BACC16 Accounting: Corporate Coaching Business

BACC16 Accounting: Corporate Coaching Business

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BACC16 Accounting

Questions:

Joseph Pang operates a corporate coaching business based in Havala. You are his budgeting officer and he has provided the following income statement for the current year:

Joseph Pang

Corporate Coaching

Income Statement for the period ending 30 June, current year 

Advertising 

20,000

Commissions Paid 

5,000

Sales Salaries 

45,000

Accounting costs 

1,000

Depreciation on Vehicle

9,000

Insurance 

5,100

Office wages

120,000

Rent on Premises

12,500

Sundry expenses

10,000

Superannuation 

15,300

Telecommunications 

11,100

Interest expenses

19,600

Bank fees

1,400

See the next page for additional information…                                                                 

In the following year the appropriate increases or decreases are expected:

  • Coaching fees will decrease by 5%
  • Accounting costs will increase by 50%
  • Insurance to increase by 20%
  • Office wages increase by 3%
  • Rent on Premises will increase by 20%
  • Superannuation to be $17,800
  • Telecommunications will increase to $13,250
  • Bank fees will decrease by 10%
  • Interest expenses to decrease by $16,000
  • Advertising will be 6% of sales
  • Sales Salaries to increase by $1,500
  • Depreciation on Vehicle to be $7,600
  • Sundry expenses will increase by 12%

    Required:

    As his budgeting officer you are to prepare a budgeted Income Statement for next year based on the above changes.

Question 2

David Chin sells surfing gear to the public. His business is called Karrinyup Surfing Gear and it is registered for GST. The following trial balance is provided for current year (1 July until 30 June)

David Chin

Karrinyup Surfing Gear

Budgeted Trial Balance as at 30 June

Amount

Cash at bank 

11,900

Accounts receivable 

37,600

GST Paid 

9,400

Inventory as at 1 July 

15,360

Motor Vehicles

37,000

Plant and Equipment 

52,400

Accumulated Depreciation on Plant and Equipment (includes current year)

17,500

Accounts payable 

10,240

GST collected

14,760

Capital – David Chin 

90,340

Drawings by David Chin 

6,000

Sales

167,000

Interest Income 

18,000

Advertising

11,200

Telecommunications expenses

11,000

Depreciation on Motor Vehicle

2,100

Depreciation on Plant and Equipment 

2,400

Interest expenses

4,000

Power costs 

5,000

Printing and Stationery 

3,200

Purchases 

67,440

Rental expenses

12,000

Sundry expenses

12,000

Salaries and wages

30,240

 Total

330,240

Closing inventory as at 30 June $16,000

Required:

(a) Prepare a budgeted income statement for the period ending 30 June

(b) Prepare a budgeted balance sheet as at 30 June.

BACC16 Accounting

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