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Ue the information provided balow to prepare the following for March and April 2022: 4.1 þettors Collecion Schedule 42 Cash Budget INFORMATION The foloving forecasts have been made by the maragement team of FG VWholesalers: 1. The bark balance on 28 Febnary 2022 is estimated to be R30 000 (unfavourable). 2 Budgeted sales (axcluding dscourt) for the fist four morts of 2022 are as folons January February March April Cash sales R102 000 R114 000 R100 000 R80 000 Credit sales R115 000 R128 000 R105 000 R82 000 3. Customers who purchase for cash are eritled to a 10% cash discourt Collectiors from credit sales are expected to be as follows: * 70% in the month after the sale, * 25% tuo months after the sale 5% is usually written off a imecoverable 4. Expected purchases for the fist four morths of 2022 are as folous: January February March April Cash purchases R55 000 R56 000 R50 000 R40 000 Credit purchases R50 000 R65 000 R60 000 R45 000 5. Creditors are paid in the month after the purchase. A discount of 5% is expected on 60% of these purchases. 6. The proprietors fazed monthly drasings comprise 75% cash and 25% trading stook The cost of the trading stock Shat the proprietor takes is R1 250. 7. The morthly salaries amourt to R50 000. Salaries wil irorease by 8% with effect rom 01 Apri 2022. 8. The last instalmert on the loan, R4 00, as el as intereston loan for April 2022 il be paidat the end of April

Ue the information provided balow to prepare the following for March and April 2022: 4.1 þettors Collecion Schedule 42 Cash Budget INFORMATION The foloving forecasts have been made by the maragement team of FG VWholesalers: 1. The bark balance on 28 Febnary 2022 is estimated to be R30 000 (unfavourable). 2 Budgeted sales (axcluding dscourt) for the fist four morts of 2022 are as folons January February March April Cash sales R102 000 R114 000 R100 000 R80 000 Credit sales R115 000 R128 000 R105 000 R82 000 3. Customers who purchase for cash are eritled to a 10% cash discourt Collectiors from credit sales are expected to be as follows: * 70% in the month after the sale, * 25% tuo months after the sale 5% is usually written off a imecoverable 4. Expected purchases for the fist four morths of 2022 are as folous: January February March April Cash purchases R55 000 R56 000 R50 000 R40 000 Credit purchases R50 000 R65 000 R60 000 R45 000 5. Creditors are paid in the month after the purchase. A discount of 5% is expected on 60% of these purchases. 6. The proprietors fazed monthly drasings comprise 75% cash and 25% trading stook The cost of the trading stock Shat the proprietor takes is R1 250. 7. The morthly salaries amourt to R50 000. Salaries wil irorease by 8% with effect rom 01 Apri 2022. 8. The last instalmert on the loan, R4 00, as el as intereston loan for April 2022 il be paidat the end of April

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 4P: Determining Loan Repayments Jerry Rockness needs 40,000 to pay off a loan due on December 31, 2028....
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2022. The interest rate is 15%. 9. Equipment will be purchased on credit during March 2022 for R100 00. A deposit of 20% vill be paid during March 2022. The balance plus finance charges of R10 000 will be paid in ten equal instalments commencing April 2022. 10. Cash operating expenses are expected to amount to R30 000 for February 2022 and are expected to increase by 5% per month thereafter.
Transcribed Image Text:2022. The interest rate is 15%. 9. Equipment will be purchased on credit during March 2022 for R100 00. A deposit of 20% vill be paid during March 2022. The balance plus finance charges of R10 000 will be paid in ten equal instalments commencing April 2022. 10. Cash operating expenses are expected to amount to R30 000 for February 2022 and are expected to increase by 5% per month thereafter.
Us the information providad balow to prepare the following for March and April 2022: 4.1 þebtors Collection Schedule 4.2 Cash Budget INFORMATION The following forecasts have been made by the management team of FG Wholesalers: 1. The bark balance on 28 February 2022 is esfimated to be R30 000 (unfavourable). 2. Budgeted sales (excluding discounts) for the first four months of 2022 are as follows: January February March April Cash sales R102 000 R114 000 R100 000 R80 000 Credit sales R115 000 R128 000 R105 000 R82 000 3. Customers who purchase for cash are entitled to a 10% cash discount Collections from credit sales are expected to be as follows: * 70% in the month after the sale; * 25% two months after the sale. 5% is usually written off as imecoverable 4. Expected purchases for the first four months of 2022 are as follows: January February March April Cash purchases R55 000 R56 000 R50 000 R40 000 Credit purchases R60 000 R65 00 R60 000 R45 000 5. Creditors are paid in the month after the purchase. A discount of 5% is expected on 60% of these purchases. 6. The proprietor's fxed monthly drawings comprise 75% cash and 25% trading stock. The cost of the trading stock that the proprietor takes is R1 250. 7. The monthly salaries amount to R50 000. Salaries will increase by 8% with effect from 01 April 2022. 8. The last instalment on the loan, R4 000, as well as interest on loan for April 2022 will be paid at the end of April
Transcribed Image Text:Us the information providad balow to prepare the following for March and April 2022: 4.1 þebtors Collection Schedule 4.2 Cash Budget INFORMATION The following forecasts have been made by the management team of FG Wholesalers: 1. The bark balance on 28 February 2022 is esfimated to be R30 000 (unfavourable). 2. Budgeted sales (excluding discounts) for the first four months of 2022 are as follows: January February March April Cash sales R102 000 R114 000 R100 000 R80 000 Credit sales R115 000 R128 000 R105 000 R82 000 3. Customers who purchase for cash are entitled to a 10% cash discount Collections from credit sales are expected to be as follows: * 70% in the month after the sale; * 25% two months after the sale. 5% is usually written off as imecoverable 4. Expected purchases for the first four months of 2022 are as follows: January February March April Cash purchases R55 000 R56 000 R50 000 R40 000 Credit purchases R60 000 R65 00 R60 000 R45 000 5. Creditors are paid in the month after the purchase. A discount of 5% is expected on 60% of these purchases. 6. The proprietor's fxed monthly drawings comprise 75% cash and 25% trading stock. The cost of the trading stock that the proprietor takes is R1 250. 7. The monthly salaries amount to R50 000. Salaries will increase by 8% with effect from 01 April 2022. 8. The last instalment on the loan, R4 000, as well as interest on loan for April 2022 will be paid at the end of April
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