SCHDULE OF CASH COLLECTION QUARTER 4 2022 Quarter 4 Sales 2023 Quarter 1 Sales 2023 Quarter 2 Sales 231,160 72,790 2023 Quarter 3 Sales 257,480 71,370 2023 Quarter 4 Sales 235,600 TOTAL COLLECTIONS 358,300 361,885 360,270 357,470 ULSH BUDGEI' Cash Balance Beginning $ Add: Receipts Collections from customers Total Cash Available for Needs Deduct Disbursements 1 QUARTERS 2 3 4 150,000 5 200,325 $201,300 5 232,922 358,800 5 361,835 $360,270 5 357,470 508,800 5 562,210 $562,070 5 590,392 Repayment [at end) Interest [at 3% per year] Total effects of financing 3 Direct Materials $ 75,800 Payroll $ 30,975 Manufacturing Overhead Cnsts $ 32,400 Non-Manufacturing costs $ 48,500 Machinery Purchase 5 155,000 Income Taxes 3 85,800 3 Total Disbursement $ 473,475 5 261,510 $ 249,548 5 245,598 Minimum Cash Balance Desired 3 200,000 3 200,000 5 200,000 5 200,000 Total Cash needed 5 575,475 5 461,510 5 449,648 5 445,598 Cash excess (Deficienw) 5 (169,675) 5 100,600 5 112,422 5 144,794 Financing Burrowing [at beginning) 3 170,000 170,000 5 (93,300) 5 (79,500) 5 (95,000) 5 (75,000) 3 (3,300) S [4.500) S - Cash Balance, ending $ 200,325 3 201,800 $232,922 5 344,794 COST OF GOODS SOLD Beginning finished goods inventory Direct materials used Direct manufacturing labour Manufacturing overhead Cost of goods manufactured Cost of goods available for sale Deduct finished goods ending inventory Cost of Goods Sold S $ S s 153,500 135,000 175,000 395,700 S 755,700 $ 914,200 $ 135,000 $ 729,200 INCOME STATEMENT Revenue 5 1,433,925 Less: Cost of Goods Solo 5 729,200 Gross Profit 5 704,725 Less: Operating Costs Product Design 5 35,000 Marketing 5 75,000 Distribution 5 35,000 Total Operating Costs 5 195,000 Operating Profit 5 509,725 Interest expense 5 13,300) Income before income taxes 5 501,425 Income taxes (at 28%) S 140,399 Net Income 5 361,026 BUDGETED BALANCE SHEET Assets Current Assets Cash 5 344,794 Accounts receivable 5 71,400 Direct Materials Inventory 5 65,800 Finished Goods Inventory 5 135,000 Property, Plant and Equipment Land 5 493,100 Building and Equipment 3 505,000 Accumulated Depreciation S [250,000] 5 255,000 Total Assets 5 1,415,094 Liabilities and Shareholders Equity Current Liabilities Accounts Payable Income taxes payable Shareholder Equity Ordinary Shares 25,000 shares outstanding Retained earnings Total Liabilities and Shareholders Equity 5 92,153 5 250,000 $1,072,925 5 1,322,925 5 1,415,004
