What should be the meals budget for 2021/22 applying zero-based budgeting
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
A local education institution’s budget for 2020/21 for meals was £944,622. During 2020/21 it is estimated that 500 students will require 3 meals a day for 196 days each at an average cost of £3.20 per meal. What should be the meals budget for 2021/22 applying zero-based budgeting, inflation is estimated at 3%?
A £940,800
B £944,622
C £969,024
D £972,960
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- The following information is applicable to Shine Wholesalers for the year 2020: Budgeted sales:July R105 000August R132 000September R165 000 In October 2020, sales are expected to increase by 20% relative to sales in September 2020. Cash sales amount to 20% of total sales. 55% of all credit sales are collected in the month of sale, with a discount of 10% to those debtors who pay during thistime. The outstanding credit sales are collected in equal instalments over the next two months. There are no bad debts. Purchases of raw materials are expected to be sufficient to meet 60% of the total sales for the next month. The companynormally settles half of its creditors in the month following the month of purchase. The remaining creditors are paid twomonths after the month of purchase. Wages and salaries are paid to employees at the end of the month in which they are earned. Wages and salaries areexpected to be:June R22 200July R20 500 Required:Prepare a cash budget for Shine…A companys controller is adjusting next years budget to reflect the impact of an expected 3 percent inflation rate. Listed below are selected items from next years budget before the adjustment. After adjusting for the 3 percent inflation rate, what is the companys total budget for the selected items before taxes for next year? a. 858,150 b. 860,412 c. 810,971 d. 858,971O e $650,000 Al-Nahdha company is preparing its cash budget for the first half of the year 2022. The company records shows that it has $20,000 in the cash at the start of the period. Cash collections from customers for the period are budgeted at $56,000. Purchases of inventory as budgeted will cost cash payment during the period of $60,000. The Company intends to keep its cash balance at the end of the period at $10,000. Other operating expenses for this period are budgeted at $30,000, which includes $4,000 depreciation and any cash expenses are paid in the month incurred. How much borrowing will the company need in the first half of 2022? O a. $12,000 O b. $10,000 OC None of the given answers O d. $20,000 O e. $22,000 Windows buü انتقل إلى الإعدادت لتنشيط S NEXT PAGE ENG DELL
- The following information pertains to Omega Projects Ltd for the three months ended 31 December 2020. Actual Budgeted October November DecemberRevenue (20% for cash and 80% on credit) R360 000 R380 000 R400 000Purchases (10% for cash 90% on credit) R240 000 R280 000 R320 000Salaries and wages paid R40 000 R60 000 R60 000Cash expenses R24 000 R28 000 R32 000Depreciation R2 000 R2 000 R2 000 Additional information:1. It is expected that debtors will settle their accounts as follows:• 20% in the month of invoice• 70% in the month after the month of invoice, and• 5% in the second month after the month of invoice.• The remaining 5% is usually written off as bad debts.2.…A Saudi printing supply has applied for a loan. Riyad bank has requested a budget balance sheet at April 30.2020, and a budgeted statement of cash flows for April. The march 31,2020 budgeted balance sheet follows: Saudi printing supply Budgeted Balance Sheet March 31,2020 Assets Current assets: 10 1000 Cash 25600 Accounts receivable 23800 inventory Total Current Assets 150400 Long term assets Equipment Less: accumulated depreciation 162200 25000 Total term assets 137200 Total Assets 287600 Liabilities Current liabilities: Account payable 17200 Total Liabilities 17200 Stockholders' Equity Common stock 84000 Total stockholders' equity 186400 Total Liabilities and Stockholders' Equity 287600 Additional information: 1. April dividends of SAR5000 were declared and paid 2. April capital expenditures of SAR 32800 budgeted for cash purchase of equipment 3. Cost of good sold 40% of sales 4. April depreciation expense SAR 1400 5. April operating expense, including salaries, total SAR76000.20% of…The accountant of Turn Key (Pty) Ltd instructs you to prepare a monthly cash budget for August. You are presented with the following budget information for July and August 2020. July August Sales. R590 000. R650 000 Manufacturing costs. R300 000. R340 000 Selling and administrative expenses R150 000. R170 000 Capital expenditures R120 000 (August) 1. The company expects to sell 10% of its merchandise for cash. 2. Credit sales will be collected as follows: 60% are expected to be collected in the month following the month of sale, and the remainder, in the second month following the month of sale. 3. On August 1 Cash balance was R55 000. 4. Accounts receivable as a result June credit sales was R442 000. 5. It is expected that R1 500 in dividends will be received in August. 6. All selling and administrative expenses are paid in cash in the period in which they are…
- The following information pertains to Yoyo Projects for the three months ended 31 May 2020: Actual Budgeted March R April R May R Revenue (20% for cash and 80% on credit) 360 000 380 000 400 000 Purchases (10% for cash 90% on credit) 240 000 280 000 320 000 Salaries and wages paid 40 000 60 000 60 000 Cash expenses 24 000 28 000 32 000 Depreciation 2 000 2 000 2 000 Additional Information: It is expected that debtors will settle their accounts as follows: 20 % in the month of invoice 70% in the month after the month of invoice, and 5% in the second month after the month of invoice The remaining 5% is usually written off as bad Trade creditors are paid in the month after purchase at a discount of 5%. 50% of the salaries and wages are weekly wages. Since wages are paid weekly, usually 10% of the wages are paid in the month following the month in which they were Expenses are paid as they The favourable…The members of Networx Ltd decide to prepare a Cash Budget for November and December 2018. The following information is available:Actual BudgetedAugust RSeptember ROctober RNovember RDecember RSales:CashCredit194 500287 300235 700350 000275 000410 000250 500400 400368 000697 000Purchases 510 000 490 000 495 000 520 000 680 000Salaries & Wages 72 600 72 600 72 600 72 600 72 600Sundry Expenses 17 800 18 400 22 000 22 600 25 700 Required:Prepare a Cash Budget for the period 1 November and 31 December 2018The members of Networx Ltd decide to prepare a Cash Budget for November and December 2018. The following information is available:Actual BudgetedAugust RSeptember ROctober RNovember RDecember RSales:CashCredit194 500287 300235 700350 000275 000410 000250 500400 400368 000697 000Purchases 510 000 490 000 495 000 520 000 680 000Salaries & Wages 72 600 72 600 72 600 72 600 72 600Sundry Expenses 17 800 18 400 22 000 22 600 25 700Additional information:1. Cash in respect of credit sales is collected as follows: 50% within 30 days 30% within 60 days 15% within 90 days The balance is written off as irrecoverable. BAD DEBT - IGNORE2. The following discounts are allowed on sales: 10% on cash sales 7.5% on credit sales if accounts are settled within 30 days.3. All salaries, wages and sundry expenses are paid in cash.4. Sundry expenses include depreciation of R4 200 per month. Exclude depreciation5. Seventy-five (75%) of all purchases are on credit and paid within 30 days. The balance is paid…
- ABC company projected sales of 100,000 books for 2021. The estimated January 1, 2021, finished goods inventory is 5,000 umits, snd the desired December 31,2021 finish goods inventory is 10000 units. What is the budgeted production for 2021.NorthWest Itd has prepared its master budget. The sales budget states that sales will be £82,000 in May 2024, £153, 500 in June, £137,200 in July and £165, 500 in August. 50% of sales will be credit sales. 70% of customers are expected to pay in the month after the sale, 20% in the second month after the sale, while the remaining 10% are expected to be bad debts. Customers who pay in the month after the sale can claim an 8% early settlement discount. What level of sales receipts should be shown in the cash budget for July 2024 (to the nearest £) ? A. £ 57,627 B. £ 183, 854 C. £ 126, 227 D. £ 122, 981 E. £ 81,098 F. £ 115, 254Styles Abuhatim LLC has given the following particulars. You are required to prepare a cash budget for the three months ending 31st December 2019 Months Sales Materials Wages ( OMR) Over heads (OMR) (OMR) (OMR) August September October 20000 10200 3800 1900 21000 10000 3800 2100 23000 9800 4000 2300 November 25000 10000 4200 2400 December 30000 10800 4500 2500 Credit terms are 1.. Sales /Debtors 10% sales are on Cash, 50% of the credit sales are collected in next month and the balance in the following month 2. Creditors- materials 2 months Wages 1 month -1 month Overheads 3. Cash balance on 1st October is expected to be Ro.8000 4. A machinery will be installed in August at a cost of RO.100000, the monthly instalment of RO.5000 is payable from October onwards 5. Dividend at 10% on preference share capital RO.300,000 will be paid on 1* December 2019 6. Advance to be received for the sale of vehicles RO.20000in December 7. Income tax to be received in December RO.5000