Cash Budget

Khloe Company imports gift items from overseas and sells them to gift shops and department stores throughout the United States. Khloe Company provided the following information:

1. The October 31 balance in the cash account is $54,215.
2. All sales are on account. Sales in September were $1,000,000 and in October were $1,330,000.
3. November sales are expected to be $2,170,000.
4. In Khloe’s experience, 70 percent of sales are collected in the month of sale and 27 percent are collected in the month following sale. The remaining credit sales are uncollectible.
5. Khloe purchases all merchandise on account. Purchases in September were $715,000 and in October were $950,000. November purchases are expected to be $2,030,000 as Khloe prepares for the Christmas buying season. Fifteen percent of purchases are paid in the month of purchase, while the remainder is paid in the month following the purchase month.
6. Khloe Company has nine employees who are paid a total of $41,000 per month. Due to timing issues, about 90 percent of total wages are paid in the month earned and the remaining 10 percent are paid in the following month.
7. Rent for office and warehouse space is $12,200 paid monthly in cash.
8. Utilities average $6,400 per month and are paid in cash.
9. In November, Khloe expects to pay employment taxes of $6,650.
10. Since Khloe imports product from overseas, customs duty and shipping to the central location of 20 percent of current monthly purchase cost must be paid in the month of purchase.
11. Other cash expenses for November are expected to be $41,000.

Required:

Prepare a cash budget for Khloe Company for the month of November.

Estimated Income Statements, using Absorption and Variable Costing

Prior to the first month of operations ending October 31 Marshall Inc. estimated the following operating results:

The company is evaluating a proposal to manufacture 27,200 units instead of 24,800 units, thus creating an Inventory, October 31 of 2,400 units. Manufacturing the additional units will not change sales, unit variable factory overhead costs, total fixed factory overhead cost, or total selling and administrative expenses.

a. 1. Prepare an estimated income statement, comparing operating results if 24,800 and 27,200 units are manufactured in the absorption costing format. If an amount box does not require an entry leave it blank or enter “0”.

a. 2. Prepare an estimated income statement, comparing operating results if 24,800 and 27,200 units are manufactured in the variable costing format. If an amount box does not require an entry leave it blank or enter “0”.

Question Two

The following balances were extracted from the books of Bashara Kabwa Enterprises, a wholesale business, as at 31 October 2018:

Drawings                                                                     660,000

Trade receivables                                                         990,000

Purchases                                                                     2,303,840

Sales returns                                                                 79,420

Capital                                                                         4,101,100

Trade payables                                                             330,000

Sales                                                                            4,691,280

Purchases returns                                                          120,340

Discount received                                                         93,720

Provision for depreciation: Motor vehicles                     176,000

                                         Fixtures and fittings             63,800

Allowances for doubtful debts                                       44,000

15% bank loan                                                             220,000

Salaries and wage                                                         1,034,000

Discount allowed                                                          54,560

Bank balance                                                               568,260

Cash in hand                                                                26,400

Electricity expenses                                                      103,840

Rent and rates                                                              54,560

Freehold premises (cost)                                               1,569,700

Fixtures and fittings (cost)                                             334,400

Motor vehicles (cost)                                                    462,000

Stationery                                                                    34,320

Postage and telephone expenses                                    44,000

Insurance premiums                                                      13,200

Bad debts written off                                                    15,840

Motor vehicle expenses                                                 84,920

Inventory (1 November 2017)                                       1,393,480

Interest on bank loan                                                     16,500

Additional information:

1. The value of inventory as at 31 October 2018 was Sh. 1,036,400
2. Sales includes Sh. 300,000 worth of goods sold by Bashara Kabwa Enterprises agents, who are allowed 15% commission on such sales. This transaction has not been recorded in the books.
3. Depreciation is to be provided as follows:

Fixtures and fittings      – 10% per annum on reducing balance basis.

Motor vehicle               – 15% per annum on straight line basis.

4. Annual insurance premium amounted to Sh. 12,000.
5. As at 31 October 2017, there was a balance of Sh. 65,000 received from a customer in cash.
6. Salaries and wages were in arrears of Sh. 35,000
7. The Electricity bill for the month of October of Sh. 14,500 was received on 5 November 2018.
8. An allowance of 5% is to be maintained for doubtful debts.
9. Goods worth Sh. 48,840 had been distributed to potential customers as free samples.

Required:

1. Income statement for the year ended 31 October 2018
2. Statement of Financial position as at 31 October 2018                            

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