Riskco revenue and expense budget for August XX

You are to assume the role Stefan the management accountant for Riskco. Your task is to prepare a revenue and expense budget for the month of August XX for Riskco. You must use the Riskco July XX trial balance as a starting point for your budget. You may use spreadsheet or other software to complete this task.

Assumptions/instructions for Riskco August XX budget preparation:

• Revenue in August is expected to increase by 15% from July
• Marketing expenses in August are expected to increase by 3% from July
• Rent will be reduced by 2.5% in August
• Office cleaning will be increased to $550
• All other items are to remain the same
• No major changes to the current operating environment
• Tax is disregarded for this exercise
• You are required to combine the three payroll expenses together in the budget
• Only include expense and revenue items in this budget
• You must subtract budgeted revenue from expenses to calculate a budgeted profit/loss

Riskco trial balance for July XX

Category	Debit	Credit
Cash at Bank Wealth Bank	$12,525.16
Bada Cash Management Account	$80,000.00
Petty Cash	$600.00
Accounts receivable	$7,150.00
Fixed assets	$163,024.00
Rental bond	$6,000.00
GST Claimable	$1,617.91
GST Payable		$1,200.00
Accounts Payable		$3,842.90
Super guarantee payable		$2,786.67
Owners' Equity Wamco		$299,626.00
Risk consultancy revenue		$12,000.00
Marketing expenses	$1,318.18
Office cleaning	$240.00
Wages expense	$21,759.34
Super guarantee expense	$2,786.67
Telephone expense	$587.10
Subscriptions	$490.91
IT expenses	$6,400.00
Insurance expense	$2,700.00
PAYG Salaries expense	$7,574.00
Rental expense	$4,364.00
Stationary	$250.00
Staff amenities	$68.30
Total	$319,455.57	$319,455.57