pre exam - THE AUSTRALIAN NATIONAL UNIVERSITY School of...

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THE AUSTRALIAN NATIONAL UNIVERSITY School of Accounting & Business Information Systems Questions from previous Final Examinations relevant to expected final exam questions for Semester 1, 2008 BUSINESS REPORTING & ANALYSIS BUSN1001 Instructions: Study Time: 15 minutes Writing Time: 3 hours Total marks on paper: 100 marks Weighting of exam: 60% Answer ALL questions Permitted materials: Paper foreign language dictionary with school approval Non-programmable calculator
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Question 1 Trolleybus Ltd is a small transport and courier company. All work is provided on 30-day credit terms. The cash balance at 1 October 2007 was $32,000. The following budgeted estimates of the next 3 months of operations have been made. October November December $ $ $ Fee revenue 108,000 110,000 128,000 Wages and salaries paid 69,000 66,000 62,000 Vehicle expenses 34,000 35,000 36,000 Depreciation on vehicles 3,200 3,200 3,200 Advertising expense 3,000 3,000 3,000 Other expenses paid 5,200 5,100 6,000 Interest expense - - 3,500 Additional information: Past experience suggests that debtors settle their accounts in the following pattern: 30% in the month of service 70% in the month following service Fee revenue for September was $126,000. Vehicle expenses are paid for in the month incurred except for December which includes an amount for $7,000 that will not be paid until January. Advertising expense shown for the 3 months is due to be paid in December. As well as interest expense paid in December, a loan repayment of $15,000 is due to be paid in November. A dividend of $18,000 will be paid to Trolleybus Ltd shareholders in December. Quarterly tax of $8,000 is also due to be paid in December. Required: a. Prepare a cash budget for the quarter ended 31 st December 2007. b.
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pre exam - THE AUSTRALIAN NATIONAL UNIVERSITY School of...

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