Poes every E Roger que ldis c Appendix A: Budget Financial Plans for Bayside Call Centre 6 Month Budget Figures: June Actual June Budget February Actual March Budget March Actual April Actual April Budget May May Budget Actual 1.000.000 1.000,9500 0 0 1.000.0000 0 1.100.000 0 9.000 900 0 1.000.000 0 0 1000 4000 0 1.000.0000 1000 5000 0 0 400 90000 699 200 00 400 000 00 600,000.00 400 300.00 600,100.00 400.000,00 400.000,00 600 300.00 600,000.00 400.500.00 800,350.00 400.000.00 600,000.00 400,000.00 600,000.00 400.450.00 600,050.00 2,507.00 60000 1 500.00 Month January January February Budget Actual Budget INCOME 1,000,0000 Total Sales 1,000,000 1.100,6000 0 COGS Cost of Goods Sold) Total COGS 400,000.00 400.000 400 000.00 Gross Profit 600.000.00 689,760.00 600,000.00 EXPENSES Bank charpes & foes 2,500.00 2,505.00 2.500.00 Stationery 1,000.00 850.00 1.000.00 Licensinsurance foes 1,500.00 1.500.00 1,500.00 Advertising 0 0 0 0 Entertainment Meals 3.000.00 4,500.00 3,000.00 Travel Accommodation 2,000.00 0.00 200000 Ciemning 2000.00 2.000.00 2.000.00 Equipment lease 5,000.00 5,000.00 5,000.00 Motor Vehicle 3,000.00 2 500 00 3,000.00 Expenses ST 10 000 00 9,100.00 10.000.00 Salaries Wages 300,000.00 300.600.00 300,000.00 PAYE 72,000.00 73,000.00 72,000.00 Superannuation 27.000.00 29,000.00 27,000.00 Learning & 0.00 10,000.00 10,000.00 Development Lease Outgoings 20,000.00 20,000.00 20,000.00 Usities 4.000.00 4,000.00 4,000.00 Repair & maintenance 2,000.00 600.00 2.000.00 GST 46,500.00 47,700.00 46,500.00 Total Expenses 511,500.00 502,655.00 511,500.00 Net Profit (Loss) 88,500.00 197 105.00 88,500.00 2.500 00 1,000.00 1.500.00 0 3.000.00 2.000.00 2.000.00 5,000.00 2,508.00 500.00 1.500.00 0 2.000.00 0.00 2000.00 5.000.00 250000 1.000.00 1.500.00 0 3.000.00 2.000.00 2,000.00 500000 2,507.00 700.00 1,500.00 0 2,500.00 0.00 2.000.00 5,000.00 3,300.00 9,700.00 300.600.00 73.000.00 29,00000 6,000.00 2.510.00 850 00 1,500.00 0 3,000.00 0.00 200000 5,000.00 2.500.00 1.000.00 1,500.00 0 3,000.00 2000.00 2,000.00 5.000.00 3,000.00 10,000.00 300.000.00 72.000.00 27,000.00 2,500.00 1000.00 1,500.00 0 3,000.00 2.000.00 2,000.00 5,000.00 3.000.00 2 51000 700.00 1.500.00 0 2 500.00 0.00 2,000.00 5,000.00 2,900.00 10 500.00 302,000.00 73.000.00 32.000.00 12 000.00 2,300.00 0.00 2,000.00 5.000.00 3,200.00 10,000.00 300,600.00 73 000.00 29,000.00 3,000.00 3,000.00 10,000.00 300,000.00 72,000.00 27,000.00 10,000.00 3,000.00 10,000.00 300,000.00 72,000.00 27.000.00 10,000.00 300.000 OG 72 000 DO 27,000.00 3,200.00 10 50000 304,000.00 73.000.00 33.000.00 14.000.00 2.400.00 10,200.00 301. 100.00 73.000.00 31 000.00 10,000.00 20,000.00 4.000.00 2,100.00 43,100.00 510,408.00 89,842.00 20.000.00 4,000.00 1,500.00 46,800.00 508.107.00 92.193.00 20,000.00 4.000.00 2.000.00 46.500.00 511,500.00 88,500.00 10,000.00 20 000 00 4.000.00 200000 46,500.00 $11,500.00 88,500.00 20,000.00 4.000.00 1,100.00 43,500.00 501,307.00 98,793.00 10,000.00 20,000.00 4000.00 2,000.00 48,500.00 511,500.00 38.500.00 20,000.00 4,000.00 900.00 44,000.00 515,510.00 84,840,00 10,000.00 20 000.00 400000 2,000.00 46,500.00 511,500.00 88,500.00 20,000.00 4 000 00 2400,00 44.00000 522.980.00 176 240.00 Page 1 of 17 BSBFIMS01 Student Assessment V1.0 March 2020 Poes every E Roger que ldis c Appendix A: Budget Financial Plans for Bayside Call Centre 6 Month Budget Figures: June Actual June Budget February Actual March Budget March Actual April Actual April Budget May May Budget Actual 1.000.000 1.000,9500 0 0 1.000.0000 0 1.100.000 0 9.000 900 0 1.000.000 0 0 1000 4000 0 1.000.0000 1000 5000 0 0 400 90000 699 200 00 400 000 00 600,000.00 400 300.00 600,100.00 400.000,00 400.000,00 600 300.00 600,000.00 400.500.00 800,350.00 400.000.00 600,000.00 400,000.00 600,000.00 400.450.00 600,050.00 2,507.00 60000 1 500.00 Month January January February Budget Actual Budget INCOME 1,000,0000 Total Sales 1,000,000 1.100,6000 0 COGS Cost of Goods Sold) Total COGS 400,000.00 400.000 400 000.00 Gross Profit 600.000.00 689,760.00 600,000.00 EXPENSES Bank charpes & foes 2,500.00 2,505.00 2.500.00 Stationery 1,000.00 850.00 1.000.00 Licensinsurance foes 1,500.00 1.500.00 1,500.00 Advertising 0 0 0 0 Entertainment Meals 3.000.00 4,500.00 3,000.00 Travel Accommodation 2,000.00 0.00 200000 Ciemning 2000.00 2.000.00 2.000.00 Equipment lease 5,000.00 5,000.00 5,000.00 Motor Vehicle 3,000.00 2 500 00 3,000.00 Expenses ST 10 000 00 9,100.00 10.000.00 Salaries Wages 300,000.00 300.600.00 300,000.00 PAYE 72,000.00 73,000.00 72,000.00 Superannuation 27.000.00 29,000.00 27,000.00 Learning & 0.00 10,000.00 10,000.00 Development Lease Outgoings 20,000.00 20,000.00 20,000.00 Usities 4.000.00 4,000.00 4,000.00 Repair & maintenance 2,000.00 600.00 2.000.00 GST 46,500.00 47,700.00 46,500.00 Total Expenses 511,500.00 502,655.00 511,500.00 Net Profit (Loss) 88,500.00 197 105.00 88,500.00 2.500 00 1,000.00 1.500.00 0 3.000.00 2.000.00 2.000.00 5,000.00 2,508.00 500.00 1.500.00 0 2.000.00 0.00 2000.00 5.000.00 250000 1.000.00 1.500.00 0 3.000.00 2.000.00 2,000.00 500000 2,507.00 700.00 1,500.00 0 2,500.00 0.00 2.000.00 5,000.00 3,300.00 9,700.00 300.600.00 73.000.00 29,00000 6,000.00 2.510.00 850 00 1,500.00 0 3,000.00 0.00 200000 5,000.00 2.500.00 1.000.00 1,500.00 0 3,000.00 2000.00 2,000.00 5.000.00 3,000.00 10,000.00 300.000.00 72.000.00 27,000.00 2,500.00 1000.00 1,500.00 0 3,000.00 2.000.00 2,000.00 5,000.00 3.000.00 2 51000 700.00 1.500.00 0 2 500.00 0.00 2,000.00 5,000.00 2,900.00 10 500.00 302,000.00 73.000.00 32.000.00 12 000.00 2,300.00 0.00 2,000.00 5.000.00 3,200.00 10,000.00 300,600.00 73 000.00 29,000.00 3,000.00 3,000.00 10,000.00 300,000.00 72,000.00 27,000.00 10,000.00 3,000.00 10,000.00 300,000.00 72,000.00 27.000.00 10,000.00 300.000 OG 72 000 DO 27,000.00 3,200.00 10 50000 304,000.00 73.000.00 33.000.00 14.000.00 2.400.00 10,200.00 301. 100.00 73.000.00 31 000.00 10,000.00 20,000.00 4.000.00 2,100.00 43,100.00 510,408.00 89,842.00 20.000.00 4,000.00 1,500.00 46,800.00 508.107.00 92.193.00 20,000.00 4.000.00 2.000.00 46.500.00 511,500.00 88,500.00 10,000.00 20 000 00 4.000.00 200000 46,500.00 $11,500.00 88,500.00 20,000.00 4.000.00 1,100.00 43,500.00 501,307.00 98,793.00 10,000.00 20,000.00 4000.00 2,000.00 48,500.00 511,500.00 38.500.00 20,000.00 4,000.00 900.00 44,000.00 515,510.00 84,840,00 10,000.00 20 000.00 400000 2,000.00 46,500.00 511,500.00 88,500.00 20,000.00 4 000 00 2400,00 44.00000 522.980.00 176 240.00 Page 1 of 17 BSBFIMS01 Student Assessment V1.0 March 2020 12 Months Cash Flow Results Current Year Cash Flow Q2 Budget Q2 Actual Q1 Budget Q1 Actual 04 Actual Q3 Budget Q3 Actual 04 Budget Cash In Sales 3,000,000.00 3,000,000.00 2,700,000.00 3,000,000.00 3,000,000.00 3,000,000.00 2.700,000.00 3,000,000.00 Cash Out COGS Expenses 1,200,000.00 1,395,000.00 1,200,000.00 1,365,000.00 1.200,000.00 1,395,000.00 1.200,000.00 1,200,000.00 1,365,000.00 1,395,000.00 1,080,000.00 1,421,850.00 1.200,000.00 1,395,000.00 1,080,000.00 1,321,850.00 298,150.00 405,000.00 405,000.00 Net Cash 435,000.00 405,000.00 435,000.00 198,150.00 405,000.00 Opening Balance Closing Balance 405,000.00 810,000.00 435,000.00 870,000.00 810,000.00 1,215,000.00 870,000.00 1,215,000.00 1,068,150.00 1,620,000.00 1,068,150.00 1,366,300.00 405,000.00 435,000.00 BSBFIM501 Student Assessment V3.0 March 2020 Page 12 of 17 Appendix B: 12 Months Performance Results Month Q3 Q4 Q1 Budget Actual Q2 Budget Actual Budget Actual Budget Actual 3,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 2,700,000.00 3,000,000.00 2700,000.00 1,200,000.00 1,200,000.00 1.200,000.00 1,200,000.00 1,200,000.00 1,080,000.00 1,200,000.00 1,080,000.00 1,800,000.00 1,800,000.00 1,800,000.00 1,800,000.00 1,800,000.00 1,620,000.00 1,800,000.00 1.620,000.00 INCOME Total Sales COGS (Cost of Goods Sold) Total COGS Gross Profit EXPENSES Bank charges & fees Stationery Licenselinsurance fees Advertising Entertainment/Meals Travel Accommodation Cleaning Equipment lease Motor Vehicle Expenses IT Salaries/Wages PAYE Superannuation Learning & Development Lease/Outgoings Utilities Repair & maintenance Total Expenses Net Profit /(Loss) ( 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 3,000.00 3.000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000 00 9,000.00 9,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6.000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 130,000.00 30,000.00 30,000.00 900,000.00 900,000.00 900,000.00 900,000.00 900,000.00 845,000.00 900,000.00 845,000.00 216,000.00 216,000.00 216,000.00 216,000.00 216,000.00 202,800.00 216,000.00 202,800.00 81,000.00 81,000.00 81,000.00 81,000.00 81,000.00 76,050.00 81,000.00 76,050.00 30,000.00 0.00 30,000.00 0.00 30,000.00 30,000.00 30,000.00 30,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 6,000.00 6,000.00 6,000.00 6.000.00 6,000.00 6,000.00 6,000.00 6,000.00 1,395,000.00 1,365,000.00 1,395,000.00 1,365,000.00 1,395,000.00 1,421,850.00 1,395,000.00 1,321,850.00 405,000.00 435,000.00 405,000.00 435,000.00 405,000.00 198,150.00 405,000.00 298,150.00 BSBFIMS01 Student Assessment V3.0 March 2020 Page 13 of 1 Appendix C: Profit & Loss Statement $ in millions 2016 2017 2018 2019 2020 550,519 660,001 740,989 900,272 1,110,855 210.993 250,691 280.164 350,138 450,583 70.137 60,554 91,832 81,131 120,282 127.948 89,047 101,485 160,625 120,893 44,432 50,851 62.136 63,985 67,872 Revenues Cost of revenues Research and development Sales and marketing General and administrative European Commission fine Total costs and expenses Income from operations Other income (expense), net Income before income taxes Provision for income taxes Net income 0 0 0 0 386,116 474,505 551,629 643,556 164,403 185,496 189,360 256,716 22.736 822,709 288,146 4196 7763 2891 4534 10,047 168,599 193,259 192,251261,250 298,193 25.739 36,639 33,303 45,672 142,860 156,620 158,948 215,578 140,531 157,662 Appendix D: Ageing Summary 31-60 7,000 61-90 0 0 0 Total Energy Dept of Health & Safety Royal Melbourne Hospital Telex Star Budget Plus 0 Current 15,000 22,000 7,000 0 3,000 47,000 1-30 23,000 0 7,000 18,000 6,000 54,000 0 0 >90 Total 0 45,000 0 22.000 0 14,000 0 18,000 0 15,000 0114,000 0 6,000 13,000 0 0 BSBFIM501 Student Assessment V3.0 March 2020 12 Month Cash Flow Projections Jan Feb Cash Flow Projections May Jun Mar Cash In Apr Jul Aug Sep Oct Nov Dec Sales 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,00000000 1,000,000.00 1,000,000.00 1,000,000.00 1.000.000,00 1.000.000.00 Cash Out COGS Expenses 400,000.00 465 000 00 400,000.00 465,000.00 400,00000 400,000.00 465 000.00 465,000 00 400,000.00 465,000.00 400,000.00 400.000.00 465,000.00 465,000.00 400,000.00 400,000.00 465,000.00 465,000.00 400 000 00 400.000.00 400 000.00 465.000,00 46500000 465000 00 Net Cash 135,000.00 135 000.00 135,000.00 135,000.00 135,000.00 135 000.00 135,000.00 135.000.00 135,000.00 135,000.00 135,000.00 135,000.00 Opening Balance Closing Balance 135 000.00 270,000.00 405,000.00 135,000.00 270,000.00 405,000.00 540,000.00 540,000.00 675,000.00 675,000.00 810,000.00 810,000.00 945,000.00 1,080,000.00 1215,000.00 1,350 000.00 1,485 000.00 945,000.00 1,080,000.00 1.215,000.00 1,350,000.00 1,485,000.00 1.620,000.00 Departmental Responsibilities Human Resources Manager Salaries $300,000.00 per month Learning and Development $10,000.00 per month Call Centre Manager Sales per month $1,000,000.00 COGS per month $400,000.00 IT Manager IT Expenses $10,000.00 per month BSBFIMS01 Student Assessment V3.0 March 2020 Page 12 of 17 Student Assessment St Pete International College Project/Role Play Assessment Task 2 For this assessment, you are to refer to the Bayside Call Centre Case Study provided to you by your trainer. our will be playing the role of the Finance Manager , your trainer will play the role of the Chief Executive Officer (CEO) and your fellow students can play the role of the other Managers. As the Finance Manager you are required to undertake the following tasks: A. Following on from the budget reviews in Assessment Task 1, you are required to track income and expenses compared to budget allocations. Implement a process to monitor expenditure and control costs. For best results, use an electronic system such as Microsoft Excel, Google Sheets or an appropriate Accounting Package Include a description covering how often you will meet with the Department Managers to discuss progress. B. Meet with each Department Manager to discuss the implement and document the outcome. Remember to include how often you will be reviewing the results with each Department Manager. C. Following from Part B, implement the contingency plan. D. Now that the contingency plan is in place, monitor the plan and make necessary modifications. E. Refer to Appendix B which simulates a full year of results reported for each quarter. Meet with your Department Managers and discuss the final result. Document the effectiveness of the reporting measures and comment on improvements that could be made. F. Write a report to the CEO on budget performance for the current reporting period. In your ort, you should include statements about compliance with company policies and procedures, and compliance with legislation including the Australian Tax Office (ATO). Based on your findings, make at least two recommendations for improvements to financial processes G. After having discussed and agreed upon improvements with the Department Managers, implement the improvements in the organization. H. Monitor and document the outcome of the improvements. BSBFIM501 Student Assessment V3.0 March 2020 Page 8 of 17 Poes every E Roger que ldis c Appendix A: Budget Financial Plans for Bayside Call Centre 6 Month Budget Figures: June Actual June Budget February Actual March Budget March Actual April Actual April Budget May May Budget Actual 1.000.000 1.000,9500 0 0 1.000.0000 0 1.100.000 0 9.000 900 0 1.000.000 0 0 1000 4000 0 1.000.0000 1000 5000 0 0 400 90000 699 200 00 400 000 00 600,000.00 400 300.00 600,100.00 400.000,00 400.000,00 600 300.00 600,000.00 400.500.00 800,350.00 400.000.00 600,000.00 400,000.00 600,000.00 400.450.00 600,050.00 2,507.00 60000 1 500.00 Month January January February Budget Actual Budget INCOME 1,000,0000 Total Sales 1,000,000 1.100,6000 0 COGS Cost of Goods Sold) Total COGS 400,000.00 400.000 400 000.00 Gross Profit 600.000.00 689,760.00 600,000.00 EXPENSES Bank charpes & foes 2,500.00 2,505.00 2.500.00 Stationery 1,000.00 850.00 1.000.00 Licensinsurance foes 1,500.00 1.500.00 1,500.00 Advertising 0 0 0 0 Entertainment Meals 3.000.00 4,500.00 3,000.00 Travel Accommodation 2,000.00 0.00 200000 Ciemning 2000.00 2.000.00 2.000.00 Equipment lease 5,000.00 5,000.00 5,000.00 Motor Vehicle 3,000.00 2 500 00 3,000.00 Expenses ST 10 000 00 9,100.00 10.000.00 Salaries Wages 300,000.00 300.600.00 300,000.00 PAYE 72,000.00 73,000.00 72,000.00 Superannuation 27.000.00 29,000.00 27,000.00 Learning & 0.00 10,000.00 10,000.00 Development Lease Outgoings 20,000.00 20,000.00 20,000.00 Usities 4.000.00 4,000.00 4,000.00 Repair & maintenance 2,000.00 600.00 2.000.00 GST 46,500.00 47,700.00 46,500.00 Total Expenses 511,500.00 502,655.00 511,500.00 Net Profit (Loss) 88,500.00 197 105.00 88,500.00 2.500 00 1,000.00 1.500.00 0 3.000.00 2.000.00 2.000.00 5,000.00 2,508.00 500.00 1.500.00 0 2.000.00 0.00 2000.00 5.000.00 250000 1.000.00 1.500.00 0 3.000.00 2.000.00 2,000.00 500000 2,507.00 700.00 1,500.00 0 2,500.00 0.00 2.000.00 5,000.00 3,300.00 9,700.00 300.600.00 73.000.00 29,00000 6,000.00 2.510.00 850 00 1,500.00 0 3,000.00 0.00 200000 5,000.00 2.500.00 1.000.00 1,500.00 0 3,000.00 2000.00 2,000.00 5.000.00 3,000.00 10,000.00 300.000.00 72.000.00 27,000.00 2,500.00 1000.00 1,500.00 0 3,000.00 2.000.00 2,000.00 5,000.00 3.000.00 2 51000 700.00 1.500.00 0 2 500.00 0.00 2,000.00 5,000.00 2,900.00 10 500.00 302,000.00 73.000.00 32.000.00 12 000.00 2,300.00 0.00 2,000.00 5.000.00 3,200.00 10,000.00 300,600.00 73 000.00 29,000.00 3,000.00 3,000.00 10,000.00 300,000.00 72,000.00 27,000.00 10,000.00 3,000.00 10,000.00 300,000.00 72,000.00 27.000.00 10,000.00 300.000 OG 72 000 DO 27,000.00 3,200.00 10 50000 304,000.00 73.000.00 33.000.00 14.000.00 2.400.00 10,200.00 301. 100.00 73.000.00 31 000.00 10,000.00 20,000.00 4.000.00 2,100.00 43,100.00 510,408.00 89,842.00 20.000.00 4,000.00 1,500.00 46,800.00 508.107.00 92.193.00 20,000.00 4.000.00 2.000.00 46.500.00 511,500.00 88,500.00 10,000.00 20 000 00 4.000.00 200000 46,500.00 $11,500.00 88,500.00 20,000.00 4.000.00 1,100.00 43,500.00 501,307.00 98,793.00 10,000.00 20,000.00 4000.00 2,000.00 48,500.00 511,500.00 38.500.00 20,000.00 4,000.00 900.00 44,000.00 515,510.00 84,840,00 10,000.00 20 000.00 400000 2,000.00 46,500.00 511,500.00 88,500.00 20,000.00 4 000 00 2400,00 44.00000 522.980.00 176 240.00 Page 1 of 17 BSBFIMS01 Student Assessment V1.0 March 2020 Poes every E Roger que ldis c Appendix A: Budget Financial Plans for Bayside Call Centre 6 Month Budget Figures: June Actual June Budget February Actual March Budget March Actual April Actual April Budget May May Budget Actual 1.000.000 1.000,9500 0 0 1.000.0000 0 1.100.000 0 9.000 900 0 1.000.000 0 0 1000 4000 0 1.000.0000 1000 5000 0 0 400 90000 699 200 00 400 000 00 600,000.00 400 300.00 600,100.00 400.000,00 400.000,00 600 300.00 600,000.00 400.500.00 800,350.00 400.000.00 600,000.00 400,000.00 600,000.00 400.450.00 600,050.00 2,507.00 60000 1 500.00 Month January January February Budget Actual Budget INCOME 1,000,0000 Total Sales 1,000,000 1.100,6000 0 COGS Cost of Goods Sold) Total COGS 400,000.00 400.000 400 000.00 Gross Profit 600.000.00 689,760.00 600,000.00 EXPENSES Bank charpes & foes 2,500.00 2,505.00 2.500.00 Stationery 1,000.00 850.00 1.000.00 Licensinsurance foes 1,500.00 1.500.00 1,500.00 Advertising 0 0 0 0 Entertainment Meals 3.000.00 4,500.00 3,000.00 Travel Accommodation 2,000.00 0.00 200000 Ciemning 2000.00 2.000.00 2.000.00 Equipment lease 5,000.00 5,000.00 5,000.00 Motor Vehicle 3,000.00 2 500 00 3,000.00 Expenses ST 10 000 00 9,100.00 10.000.00 Salaries Wages 300,000.00 300.600.00 300,000.00 PAYE 72,000.00 73,000.00 72,000.00 Superannuation 27.000.00 29,000.00 27,000.00 Learning & 0.00 10,000.00 10,000.00 Development Lease Outgoings 20,000.00 20,000.00 20,000.00 Usities 4.000.00 4,000.00 4,000.00 Repair & maintenance 2,000.00 600.00 2.000.00 GST 46,500.00 47,700.00 46,500.00 Total Expenses 511,500.00 502,655.00 511,500.00 Net Profit (Loss) 88,500.00 197 105.00 88,500.00 2.500 00 1,000.00 1.500.00 0 3.000.00 2.000.00 2.000.00 5,000.00 2,508.00 500.00 1.500.00 0 2.000.00 0.00 2000.00 5.000.00 250000 1.000.00 1.500.00 0 3.000.00 2.000.00 2,000.00 500000 2,507.00 700.00 1,500.00 0 2,500.00 0.00 2.000.00 5,000.00 3,300.00 9,700.00 300.600.00 73.000.00 29,00000 6,000.00 2.510.00 850 00 1,500.00 0 3,000.00 0.00 200000 5,000.00 2.500.00 1.000.00 1,500.00 0 3,000.00 2000.00 2,000.00 5.000.00 3,000.00 10,000.00 300.000.00 72.000.00 27,000.00 2,500.00 1000.00 1,500.00 0 3,000.00 2.000.00 2,000.00 5,000.00 3.000.00 2 51000 700.00 1.500.00 0 2 500.00 0.00 2,000.00 5,000.00 2,900.00 10 500.00 302,000.00 73.000.00 32.000.00 12 000.00 2,300.00 0.00 2,000.00 5.000.00 3,200.00 10,000.00 300,600.00 73 000.00 29,000.00 3,000.00 3,000.00 10,000.00 300,000.00 72,000.00 27,000.00 10,000.00 3,000.00 10,000.00 300,000.00 72,000.00 27.000.00 10,000.00 300.000 OG 72 000 DO 27,000.00 3,200.00 10 50000 304,000.00 73.000.00 33.000.00 14.000.00 2.400.00 10,200.00 301. 100.00 73.000.00 31 000.00 10,000.00 20,000.00 4.000.00 2,100.00 43,100.00 510,408.00 89,842.00 20.000.00 4,000.00 1,500.00 46,800.00 508.107.00 92.193.00 20,000.00 4.000.00 2.000.00 46.500.00 511,500.00 88,500.00 10,000.00 20 000 00 4.000.00 200000 46,500.00 $11,500.00 88,500.00 20,000.00 4.000.00 1,100.00 43,500.00 501,307.00 98,793.00 10,000.00 20,000.00 4000.00 2,000.00 48,500.00 511,500.00 38.500.00 20,000.00 4,000.00 900.00 44,000.00 515,510.00 84,840,00 10,000.00 20 000.00 400000 2,000.00 46,500.00 511,500.00 88,500.00 20,000.00 4 000 00 2400,00 44.00000 522.980.00 176 240.00 Page 1 of 17 BSBFIMS01 Student Assessment V1.0 March 2020 12 Months Cash Flow Results Current Year Cash Flow Q2 Budget Q2 Actual Q1 Budget Q1 Actual 04 Actual Q3 Budget Q3 Actual 04 Budget Cash In Sales 3,000,000.00 3,000,000.00 2,700,000.00 3,000,000.00 3,000,000.00 3,000,000.00 2.700,000.00 3,000,000.00 Cash Out COGS Expenses 1,200,000.00 1,395,000.00 1,200,000.00 1,365,000.00 1.200,000.00 1,395,000.00 1.200,000.00 1,200,000.00 1,365,000.00 1,395,000.00 1,080,000.00 1,421,850.00 1.200,000.00 1,395,000.00 1,080,000.00 1,321,850.00 298,150.00 405,000.00 405,000.00 Net Cash 435,000.00 405,000.00 435,000.00 198,150.00 405,000.00 Opening Balance Closing Balance 405,000.00 810,000.00 435,000.00 870,000.00 810,000.00 1,215,000.00 870,000.00 1,215,000.00 1,068,150.00 1,620,000.00 1,068,150.00 1,366,300.00 405,000.00 435,000.00 BSBFIM501 Student Assessment V3.0 March 2020 Page 12 of 17 Appendix B: 12 Months Performance Results Month Q3 Q4 Q1 Budget Actual Q2 Budget Actual Budget Actual Budget Actual 3,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 3,000,000.00 2,700,000.00 3,000,000.00 2700,000.00 1,200,000.00 1,200,000.00 1.200,000.00 1,200,000.00 1,200,000.00 1,080,000.00 1,200,000.00 1,080,000.00 1,800,000.00 1,800,000.00 1,800,000.00 1,800,000.00 1,800,000.00 1,620,000.00 1,800,000.00 1.620,000.00 INCOME Total Sales COGS (Cost of Goods Sold) Total COGS Gross Profit EXPENSES Bank charges & fees Stationery Licenselinsurance fees Advertising Entertainment/Meals Travel Accommodation Cleaning Equipment lease Motor Vehicle Expenses IT Salaries/Wages PAYE Superannuation Learning & Development Lease/Outgoings Utilities Repair & maintenance Total Expenses Net Profit /(Loss) ( 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 3,000.00 3.000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 4,500.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000 00 9,000.00 9,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6.000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 15,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 30,000.00 30,000.00 30,000.00 30,000.00 30,000.00 130,000.00 30,000.00 30,000.00 900,000.00 900,000.00 900,000.00 900,000.00 900,000.00 845,000.00 900,000.00 845,000.00 216,000.00 216,000.00 216,000.00 216,000.00 216,000.00 202,800.00 216,000.00 202,800.00 81,000.00 81,000.00 81,000.00 81,000.00 81,000.00 76,050.00 81,000.00 76,050.00 30,000.00 0.00 30,000.00 0.00 30,000.00 30,000.00 30,000.00 30,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 60,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 6,000.00 6,000.00 6,000.00 6.000.00 6,000.00 6,000.00 6,000.00 6,000.00 1,395,000.00 1,365,000.00 1,395,000.00 1,365,000.00 1,395,000.00 1,421,850.00 1,395,000.00 1,321,850.00 405,000.00 435,000.00 405,000.00 435,000.00 405,000.00 198,150.00 405,000.00 298,150.00 BSBFIMS01 Student Assessment V3.0 March 2020 Page 13 of 1 Appendix C: Profit & Loss Statement $ in millions 2016 2017 2018 2019 2020 550,519 660,001 740,989 900,272 1,110,855 210.993 250,691 280.164 350,138 450,583 70.137 60,554 91,832 81,131 120,282 127.948 89,047 101,485 160,625 120,893 44,432 50,851 62.136 63,985 67,872 Revenues Cost of revenues Research and development Sales and marketing General and administrative European Commission fine Total costs and expenses Income from operations Other income (expense), net Income before income taxes Provision for income taxes Net income 0 0 0 0 386,116 474,505 551,629 643,556 164,403 185,496 189,360 256,716 22.736 822,709 288,146 4196 7763 2891 4534 10,047 168,599 193,259 192,251261,250 298,193 25.739 36,639 33,303 45,672 142,860 156,620 158,948 215,578 140,531 157,662 Appendix D: Ageing Summary 31-60 7,000 61-90 0 0 0 Total Energy Dept of Health & Safety Royal Melbourne Hospital Telex Star Budget Plus 0 Current 15,000 22,000 7,000 0 3,000 47,000 1-30 23,000 0 7,000 18,000 6,000 54,000 0 0 >90 Total 0 45,000 0 22.000 0 14,000 0 18,000 0 15,000 0114,000 0 6,000 13,000 0 0 BSBFIM501 Student Assessment V3.0 March 2020 12 Month Cash Flow Projections Jan Feb Cash Flow Projections May Jun Mar Cash In Apr Jul Aug Sep Oct Nov Dec Sales 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,00000000 1,000,000.00 1,000,000.00 1,000,000.00 1.000.000,00 1.000.000.00 Cash Out COGS Expenses 400,000.00 465 000 00 400,000.00 465,000.00 400,00000 400,000.00 465 000.00 465,000 00 400,000.00 465,000.00 400,000.00 400.000.00 465,000.00 465,000.00 400,000.00 400,000.00 465,000.00 465,000.00 400 000 00 400.000.00 400 000.00 465.000,00 46500000 465000 00 Net Cash 135,000.00 135 000.00 135,000.00 135,000.00 135,000.00 135 000.00 135,000.00 135.000.00 135,000.00 135,000.00 135,000.00 135,000.00 Opening Balance Closing Balance 135 000.00 270,000.00 405,000.00 135,000.00 270,000.00 405,000.00 540,000.00 540,000.00 675,000.00 675,000.00 810,000.00 810,000.00 945,000.00 1,080,000.00 1215,000.00 1,350 000.00 1,485 000.00 945,000.00 1,080,000.00 1.215,000.00 1,350,000.00 1,485,000.00 1.620,000.00 Departmental Responsibilities Human Resources Manager Salaries $300,000.00 per month Learning and Development $10,000.00 per month Call Centre Manager Sales per month $1,000,000.00 COGS per month $400,000.00 IT Manager IT Expenses $10,000.00 per month BSBFIMS01 Student Assessment V3.0 March 2020 Page 12 of 17 Student Assessment St Pete International College Project/Role Play Assessment Task 2 For this assessment, you are to refer to the Bayside Call Centre Case Study provided to you by your trainer. our will be playing the role of the Finance Manager , your trainer will play the role of the Chief Executive Officer (CEO) and your fellow students can play the role of the other Managers. As the Finance Manager you are required to undertake the following tasks: A. Following on from the budget reviews in Assessment Task 1, you are required to track income and expenses compared to budget allocations. Implement a process to monitor expenditure and control costs. For best results, use an electronic system such as Microsoft Excel, Google Sheets or an appropriate Accounting Package Include a description covering how often you will meet with the Department Managers to discuss progress. B. Meet with each Department Manager to discuss the implement and document the outcome. Remember to include how often you will be reviewing the results with each Department Manager. C. Following from Part B, implement the contingency plan. D. Now that the contingency plan is in place, monitor the plan and make necessary modifications. E. Refer to Appendix B which simulates a full year of results reported for each quarter. Meet with your Department Managers and discuss the final result. Document the effectiveness of the reporting measures and comment on improvements that could be made. F. Write a report to the CEO on budget performance for the current reporting period. In your ort, you should include statements about compliance with company policies and procedures, and compliance with legislation including the Australian Tax Office (ATO). Based on your findings, make at least two recommendations for improvements to financial processes G. After having discussed and agreed upon improvements with the Department Managers, implement the improvements in the organization. H. Monitor and document the outcome of the improvements. BSBFIM501 Student Assessment V3.0 March 2020 Page 8 of 17
