Morrisons Motors is a Small and Medium Size Garage in Edinburgh. The business has appointed you as
Question:
Morrisons Motors is a Small and Medium Size Garage in Edinburgh. The business has appointed you as the Chief Finance Director.
Prepared a budget Statement for the business for the year ended 31/12/2022 from the information below.
In June 2022 the business transferred £30,000 from their HSBC account that the board has agreed to close.
The inflow and outflow in the Months of July, August September and October respectively are as follow:
The cash and credit sales £15,000, 18,000, 15,000 and 19,000; Commission received £10,000, 12,000, 14,000 and 15,000.
The business also receives 20,000 each Month from tenants who are renting part of their office complex. Grant of £10,000 for covid support was received from the council in July. Within these periods the business also made these expenses: Cash and Credit Purchases; £10,000, 8,000, 12,000 and 15,000; Salaries & Wages £20,000, 22,000, 21,000 and 20,000; Advertising; 2,000, 5,000, 7,000 and 6,000; Rent £50,000 each month within the period.
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta