Gst payments on cash purchases 9000 wages 120000 net

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GST payments on cash purchases 9000 Wages 120,000 Net GST payable to ATO -12,000 Other payments 30,000 Total Cash Payments: 23,7000 Cash surplus/(deficit) 2800 Opening bank balance 30,200 Closing bank balance 33,000
Task 20: Preparing Sales Budget Managing Finance, Assessment No. 1 Page 22 v1.1, Last updated on 08/09/2014
T-1.8.1 Gardening tools Pty Ltd manufacture and sell lawn mower and water pump. The production cost is as follows: Lawn mower: $278 +20%=334 Water pump: $190 +50%=285 The company sells the products by adding a mark-up of 120% on lawn mower and 150% on water pump. Due to increased competition, the company has decided not to increase the unit sales price in next year’s budget. The products are sold in Bunning warehouse and Your local Hardware Store. Actual sale (in no. of units) for both the products in those outlets from January to March 2013 is as follows: January February March Total Bunning Warehouse Lawn mower 120 134 159 413 Water pump 70 81 78 229 Your local Hardware Store Lawn mower 105 123 111 339 Water pump 51 67 68 186 For January to March 2014, Gardening tools Pty Ltd is estimating that the overall sales for their products will increase in Bunning warehouse but may decrease in Your local Hardware Store. The marketing and sales team is making the following forecast: a. Sales for both the product will increase by 15% over same period last year in Bunning warehouse in February and March. But due to late summer, only in January it will increase by 6% over last year sales in the same outlet. b. Your local Hardware Store is facing significant competition from Bunning due to their aggressive pricing policy and losing customers. Therefore the sales team is estimating a 5% decrease in sales for lawn mower and 3% decrease in water pump sale in that outlet comparing to same period last year. Based on the above facts the marketing team has requested you to calculate the estimated sales budget (in $) for January to March 2014 for both the product and area wise. Managing Finance, Assessment No. 1 Page 23 v1.1, Last updated on 08/09/2014
T-1.8.1 Answer Template: Gardening tools Pty Ltd Sales Budget January to March 2014 January February March Total Bunning warehouse Lawn mower Unit sales 127 154 183 464 Unit price 334 334 334 Total sale 42,418 51,436 61,122 154,976 Water pump Unit sales 74 93 90 257 Unit price 285 285 285 Total sale 21,090 26,505 25,650 73,245 Total 63,508 77,941 86,772 228,221 Yourlocal Hardware store Lawn mower Unit sales 100 117 105 322 Unit price 334 334 334 Total sale 334,00 39,078 35,070 107,548 Water pump Unit sales 50 65 66 181 Unit price 285 285 285 Total sale 14250 18525 18810 51585 Total 47,650 57,603 53,880 159,113 Grand total Task 21: Operating Expenses Budget Managing Finance, Assessment No. 1 Page 24 v1.1, Last updated on 08/09/2014

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