You have been asked by the owner of a new consultancy called Voyager to prepare the master budget. The consultancy consists of the owner who charges out at $68 per hour and the junior staff who are charged out at $42 per hour. The owner has advised you that the following hours are forecast for each quarter.

The consultancy has a credit system of payments with 60% of payment received the quarter in which they are earned and the remaining 40% earned the following month. The opening accounts receivable is $13,200 incl GST. The GST is accounted for on an accrual basis

Prepare a quarterly revenue receipts forecast and cash collections forecast for the next financial year.

Voyager Co Revenue Receipts Forecast 30 June
	Hours			Receivables
Quarter	Junior	Senior	Total	Junior @ $42/hr	Senior @ $68/hr	Total	GST	Total GST inc
September	210	250	460	8,820	17,000	25,820	2,582	28,402
December	220	230	450	9,240	15,640	24,880	2,488	27,368
March	210	230	440	8,820	15,640	24,460	2,446	26,906
June	220	230	450	9,240	15,640	24,880	2,488	27,368
Total	860	940	1,800	36,120	63,920	100,040	10,004	110,044

Voyager Co Cash Collections Forecast 30 June
Quarter	Receivables	September	December	March	June
Opening
September
December
March
June
Closing