I can't understand how to perform this. Can you please help.

sment Task 1 FNSACC513 Manage Budgets and Forecasts Non-cu Total liabi Net Asset 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 . 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 40,000 Current assets (includes $10,000 inventory & $30,000 cash) 79,200 Non-Current assets 119,200 Total assets 18,560 Current liabilities (Loans)sment Task 1 Non-current liabilities FNSACC513 Manage Budgets and Forecasts Total liabilities Net Assets 11,840 Owner's Equity 30,400 88,800 88,800 given. Ignoring depreciation, prepare the following budgets and plans for 2015 on the assumptions 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 follow organisational policy and procedures . monitor budget outcomes periodically discuss the key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities . describe types and sources of data and information required for budgeting and forecasting 1 Nov 2019 Page 9 of 10CC513 - App... 2 / 6 + 66.7% Appendix 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 Cod Boat 5000.00 Cod Boat Registration & Insurance 2500.00 Depreciation of Outboard Boats 1250.00 Outboard Boats Registration & Insurance 1450.00 Repairs to God 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 Vehicles Registration & Insurance 1700.00 400.00 Administration Expenses Post Box Hire Depreciation of Office Equipment 10.00 Stationery 250.00 Home Office Electricity 25.00 Fishing Association Subscription 70.00 Sickness & Accident Insurance 250.00 2500.00 Finance Interest Expense State Payroll Tax 3200.00 Bark Charges 100.00 150.00 Total Budgeted Monthly Expenses 138855.00 Budgeted Net Profit for October 25695.00 search AR W hpNet Assets 30,400 88,800 Owner's Equity 88,800 given. ignoring depreciation, prepare the following budgets and plans for 2015 on the assumptions 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 follow organisational policy and procedures monitor budget outcomes periodically discuss the key purpose and objective of budgets and forecasts, including relevance of milestones and key performance indicators discuss issues relating to ethical considerations for budgetary forecasting and projections to explain the strength of assumptions and forecast reliabilities describe types and sources of data and information required for budgeting and forecasting FNSACC513 Assessment Task 1 V1.1 Nov 2019 Page 9 of 10Assessment Task 1 FNSACC513 Manage Budgets and Forecasts outline a range of expenditure and revenue items relevant to budgeting and forecasting . compare and contrast forecasting techniques identify the key features of organisational procedures and policy relevant to budgeting and forecasting identify and explain the key principles and practices of: accrual accounting budgetary control corporate governance double-entry bookkeeping statistical analysis and measures of variance