50.1K

Verified Solution

Link Copied!

Q2 ( really important) Help please it's final, I only have 90 minutes, I need this answer as quick as possible and make the paper clear please guys...

From the following information, prepare a Budgeted Statement of Cash Flows for the month of September 2021. Balance Sheet as at 31 August 2021 $ ASSETS LABIUTIES Accounts receivable $14,000 Accounts payable $26,000 Inventory $23,000 $37,000 Cash at Bank $15,000 Accrued wages $2,000 Vehicles $45,000 Prepaid revenue $4,000 $47,000 Less: Accum depreciation $7,000 $38,000 OWNERS' EQUITY Capital $28,000 $75,000 $75,000 Additional Information Sales for the month of September are expected to be cash $80,000 (plus GST $8,000) and credit $44,000 (including GST). 80% of accounts receivable from August are expected to pay in September. In September total purchases are expected to be $20,000 (plus GST $2,000). 45% of total purchases are for cash. All Accounts payable are paid in the month after purchase. Depreciation of vehicles is 12% of cost for the full 12 months. Wages of $6,000 will be paid in September, along with the $2,000 wages owing from the month of August. ( ( ) The business will sell an old vehicle for $5,000 cash (no GST) The business is expected to earn $1,000 of the prepaid revenue shown in the balance sheet during the month of September. The business will pay $2,000 (plus $200 GST) for advertising in September. Second-hand equipment will be purchased in the last week of September. The equipment is expected to cost $50,000 (no GST). A 20% deposit was paid in August and the balance will be paid in September. The business will take out a loan of $10,000 in September. The owner is expected to contribute $60,000 cash in September and will withdraw $400 from the business each week for personal use. Test 2 Trimester 2 2021 SlPage Budgeted Statement of Cash Flows for the month of September 2021 $ $ Cash flows from Operating Activities Cash flows from Investing Activities Cash flows from Financing Activities ) Cash flows from Financing Activities Net increase / decrease in cash held Cash held at beginning Cash held at end From the following information, prepare a Budgeted Statement of Cash Flows for the month of September 2021. Balance Sheet as at 31 August 2021 $ ASSETS LABIUTIES Accounts receivable $14,000 Accounts payable $26,000 Inventory $23,000 $37,000 Cash at Bank $15,000 Accrued wages $2,000 Vehicles $45,000 Prepaid revenue $4,000 $47,000 Less: Accum depreciation $7,000 $38,000 OWNERS' EQUITY Capital $28,000 $75,000 $75,000 Additional Information Sales for the month of September are expected to be cash $80,000 (plus GST $8,000) and credit $44,000 (including GST). 80% of accounts receivable from August are expected to pay in September. In September total purchases are expected to be $20,000 (plus GST $2,000). 45% of total purchases are for cash. All Accounts payable are paid in the month after purchase. Depreciation of vehicles is 12% of cost for the full 12 months. Wages of $6,000 will be paid in September, along with the $2,000 wages owing from the month of August. ( ( ) The business will sell an old vehicle for $5,000 cash (no GST) The business is expected to earn $1,000 of the prepaid revenue shown in the balance sheet during the month of September. The business will pay $2,000 (plus $200 GST) for advertising in September. Second-hand equipment will be purchased in the last week of September. The equipment is expected to cost $50,000 (no GST). A 20% deposit was paid in August and the balance will be paid in September. The business will take out a loan of $10,000 in September. The owner is expected to contribute $60,000 cash in September and will withdraw $400 from the business each week for personal use. Test 2 Trimester 2 2021 SlPage Budgeted Statement of Cash Flows for the month of September 2021 $ $ Cash flows from Operating Activities Cash flows from Investing Activities Cash flows from Financing Activities ) Cash flows from Financing Activities Net increase / decrease in cash held Cash held at beginning Cash held at end

Answer & Explanation Solved by verified expert

See Answer