Question 4 Use the information provided below to prepare the following for January and February 2023: 4.1 Debtors Collection Schedule 4.2 Cash Budget INFORMATION The following information was provided by Intel Enterprises: 1. The bank balance on 31 December 2022 is expected to be R40 000 (unfavourable). 2. Credit sales are expected to be as follows: December 2022 January 2023 R576 000 R540 000 February 2023 R648 000 3. Credit sales usually make up 40% of the total sales. Cash sales make up the balance. Cash customers
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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- REQUIRED Use the information provided below to prepare the following for March and April 2024: 4.1 Debtors Collection Schedule 4.2 Cash Budget INFORMATION The following information was provided by BN Traders: 1. The bank balance on 28 February 2024 is expected to be R100 000 (unfavourable). The sales figures for the first four months of 2024 are expected to be as follows: 2 January March R1 500 000 R1 000 000 3. 4. 4.1 4.2 5. 6. 7. 8. 9. February R1 100 000 Cash sales usually make up 30% of the total sales. The balance of the sales is on credit. (Separate entries are required for cash sales and collections from credit sales.) Credit sales are normally collected as follows: 30% in the month of the sale, and these debtors are entitled to a 3% discount 65% in the month after the sale The rest is usually written off as bad debts. Purchases from February to April 2024 are expected to be as follows: February March R320 000 R350 000 Cash purchases Credit purchases April R1 200 000 R360 000…Use the information provided below to prepare the following for January and February 2023: 4.1 Debtors Collection Schedule 4.2 Cash Budget INFORMATIONThe following information was provided by Intel Enterprises:1. The bank balance on 31 December 2022 is expected to be R40 000 (unfavourable).2. Credit sales are expected to be as follows: December 2022 January 2023 February 2023 R576 000 R540 000 R648 000 3. Credit sales usually make up 40% of the total sales. Cash sales make up the balance. Cash customersreceive a 10% discount.4. Credit sales are normally collected as follows:* 30% in the month in which the transaction takes place, and these customers are entitled to a 5% discount.* 65% in the following monthThe rest is usually written off as bad debts.5. Budgeted purchases of inventory are as follows: December 2022 January 2023 February 2023 R1 000 000 R800 000 R920 000 6. Fifty percent (50%) of the purchases are for cash. The remainder is paid in the month after the…Question 4 Use the information provided below to prepare the following for January and February 2023: Debtors Collection Schedule Cash Budget INFORMATION The following information was provided by Intel Enterprises: 3. 5. The bank balance on 31 December 2022 is expected to be R40 000 (unfavourable). Credit sales are expected to be as follows. December 2022 R576 000 January 2023 Credit sales are normally collected as follows: 65% in the following month Credit sales usually make up 40% of the total sales. Cash sales make up the balance. Cash customers receive a 10% discount. R540 000 The rest is usually written off as bad debts. 30% in the month in which the transaction takes place, and these customers are entitled to a 5% discount. December 2022 Budgeted purchases of inventory are as follows. R1 000 000 February 2023 January 2023 R648 000 R800 000 February 2023 R920 000
- Use the information provided below to prepare the following for November and December 2021: 4.1 Debtors Collection Schedule 4.2 Cash Budget INFORMATION The following budgeted information was provided by Sentinel Enterprises: 1. The expected bank balance on 31 October 2021 is R20 000 (favourable). 2. Credit sales are forecast as follows: October 2021 November 2021 December 2021 R280 000 R240 000 R320 000QUESTION 3 REQUIRED Use the information provided below to prepare the following for Mustang Enterprises for January and February 2024. 3.1 Debtors Collection Schedule 3.2 Cash Budget. INFORMATION The following information was supplied by Mustang Enterprises: 1. Mustang Enterprises expects to have an unfavourable bank balance of R40 000 on 31 December 2023. 2. The monthly sales were projected as follows: 2023 Units November 44 000 December 53 000 2024 Units January 47 000 February 31 000 3. The selling price is R20 per unit (excluding any discounts). All the goods produced each month are expected to be sold in the same month. Sixty percent (60%) of the sales is expected to be on credit and the balance is for cash. Thirty percent (30%) of the cash sales is subject to a discount of 10%. 4. Credit sales are usually collected as follows: 20% in the month of sale, and these debtors receive a 5% discount. 75% in the month after the sale, and the rest is usually written off as bad debts. 5.…REQUIRED Use the following information provided by Ashton Enterprises to prepare the: Debtors Collection Schedule for January and February 2021. 5.1 5.2 Cash Budget for January and February 2021. Note: Where applicable, round off amounts to the nearest Rand. INFORMATION 1. The bank balance on 31 December 2020 is expected to be R40 000 (favourable). 2. Expected credit sales are as follows: December 2020 January 2021 February 2021 R360 000 R390 000 R420 000 3. Credit sales usually make up 60% of the total sales. Cash sales make up the balance. Credit sales are normally collected as follows: 20% in the month in which the transaction took place. These debtors are entitled to a 5% discount. 4. 75% in the following month. The rest is usually written off as bad debts.
- Use the information provided by Tech Talk to prepare the following for March and April 2024: 1.1 Cash Budget 1.2 Debtors Collection Schedule INFORMATION The following information was provided by Tech Talk: 1. Tech Talk expects to have a favourable bank balance of R70 000 on 28 February 2024. 2. Budgeted sales figures for 2024 are as follows: January R420 000 R470 000 3. 4. 5. 6. 7. Cash sales Credit sales 9. February R470 000 R490 000 Total purchases March R610 000 R620 000 Thirty percent (40%) of the cash sales is to informal traders who are entitled to a discount of 20%. Collections from debtors are usually as follows: • 80% is collected in the month after the sale. 20% is collected two months after the sale. Purchases of inventory are expected to be as follows: January R310 000 February R360 000 April R650 000 R600 000 March R300 000 Sixty percent (60%) of the purchases is for cash to take advantage of a discount of 15%. The balance is purchased on credit. Creditors are paid two…Question-4 REQUIRED Use the information provided by Empire Traders to prepare the following for March and April 2024: 4.1 Debtors Collection Schedule 4.2 Cash Budget. INFORMATION The following information was provided by Empire Traders: 1. Empire Traders expects to have a favourable bank balance of R60 000 on 28 February 2024. 2. Budgeted sales figures for 2024 are as follows: 3. 4. 5. 6. 7. Cash sales Credit sales 9. January R320 000 R370 000 Total purchases February R370 000 R390 000 March R310 000 R320 000 Thirty percent (30%) of the cash sales is to informal traders who are entitled to a discount of 10%. Collections from debtors are usually as follows: • 80% is collected in the month after the sale. 20% is collected two months after the sale. Purchases of inventory are expected to be as follows: January February R410 000 R460 000 April R250 000 R300 000 March R400 000 April R380 000 Sixty percent (60%) of the purchases is for cash to take advantage of a discount of 15%. The balance…REQUIRED Use the following information provided by Ashton Enterprises to prepare the: 5.1 Debtors Collection Schedule for January and February 2021. 5.2 Cash Budget for January and February 2021. Note: Where applicable, round off amounts to the nearest Rand. INFORMATION The bank balance on 31 December 2020 is expected to be R40 000 (favourable). Expected credit sales are as follows: December 2020 R360 000 1. 2. 3. 4. 5. 6. 7. 8. 9. * * January 2021 R390 000 February 2021 R420 000 11 Credit sales usually make up 60% of the total sales. Cash sales make up the balance. Credit sales are normally collected as follows: 20% in the month in which the transaction took place. These debtors are entitled to a 5% discount. 75% in the following month. The rest is usually written off as bad debts. The mark-up is 25% on cost. The goods that are sold each month are replaced in the same month. The ratio of cash purchases to credit purchases is 3:1 respectively. Creditors are paid in the month after the…
- QUESTION 4 REQUIRED Use the information provided by empire Traders to prepare the following for March and April 2024: 4.1 Debtors Collection schedule 4.2 Cash Budget INFORMATION The following information was provided by Empire Traders: 1. Empire Traders expects to have a favourable bank balance of R60 000 on 28 february 2024. 2. Budgeted sales figures for 2024 are as follows: January February March April Cash Sales R320 000 R370 000 R310 000 R 250 000 Credit Sales R370 000 R390 000 R320 000 R300 000 3. Thirty percent (30%) of the cash sales is to informal traders who are entitled to a discount of 10%. Collections from debtors are usually as follows: 80% is collected in the month after sale 20% is collected two months after the sale 4. Purchases of inventory are expected to be as follows: January February March April Total Purchases R410 000 R460 000 R400 000 R380 000 5. Sixty percent (60) of then purchases is for cash to take advantage of a discount of 15%. The balance is purchased on…REQUIRED Use the information provided below to prepare the following for Protea Limited for January, February and March 2023: 4.1 Debtors Collection Schedule 4.2 Cash Budget INFORMATION Protea Limited is in the process of formulating plans for the first quarter of 2023. 1. The following sales figures show the growth expected: Year Month 2022 December 2023 January 2023 February 2023 March 2. 3. Sales R460 000 R560 000 R640 000 R720 000 7. Forty percent (40%) of the sales is expected to be for cash and the balance is on credit. Twenty percent (20%) of the credit sales is expected to be collected in the month of the sale and 75% in the month after the sale. The remaining 5% is usually written off as bad debts. Debtors who settle their accounts in the month of the sale are entitled to a 5% discount. 4. The purchase of inventory is the company's largest expenditure and the cost of these items equals 60% of the current month's sales (excluding any discounts). Sixty percent (60%) of the…QUESTION 4 REQUIRED Use the information provided below to prepare the following for Xpanda Limited for February and March 2022: 4.1 Debtors Collection Schedule 4.2 Cash Budget. INFORMATION The following budgeted information was made available by Xpanda Limited for 2022: 1. An overdrawn bank balance of R125 000 is expected on 31 January 2022. 2. Forty percent (40%) of all sales are for cash; the balance is on credit. Sales for January and February 2022 (excluding discounts) are expected to be R640 000 and R900 000 respectively. Sales are expected to increase by 10% during March 2022. Twenty percent (20%) of the cash sales are to wholesalers and they are entitled to a discount of 10%. Thirty percent (30%) of the sales on credit is expected to be collected in the month of the sale for a cash discount of 5%. The balance is expected to be collected one month later. 3. Xpanda Limited sells its goods at cost plus 60%. All goods that are sold each month are replaced in the same month. Fifty…