I can't understand how to perform this. Can you help me and explain please. Thanks

Assessment Task 1 Part 2: Project For this part 2, you are required to prepare an annual budget for a business of your choice or using Patrick's Cod Fishing Ltd Task: Taking into account previous years' figures, available current year figures and any additional information, you are to create an annual budget for your chosen business. 1. Undertake discussions with stakeholders (Your instructor will role play these parts) to determine budget objectives and set milestones and / or performance indicators 2. Discuss and review assumptions and budget parameters - review these during the budget process as needed. (Some assumptions are included in Appendix 6 for Patrick's Cod Fishing Ltd). 3. Clearly details any Cash, expenditure and revenue items 4. Ensure your budget objectives are clear & conform with the business' expectations 5. Include milestones and performance indicators to monitor financial performance 6. Include a detailed break down of your annual budget into seasonal periods as required by the business 7. Identify any financial risks and incorporate protection strategies according to business Details: Students should keep the following points in mind when creating the budget . . Set profit targets/goals to reflect the business' (or Patrick's) returns 1,4 70-06 Identify the non-current asset requirements and consider alternative asset management strategies Prepare cash flow projections to enable business operation in accordance with business plan and legal requirements Select budget targets to enable ongoing monitoring of financial performance . Relevant taxes such as GST and BAS should also be included. Students must ensure that estimates of future cash flow, costs and revenues are realistic in context of the available information at the time of creating the budget. Changes in circumstances should be anticipated as best as possible with particular emphasis on financial risks and creating protection strategies in accordance with organisational procedures. Any liaison with the proprietor of the business to determine milestones, policies, goals etc. should be carried out with your instructor, who will role play the relevant parts. Provided the balance sheet of Patrick's Cod Fishing Ltd, A small business, as at 30 June 20Xx was follows: Balance Sheet as at 30/06/20Xx Current assets (includes $10,000 inventory & 40,000 $30,000 cash) Non-Current assets 79,200 Total assets 119,200 Current liabilities (Loans) 18,560 FNSACC513 Assessment Task 1 V1.1 Nov 2019 Page 8 of 10Acrobat Reader DC 513 - App... x 6 6 + 75% Appendixes FNSACC513 Manage Budgets and Forecasts Appendix 6 - Further Information Patrick gives you the following assumptions to work with His sale prices are expected to increase by 6% without effecting sales He has research to indicate that there may be fewer numbers of Cod within his fishing area, and his catch will likely reduce by 10% He expects he will be able to implement cost saving measures starting December 20XX which will possibly reduce his petrol expenses by 15%, however this will require a capital investment of $84,000. He would like a part of the budget to be dedicated to projecting whether this is a good investment Patrick's ultimate objective is to increase profit by 8% and he doesn't mind looking at further expense cutting options or even the option of employing more staff to increase his catch and make up for the expected decrease in catch. JAR hpFNBACC513 Manage Budgets and Forcom Appendix 5 - October Bank Statement Nowtown Community Bank PATRICK'S COD FISHING LTD BANK STATEMENT Brunch Account Number Number 1313 1000-0002 DATE TRANSACTION DETAIL CREDIT BALANCE 1 OCT BALANCE FORWARD 1200.00 CR 8 OCT 200 4250.00 3050.00 DR B OCT DEPOSIT 18354.00 15304.00 CR 8 OCT 202 200.00 15104.00 B OCT DEPOSIT 37089.00 DO'EBTES 8 OCT 201 10000.00 42183.00 11 OCT DEPOSIT 21875.00 84088.00 13 OCT 203 10000.00 54088.00 13 OCT 204 18750.00 34318.00 14 OCT INTEREST EXPENSE 3200.00 31118.00 15 OCT 205 10090.00 21118.00 18 OCT 210 3000.00 18118.00 16 OCT DEPOSIT 9890.00 27808.00 17 OCT 241 #150.00 25858.00 18 OCT 212 250.00 18 OCT DEPOSIT 15980.00 25408.00 41388.00 20 OCT 218 1500.00 39-88.00 23 OCT 217 100.00 39785.00 23 OCT 208 2500.00 3150.00 37284.00 23 OCT DEPOSIT 40414.00 25 OCT 142.50 40305.50 5 OCT GOVT FID 213 500.00 25 OCT 38-05.50 DEPOSIT $700.00 28 OCT 45505.50 20 OCT 207 2100.00 80.00 42705.50 42845.50 CR 28 OCT 215 DEPOSIT 52-20.50 CR 27 GOT 40175.00 208 GR 27 OCT 250.00 40-20.50 42570.50 CR 28 OCT 206 32570.50 OR 214 10060.00 20 GOT BANK FEES 26 GOT 125.25 OR 2500.00 OR 30 GOT 1220 LOO00.00 OR 30 OCT 300,00 OR 246 $5.00 OR 31 GOT DEPOSIT OR BALANCE4 /6 + 75% Appendix 4 - October Transactions October 1: Purchased frozen Cod Fish food from Newtown Fisheries ch200 $4250 October 1: Patrick purchased petrol for the Cod boat ch201 $10000 October 1: Patrick purchased petrol for the vehicles ch202 $200 October 1: Purchased Cod Net license ch203 $10000 October 1: Purchased Cod Boat ($12500) & Outboard Boats Rego & Insurances ($7250) ch204 October 2: October 3: Cash Sale of 483 kilograms of Cod to Wong Fisheries @ $38.00 per kg Patrick purchased petrol for the Cod boat ch205 $10000 October 7: October 8: Paid Newtown Engineering for Cod Net repairs ch206 $2500 Cash Sale of 951 kilograms of Cod to Tucker Enterprises @ $39.00 per kg October 9: Purchased frozen Cod Fish food from Newtown Fisheries ch207 $2800 October 10: October 11: Purchased spare light globes (petty cash vouchers 25) $3 Cash Sale of 625 kilograms of Cod to Wong Fisheries @ $35.00 per kg October 11: Patrick purchased petrol for the Cod boat ch208 $10000 October 12: October 13: Paid Fishing Association subscriptions ch209 $250 October 14: Purchased frozen Cod Fish food from Newtown Fisheries ch210 $3000 Cash Sale of 255 kilograms of Cod to Wong Fisheries @ $38.00 per kg October 14: Purchased tea, sugar & biscuits for morning teas (petty cash vouchers 26) $10 October 15 Purchased frozen Cod Fish food from Newtown Fisheries ch211 $2150 October 16: Patrick purchased petrol for the vehicles ch212 $250 October 17: Cash Sale of 420 kilograms of Cod to Wong Fisheries @ $38.00 per kg October 18: Paid Newtown Engineering for Cod Net repairs on213 $500 October 19: Patrick purchased petrol for the Cod boat ch214 $10000 October 20: Cash Sale of 75 kilograms of Cod to Tucker Enterprises @ $42.00 per kg October 20: Paid for petrol for the delivery van ch215 $60 October 20: Purchased frozen Cod Fish food from Newtown Fisheries ch216 $1500 October 21: Cash Sale of 150 kilograms of Cod to Wong Fisheries @ $38.00 per kg October 22: Paid Newtown Printing for new office stationary ch217$100 October 23: Paid Newtown Insurance Co for Sickness & Accident Insurance ch 218 $2500 October 24: October 24: Paid Eastern Energy for lighting ch219 $55 Patrick purchased petrol for the Cod boat ch220 $10000 October 25: Cash Sale of 275 kilograms of Cod to Tucker Enterprises @ $37.00 per kg October 26: Purchased frozen Cod Fish food from Newtown Fisheries ch221 $2650 October 27: Cash drawings ch222 $300 October 28: Purchased milk for morning teas petty cash vouchers 27) $2 October 29: Paid phone account ch223 61150 October 30: Paid Assistants wages 30000; superatinuation 2400; tax 600; Work cover 2000 ch224 October 31: Cash Sale of 695 kilograms of Cod to Wong Fisheries @ $30.00 per kg to search AR Xdixes.pdf - Adobe Acrobat Reader DC Window Help FNSACC513 - App... x T 3 /6 A (+ 75% Appendix 3 - Actual amounts for October 20XX October 1: 25 kilos October 2: 225 kilos October 3: 200 kilos October 4: 150 kilos October 5: 180 kilos October 6: 195 kilos October 7: 226 kilos October 8: 165 kilos October 9: 170 kilos October 10 170 kilos October 11: 120 kilos October 12: 100 kilos October 13: 75 kilos October 14: 80 kilos October 15: 170 kilos October 16: 120 kilos October 17: 130 kilos October 18: 0 kilos October 19: 0 kilos October 20: 75 kilos October 21: 150 kilos October 22: 85 kilos October 23: 90 kilos October 24: 30 kilos October 25: 70 kilos October 26 120 October 27: kilos 190 kilos October 28: 85 kilos October 29: 135 kilos October 30: O 165 kilos October 31: kilos Type here to search ARAppendix 2 - Budgeted amounts for October 20XX The budgeted amounts for October, 20XX include: Credit Sales (31 days' x 150 kilograms' x $35.00 per kg) $162,750.00 Boat Expenses Petrol & Oil 50000.00 Depreciation of God Boat 5000.00 Cod Boat Registration & Insurance 2500.00 Depreciation of Outboard Boats 1250.00 Outboard Boats Registration & Insurance 1450.00 Repairs to Cod Boat Equipment 4500.00 Mobile Phone Expenses 1250.00 Two Assistant's Wages, Superannuateon, Sick Leave etc 36000.00 God Nets Expenses Repairs to God Nets 5500.00 Fish food Expenses 20000.00 License Fee 2000.00 Vehicle Expenses Petrol, Oil & Tyres 750.00 Depreciation of Vehicles 1700.00 Vehicles Registration & Insurance 400.00 Administration Expenses Post Box Hire 10.00 Depreciation of Office Equipment 250.00 Stationery Home Office Electricity 25.00 70.00 Fishing Association Subscription 250.00 Sickness & Accident Insurance 2500.00 Finance Interest Expense State Payroll Tax 3200.00 Bank Charges 100.00 150.00 Total Budgeted Monthly Expenses 138855,00 Budgeted Net Profit for October 23895.00 AR hpAppendices FNSACC518 Manage Buckgets and Forecasts Appendix 1 - Patrick's Cod Fishing Led Patrick is the proprietor of a Murray God fishing business called "Patrick's God Fishing Lid" which is located at Post Office Box 123, Nowtown 2042. Patrick possesses the necessary licence from the State Fisheries Board at $20,000.00 por God Not. Patrick Crowe the God and Bella them to export wholonglor. This moone that for GST purposes, Patrick's God Fishing Ltd is EXP and NCF. (That is all of his sales are GST froo and he doos not have to pay any CST on oxponditure itoma.) Patrick is still entitled to claim the GST that he has to pay on The paymonte. Thoroforo, you use the tax code NCG, NGF and FRE where appropriate. INFORMATION > Patrick hoe decided he wants you to prepare an annual budget for his operation. He states that business was very good last year, and enabled him to repay a number of outstanding personal dobta. He provides you with the following figuroo: He cought 42,300kg of Murray God His yearly income toto led: $1438,232 His yearly expanded totalled: $183/182 This gave him a yearly profit of: $1 254,744 He used the majority of this profit to repay large personal loans He has aloo Even you figures from the current month a projected and actus / guroo. The balance sheet on at October 1 20XX included: ASSETS Current aboots Cash at Bank 1200 God Note Potty Coph 200 Non-current | abilities Dod Licence 4.200.000 Loan - Newtown Grod : Inier Non-current Boosts 260.000 2 Delivery inon Owner's Equity Office Furniture & Equipment 14500 2060 Capital - Patrick 2 Dinghiss & Outboard 1279800 Morone 250.60 0 TOTAL ABEETS 7500 1479600 ARAssessment Task 1 FNSACC513 Manage Budgets and Forecasts Non-current liabilities 11,840 Total liabilities 30,400 Net Assets 88,800 Owner's Equity 88,800 Ignoring depreciation, prepare the following budgets and plans for 2015 on the assumptions given. Sales budgets Purchases budgets Inventory budgets . Cost of goods sold budget . Operating expenses budget . Cash flow plan . Budgeted income statements for 20XX. Budgeted balance sheet as at 30/06/20XX Assumptions: All goods are marked up 50% on cost . Desired net profit is 10% sales and 20% on net assets. Marketing expenses are 8% of sales Administration expenses are 15% of Sales Finance expenses are 5% of non-current liabilities. Desired ending inventory is 10% more than opening inventory. All expenses are paid as and when incurred . Non-current liabilities will reduce by 3000. Current liabilities will reduce by 50% All revenue is received within the year. Submission You must submit: . A detailed report covering all the above points. Your assessor will be looking for evidence of the ability to: . prepare, document and present budgets and forecasting estimates that: accurately apply accounting principles and practices