29 Jun Question Principle of accounting
Question
Principle of accounting
10.8. fashion scenes ltd owns a chain of eight shops selling fashion goods in the past the company maintained a healthy cash balance .how ever this has fallen in recent months and at the end of the September 2011it had an overdraft of $70000 in view of this its managing director has asked you to prepare a cash forecast for the next six months .you have collected the following data ..
oct nov dec jan feb mar
Sales forecast 140 180 260 60 100 120
Purchase 160 180 140 50 50 50
Wages and the salaries 30 30 40 30 30 32
Rent 60
Rates 40
Other expenses 20 20 20 20 20 20
Refurbishing shops 80 inventory at 1 october amounted to $170,000 and accounts payable were $70,000 the purchase in October ,November December are contractually committed and the those shown for January February and march are the minimum necessary to restock withspring fashions cost of sales is 50%b of sales and supplies allow one months credit on purchase include depreciation of $10,000 per months . required (a).compute the cash balance at the end of each month for the six months to 31 march 2012. (b) compute the inventory levels at the end of each months for the six months to 31 march 2012. (c).prepare an income statement for the six months ended 31 march 2012. (d). what problems might fashion scenes ltd face in the six months and how would you attempt to overcome them.
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