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Sales budget sales 201718 qtr 1 qtr 2 qtr 3 qtr 4

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Sales budgetSALES2017/18Qtr 1Qtr 2Qtr 3Qtr 4BUDGETTotal Budget20%24%26%30%Total Sales16,971,2373,394,2474.073,0974,412,5225,091,371Bathroom fittings30%5,091,3711,018,2741,221,9291,323,7561,527,411Bedroom fittings25%4,242,371848,5621,018,2741,103,1301,272,843Mirrors15%2,545,685509,137310,965661,878763,706Decorative items10%1,697,124339,425407,310441,252509,137Lighting fixtures20%3,394,247678,849814,619882,5041,018,274GST Cash flow budgetCASH FLOW ANALYSIS – GST2017/18Qtr 1Qtr 2Qtr 3Qtr 4GST Collected1,697,124339,425407,310441,252509,137Less GST Paid1,281,358282,913306,854326,325465,267GST Payable415,76556,512100,456114,92714,870Aged debtorsAGED DEBTORS BUDGETTOTALQtr 1Qtr 2Qtr 3Qtr 4Sales16,971,2373,394,2474,073,0974,412,5225,091,371% Debtors Sales2020%20%20%20%Total Debtors100%678,849814,619882,5041,018,274Current84%570,234684,280741,304855,35030 Days10%67,88581,46288,250101,82760 Days5%33,94240,73144,12550,91490 Days1%6,7888,1468,82510,183IH Sydney Training Services Pty LtdRTO Code: 91109 CRICOS Code: 02623G
ScenarioThe CEO of Houzit Pty Ltd, Jim Schnieder explained that he prefers to discuss the budgetswith all senior managers prior to their distribution in order to ensure a corporate view of thestrategic plans. He then meets with each group separately to answer questions and concernsabout their particular area. Eventually the budgets will be printed in hard copy and bound aswell distributed as an electronic spreadsheet.Upon completion of the budgets you meet with Jim to provide an overview of theinformation contained within the budgets, the budget notes and recommendationsregarding the internal controls to prepare him for the meetings with the senior managers. Toclarify his understanding of the information, Jim asks you a series of questions.Prompt questionsBased on the information provided in the case study answer the following questions in thespace provided below:1.Identify the current statutory requirements for tax compliance and list and calculate thetax liabilities for Houzit Pty Ltd under taxation legislation.(Length 100 words)

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Term
Two
Professor
NoProfessor
Tags
Generally Accepted Accounting Principles, IH Sydney Training Services Pty Ltd

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