaluate the...
-
If 4 ounces of yarn cost $2.66, what is the cost for 20 ounces?
-
"What constitutes the genetic material within a cell?" explain
-
Let's assume that two small economies are borrowing from the IMF: one gets a much larger loan package with few conditionality attached to its program, while the other gets a modest loan with a higher...
-
Francois is an avid collector of vintage French cooking equipment. Over the years he has built up an extensive collection worth $300,000 in fair market value, for which he paid $200,000 (his basis)....
-
1. Identify characteristics of different types of wounds 2. Describe factors that affect wound healing 3. Identify clients at risk for pressure injury development 4. Explain nursing interventions...
-
Why is it that the goals of policymaking, that is the criteria by which we assess policy, often conflict? If the quantity supplied is less than the quantity demanded, there is a...
-
What are some of the possible sources of information about a company that could be used for determining the companys competitive stance?
-
This exercise explores in some more detail the relationship between production technologies and marginal product of labor. A: We often work with production technologies that give rise to initially...
-
Workers as Producers of Consumption: We can see some of the connections between consumer and producer theory by re-framing models from consumer theory in producer language. A: Suppose we modeled a...
-
At least when our focus is on efficiency, the core problem with monopolies emanates from the monopolists strategic under-production of outputnot from the fact that monopolists make profits. But...
-
Key in project scheduling for a search of the Web. Hundreds of thousands of hits are generated from such a search. Examine a cross section of the hits. What are some of the common themes found on...
-
Go to www.infogoal.com/pmc/pmcart.htm and examine some of the archived articles and white papers on project planning and scheduling. Select one article and synthesize the main points. What are the...
-
Suppose a project plan had three distinct paths through the network. The first path consisted of activities A (3 days), B (4 days), and C (2 days). The second path consisted of activities D (4 days),...
Study smarter with the SolutionInn App