DS Pharmacy sells a product that has a highly seasonal variation with peak sales occurring in the third quarter. The following information was given for expected sales data for the coming year 2020. The product of the pharmacy sells for $6.00 per unit. Budgeted sales for the next four quarters are as follows: - Quarters Budgeted Sales in Units i. ii. iii. iv. Sales are collected in the following pattern: 60% in the quarter the sales are made and the remaining 40% in the following quarter. V. 1 On January 1, 2020, the records showed 60 000 in accounts receivables as well as the following information. vi. 2 vii. 2020 3 4 50 000 70 000 120 000 60 000 Cash balance at January first was $38 000.00. Also, in the first quarter direct material cost $70 000.00, direct Labour cost $80 000.00, Administration expense $100 000.00, Taxes $10 000.00 and Advertising $15 000.00. Equipment was purchased in the first quarter for $50 000.00. Equipment purchases increased in the second quarter by 30%. No other equipment was purchased. A dividend of $16 000.00 is to be paid in the first quarter and fourth quarter only. Administration Expenses rose by 25% in the second quarter, 20% in the third, quarter and 10% in the fourth quarter. The increased in expenses was based on the previous quarter figures. For financing purposes, a loan of $85 000.00 was received in the first quarter and $40 000.00 in the second quarter. In the third quarter the $85 000.00 loan with interest of $3 000.00 were repaid and in the fourth quarter the $40 000.00 loan with interest of $6 000.00 were repaid. Direct materials and Direct labour increased each quarter by $15 000 and 10 000 respectively.

Please solve all questions The transaction processing device (TPS) is an activity which includes systems daily the expenditure cycle, the conversion cycle and the revenue cycle. whilst every cycle performs unique particular tasks and helps distinctive objectives, they percentage commonplace traits. as an example, all 3 TPS cycles capture the monetary transaction, file the outcomes of transactions accounting document and offer facts about transactions day-to-day users in assist of their day to day activities.   a. elaborate the cash flow through the transaction cycle by discussing the applicable subsystems and any opportunities of time lags that may occur   b. explain the relationship between the balance within the account payable general ledger control account and accounts payable subsidiary ledger

Prepare a flowchart of the cash receipts procedure described previously

Discuss three (3) internal control principles for cash payments. Provide corresponding examples of procedures that are applicable to each principle.

H7. What specific information would you need to begin a cash receipts forecast? Identify three items that would be helpful.  Please explain with details

how do we record in the cash payment journal for the payment in cash and with the GST included and received discount

Which of the following is most likely to appear in the operating section of a cash fl ow statement under the indirect method? C . Cash received from customers.

Which of the following is an effective internal control for cash payments? A.Payments should be authorised before they are made B.Payments to suppliers should be made as quickly as possible C.An experienced accountant should have total responsibility for all cash payment functions D.Supporting documentation should be destroyed immediately afterpayment to avoid incorrectly paying twice

Distinguish among the following: (1) a general checkingaccount, (2) an imprest bank account, and (3) a lockboxaccount.

An invoice is generated in the cash receipts process.sales order creation process.shipping process.picking process.billing process.