Kaplan Finance Assingment Help With Solution
1 You have the following information about a H Ltd, a new business:
Credit Budgeted Cash sales
January, 2014 40,000 30,000
February 45,000 20,000
March 50,000 25,000
April 55,000 30,000
Collections on credit sales average 40 percent in the month of sales and the
remaining 60 percent in the month following the sales.
Cost of sales (purchases) averages 60% of total sales revenue.
Twenty percent of cost of sales is on cash basis, and 80 percent is paid in the
month following purchases.
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Other operating expenses according to the forecasted income statement
January February March
Wages and salaries $18,000 $18,000 $18,000
Office rent 6,000 6,000 6,000
Insurance 1,000 1,000 1,000
Utilities 2,000 2,000 2,000
Other operating costs 5,000 5,000 5,000
Depreciation 3,000 3,000 3,000
Interest expense 500 500 500
Note that the payroll, utilities, other operating costs, and interest expense are paid in
cash each month as the expense is incurred.
The insurance expense is paid in January each year in advance for the whole
year ($12,000 per year).
The office rent is paid quarterly in advance starting January each year.
In March, the company plans to sell some old equipment and estimates it will
received $10,000 from the sale.
At the same time, it must spend $30,000 on new equipment. The beginning
cash balance on Jan 1 is $10,000. (Cash payment : March)
a) Prepare the business’s cash budget for each of the three months: January,
February, and March.
b) Give three recommendations on how you could improve the cash flow of H
Product Code :Fin302
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