Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with these Complete the budget template The following financial management skills are important for small business owners and stakeholders that have an

image text in transcribedI need help with these Complete the budget template The following financial management skills are important for small business owners and stakeholders that have an interest in your business. This assessment will focus on the financial management skills required by a small business owner. For this assessment, please refer to the Modules in your course, and the Case Study IT Repairs Ltd. Case Study IT Repairs Ltd Ian Templeton is 100% Shareholder of IT Repairs Limited - where he maintains computer equipment and phones. His work is carried out from a small shop on the main street of Asmalltown. Most of his charges relate to repairs but he does import computer equipment on behalf. All amounts include GST. Sales for January are expected to be $8,000. Grows 1% per month until September, drops to $2,000 in October (closed part of month). Sales stay at September levels for November and December. Purchases of stock is 25% of sales Accounting fees $1,725 - in July Runs an advertisement in local paper $57.50 per month Bank Fees are $23 per month Electricity for the shop is $230 per month Telephone and internet costs are $230 per month Rent of "shop" is $575 per month Stationery is $13.80 per month Insurance of $1,753.75 - in October Iain Templeton pays himself wages of $3,500 per month (Note: Ians wages include PAYE) Assets - depreciation is $300 per month General expenses are $85 per month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

1118334329, 978-1118334324

More Books

Students also viewed these Accounting questions