Question
Acriss is an accounting firm that uses a credit system of charging its clients. Credit terms are 80% of fees are payable in the quarter
Acriss is an accounting firm that uses a credit system of charging its clients. Credit terms are 80% of fees are payable in the quarter in which they are incurred with the remaining 20% due the following quarter.
1
Use the client hours demanded in the table to prepare the annual forecast. Include the net and GST amounts. The opening accounts receivable is $70,000. Charge-out rates are Senior staff $150 per hour and Junior staff $100 per hour.
| September | December | March | June | |
| Senior | 680 | 680 | 600 | 600 |
| Junior | 1,500 | 1,350 | 1,200 | 1,000 |
| Acriss Cash Receipts Forecast Year ending 30 June 20XX | |||||||||
| Opening Balance Accounts Receivable | Hours Senior | @ $150/hr | Hours Junior | @ $100/hr | Total fees charged | Current | Credit balance previous quarter | Total Net GST | GST |
| September | |||||||||
| December | |||||||||
| March | |||||||||
| June | |||||||||
| Closing
|
| ||||||||
What is your calculated value for the "Total Net GST" Amount for all quarters?
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SAP S/4HANA Financial Accounting Certification Guide
Authors: Stefanos Pougkas
1st Edition
1493215507, 978-1493215508
