Task $4$

Tom has a shop which sells stationery items. He has provided the following information for the quarter ending December $2024$:

$\backslash$table$[[$Expected sales,$$580,000],[$Cost of goods sold,$$201,000],[$Electricity expenses,$$6,000],[$Advertising expenses,$$11,000],[$Sales staff salaries,$$120,000],[$Bank charges,$$1,000],[$Telecommunication$,$$$12,000],[$Workcover$,4\%$ of salaries$],[$Superannuation$,11\%$ of salaries$]]$

Prepare an income statement for the quarter ending December $2024.$

Note: When preparing the income statement, ensure you define all relevant cash, expenditure, and revenue items relevant to budget.

Income statement for the quarter ending $31$ December $2024$

$\backslash$table$[[$Budgeted sales,,$],[$Budgeted sales,,$],[$Less: COGS,,$],[$Gross profit,,$],[$Less: marketing expenses:,,$],[$Advertising$,,],[$Sales staff salaries,,$],[,,],[$Less: Admin expenses:,,$],[$Electricity$,,],[$Telecommunication$,,],[$Workcover$,,],[$Super$,,],[$Less: Financial expenses:,,$],[$bank charges,,$],[$Net Profit,,$]]$Task $3$

Lachlan Electricals Pty Ltd is a retailer of electrical home wares. He divides the store's inventory into:

TV

Sound equipment

Budgeted sales for the quarter ending December $2023$ are as under:

$\backslash$table$[[,$Oct,Nov,Dec,Jan$],[$TV$,$$$362,250,$$$369,495,$$$351,020,$$$351,020],[$Sound equipment,$$265,200,$$$270,504,$$$275,914,$$$286,951]]$

Lachlan sets the selling price of goods by marking up the cost of purchases by $100\%$ for all categories. He likes to keep enough stocks to meet expected sales as follows:

TV: $85\%$ of the cost of expected sales for next month

Sound equipment: $75\%$ of the cost of expected sales for next month

Prepare a purchases budget and a cost of goods sold budget for the quarter ending December $2023$

$\backslash$table$[[,$TV$,$Sound Equipment$],[,$Oct,Nov,Dec,Jan,Oct,Nov,Dec,,,,$],[\backslash$table$[[$Expected$],[$sales$]],,,,,,$Jan,,,,,$],[$coGs$,,,,,,,,,,,],[$Closing stock,,,,,,,,,,,$],[\backslash$table$[[$Opening$],[$stock$]],,,,,,,,,,,],[\backslash$table$[[$Purchases$]],,,,,,,,,,,]]$