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June 1. PROBLEM SOLVING (65 points) Perform what is being asked write your answers on the spaces provided A. Cash Flow Accounting Mr Mac set up a new business on January 1, 20XB He invested P50,000 in the new business on that date. The additional information is as follows: a. Gross proft was 20% of sales Monthly sales were as follows MONTH January February March April May July SALES 15,000 20,000 35,000 40,000 40,000 45,000 50,000 b. 50% of sales were for cash. Credit customers (50% of sales) pay in the month following sale. C. The supplier allowed one (1) month's credit. d. Monthly payments were made for rent and rates P2,200 and wages P600. e On January 1, 2008 the following payments were made. Po 000 for a five year lease of business premises and P3,500 for Insurances on the premises for the year. The realisable value of the lease was estimated to be P76,000 on June 30, 20XB and P70,000 on December 31, 20X8. 1 Staf sales commission of 2% of sales was paid in the month following the sale Requred 1. A purchases buiget for each of the frst six (6) months (15 points) 2 A cash flow statement for the first six (6) months (30 points) 3. A statement of operating cash fows and fnancial position as at June 30, 20XB (20 points) CRITERIA PERFORMANCE INDICATORS POINTS Content Correct accounts and amounts used 10 11 18 Heading Financial report is property identified and dated. 2 2 Sums Computed final amounts are correct/balanced 3 7 10 Total 15 20 30 NN June 1. PROBLEM SOLVING (65 points) Perform what is being asked write your answers on the spaces provided A. Cash Flow Accounting Mr Mac set up a new business on January 1, 20XB He invested P50,000 in the new business on that date. The additional information is as follows: a. Gross proft was 20% of sales Monthly sales were as follows MONTH January February March April May July SALES 15,000 20,000 35,000 40,000 40,000 45,000 50,000 b. 50% of sales were for cash. Credit customers (50% of sales) pay in the month following sale. C. The supplier allowed one (1) month's credit. d. Monthly payments were made for rent and rates P2,200 and wages P600. e On January 1, 2008 the following payments were made. Po 000 for a five year lease of business premises and P3,500 for Insurances on the premises for the year. The realisable value of the lease was estimated to be P76,000 on June 30, 20XB and P70,000 on December 31, 20X8. 1 Staf sales commission of 2% of sales was paid in the month following the sale Requred 1. A purchases buiget for each of the frst six (6) months (15 points) 2 A cash flow statement for the first six (6) months (30 points) 3. A statement of operating cash fows and fnancial position as at June 30, 20XB (20 points) CRITERIA PERFORMANCE INDICATORS POINTS Content Correct accounts and amounts used 10 11 18 Heading Financial report is property identified and dated. 2 2 Sums Computed final amounts are correct/balanced 3 7 10 Total 15 20 30 NN