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QUESTION 5 REQUIRED Use the information provided below to prepare the following for July and August 2 0 2 4 : 5 . 1 Debtors
QUESTION REQUIRED Use the information provided below to prepare the following for July and August : Debtors Collection Schedule Cash Budget. INFORMATION The following information was provided by Miller Enterprises: Budgeted sales excluding discounts are as follows: Twenty percent of the cash sales is subject to a discount of Credit sales are normally collected as follows: in the month of the sale, and these customers are entitled to a discount. in the month after the sale. R will be invested in a fixed deposit account on July at an interest rate of per annum. Interest will be received monthly commencing August Purchases are expected to be as follows: Creditors are paid in the month after the month of purchase. Wages and salaries are expected to amount to R for August after a increase takes effect from August Loan repayments of R are made at the end of each month. The balance in the loan account is expected to be R on July Interest at per annum is also payable at the end of each month. Rent income amounts to R per year. Rent is received monthly. Other cash expenses are budgeted at R for June These expenses are expected to increase by each month.
QUESTION
REQUIRED
Use the information provided below to prepare the following for July and August :
Debtors Collection Schedule
Cash Budget.
INFORMATION
The following information was provided by Miller Enterprises:
Budgeted sales excluding discounts are as follows:
Twenty percent of the cash sales is subject to a discount of
Credit sales are normally collected as follows:
in the month of the sale, and these customers are entitled to a discount.
in the month after the sale.
R will be invested in a fixed deposit account on July at an interest rate of per annum. Interest will be received monthly commencing August
Purchases are expected to be as follows:
Creditors are paid in the month after the month of purchase.
Wages and salaries are expected to amount to R for August after a increase takes effect from August
Loan repayments of R are made at the end of each month. The balance in the loan account is expected to be R on July Interest at per annum is also
payable at the end of each month.
Rent income amounts to R per year. Rent is received monthly.
Other cash expenses are budgeted at R for June These expenses are expected to increase by each month.
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