Answered step by step
Verified Expert Solution
Question
1 Approved Answer
plz not handwriting Roman Berhad is a company located in Kuala Lumpur. The company's statement of financial position as at Jan 2020 as below: Roman
plz not handwriting
Roman Berhad is a company located in Kuala Lumpur. The company's statement of financial position as at Jan 2020 as below: Roman Berhad Statement of Financial Position Jan 20:20 PARTICULARS RM Cash 12.000 account Receivable 77.500 Building 267.000 TOTAL ASSET 356 500 Account Payable 78.250 Note Payable 19,300 Retained Earnings 258.950 TOTAL LIABILITIES AND EQUITY 356.500 CIVE022027 Page 5 of 6 Additional information to preparing budget for Feb 2020: i. Sales are budgeted at RM231,000 for February 2020. Of these sales RM69.300 will be cash, the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made and the remainder is collected in the following month. All of January 31 account receivable will be collected in February Total disbursement cash for merchandising is RM133,850 for the month of February Selling and administrative expenses for February 2020 are budgeted at RM89,600. The expense is paid by cash. iv. Note payable on Jan 31 will be paid during February, with RM155 in interest. Company will purchase furniture RM 12,500 during February 2020 vi. Borrow RM24.000 from bank during February ii. V. 1. Calculate the expected cash collection from customers for February 2020. (Show workings) (8 marks) (CLO2:PLOS:C6) b. Prepare the cash budget for February 2020. (12 marks) (CLO2:PLOS:C6)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started