Use the following information to answer questions 23 to 30. In order to ascertain clarity on how much cash Musa (Pty) Ltd needs each month, complete the cash budget using the information below. Sales (in rand) are as follows:

Of the company’s sales, 40% are done in cash. Credit sales are collected as follows: 

40% during the month of sale 

20% during the first month following the month of sale 

20% during the second month following the month of sale 

20% during the third month following the month of sale

Purchases are as follows:

All purchases are on credit and are paid as follows: 

40% during the month of purchase 

30% during the first month following the month of purchase 

15% during the second month following the month of purchase 

15% during the third month following the month of purchase

Other information 

Salaries and wages of R100 000 are paid monthly 

Rent of R50 000 on a monthly basis 

Interest on debt of R4 000 each month

Major maintenance on machines and plant amounting to R1 500 000 in October was undertaken. 

Depreciation costs of R20 000 is charged on a monthly basis 

At the beginning of September, the business will have R50 000 in cash 

The management of the company has a policy of maintaining R50 00 minimum cash balance.

Requirements:

Compile the cash budget for Musa (Pty) Ltd for the months of September, October and November. Also indicate the financing needed to maintain the minimum cash balance and meet the operational requirements.

Question 23

Calculate the total credit sales collected for October.

1. R846 000

2. R896 000

3. R950 000

4. R986 000

Question 24

Calculate the opening balance for October.

1. R430 000

2. R585 800

3. R680 500

4. R720 200

Question 25

Calculate the total credit purchases collected for September.

1. R360 000

2. R460 000

3. R520 500

4. R545 500

Question 26

Calculate the total credit sales collected for November.

1. R566 000

2. R700 000

3. R966 000

4. R975 000

Question 27

Calculate the financing required for October.

1. R239 000

2. R397 500

3. R405 000

4. R515 000

Question 28

Calculate the financing required for November.

1. R154 000

2. R297 500

3. R496 750

4. R515 000

Question 29 Calculate the cash sales for September. 1. R340 000 2. R580 000 3. R650 000 4. R700 000 .

Question 30 Calculate the credit purchases for June that were collected in September. 1. R114 000 2. R140 000 3. R160 000 4. R170 000

Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. and would like you to prepare the cash flow statement. The comparative balance sheet of Cookie & Coffee Creations Inc. at October 31, 2023 for the years 2023 and 2022 and the income statement for the year ended October 31, 2023, are presented below.

Additional information:

Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2023, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)Partially correct answer iconYour answer is partially correct.

Prepare a statement of cash flows for Cookie & Coffee Creations Inc. for the year ended October 31, 2023, using the direct method. (Show amounts in the investing and financing sections that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)

1. Bank Reconciliation and Entries

   The Coins, currency (paper money), checks, money orders, and money on deposit that is available for unrestricted withdrawal from banks and other financial institutions.cash account for Collegiate Sports Co. on November 1 indicated a balance of $81,145. During November, the total cash deposited was $293,150, and checks written totaled $307,360. The A summary of all transactions mailed to the depositor or made available online by the bank each month.bank statement indicated a balance of $112,675 on November 30. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:

   1. Checks outstanding totaled $41,840.
   2. A deposit of $12,200, representing receipts of November 30, had been made too late to appear on the bank statement.
   3. A check for $7,250 had been incorrectly charged by the bank as $2,750.
   4. A check for $760 returned with the statement had been recorded by Collegiate Sports Co. as $7,600. The check was for the payment of an obligation to Ramirez Co. on account.
   5. The bank had collected for Collegiate Sports Co. $7,385 on a note left for collection. The face of the note was $7,000.
   6. Bank service charges for November amounted to $125.
   7. A check for $2,500 from Hallen Academy was returned by the bank because of insufficient funds.

   Required:

   1. Prepare a bank reconciliation as of November 30.

   Collegiate Sports Co.
   Bank Reconciliation
   November 30
   Cash balance according to bank statement		$
   Add bank error in charging check as $2,750 instead of $7,250 Add bank service charges Add deposit of November 30, not recorded by bank Add outstanding checks Add note and interest collected by bank
   		$
   Deduct bank service charges Deduct check returned because of insufficient funds Deduct deposit of November 30, not recorded by bank Deduct outstanding checks Deduct note and interest collected by bank	$
   Deduct bank error in charging check as $2,750 instead of $7,250 Deduct bank service charges Deduct deposit of November 30, not recorded by bank Deduct error in recording check by Collegiate Sports Co. Deduct proceeds of note collected by bank, including $100 interest
   Adjusted balance		$
   Cash balance according to company's records		$
   Add bank error in charging check as $2,750 instead of $7,250 Add bank service charges Add check returned because of insufficient funds Add deposit of November 30, not recorded by bank Add note and interest collected by bank	$
   Add bank service charges Add cash balance according to company's records Add deposit of November 30, not recorded by bank Add error in recording check as $7,600 instead of $760 Add outstanding checks
   		$
   Deduct check returned because of insufficient funds Deduct deposit of November 30, not recorded by bank Deduct error in recording check by Collegiate Sports Co. Deduct outstanding checks Deduct note and interest collected by bank	$
   Deduct bank service charges Deduct deposit of November 30, not recorded by bank Deduct error in recording check by Collegiate Sports Co. Deduct outstanding checks Deduct note and interest collected by bank
   Adjusted balance		$

   Feedback

   2. Journalize the necessary entries (a.) that increase cash and (b.) that decrease cash. The accounts have not been closed. For a compound transaction, if a box does not require an entry, leave it blank.

   a. Nov. 30	Accounts Payable-Ramirez Co. Accounts Receivable-Ramirez Co. Cash Interest Revenue Notes Receivable
   	Cash Cash Short and Over Interest Receivable Miscellaneous Administrative Expense Notes Receivable
   	Accounts Receivable-Hallen Academy Interest Revenue Petty Cash Sales Unearned Interest
   	Accounts Payable-Ramirez Co. Accounts Receivable-Ramirez Co. Cash Cash Short and Over Sales
   b. Nov. 30	Accounts Payable-Hallen Academy Accounts Receivable-Hallen Academy Cash Short and Over Interest Expense Interest Revenue
   	Cash Short and Over Miscellaneous Expense Miscellaneous Revenue Notes Receivable Petty Cash
   	Accounts Payable-Hallen Academy Accounts Receivable-Hallen Academy Cash Miscellaneous Revenue Petty Cash

   3. If a balance sheet is prepared for Collegiate Sports Co. on November 30, what amount should be reported as cash?
   $

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