QUESTION 3 Use the following information provided by Hampden Enterprises to prepare the following for February and March

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Question 3 Use The Following Information Provided By Hampden Enterprises To Prepare The Following For February And March 1 (87.15 KiB) Viewed 22 times

QUESTION 3 Use the following information provided by Hampden Enterprises to prepare the following for February and March 2022: 3.1 Debtors Collection Schedule (4 marks) Cash Budget (16 marks) 3.2 INFORMATION 1. 2. 3. 4. 5. 6. 7. 8. The bank balance on 31 January 2022 is expected to be R6 000 (favourable). Budgeted cash sales are as follows: January 2022 February 2022 March 2022 Cash sales are estimated at 40% of the total sales. The balance of the sales is on credit. Collections from credit sales are expected to be as follows: 60% in the month of the sale; 40% in the month after the sale. Budgeted purchases of inventory for each month are as follows: January 2022 February 2022 March 2022 R 240 000 210 000 220 000 R 240 000 200 000 220 000 Sixty percent (60%) of all purchases are for cash in order to take advantage of a 10% cash discount and the balance of the purchases is on credit. Creditors are paid in full in the month following the purchase transaction. Rent expense for March 2022 is expected to amount to R16 500, 10% higher than the rent for February 2022. Selling and administrative expenses are estimated at a fixed percentage of sales and are payable during 0000 bundante 000000 the th Calling and administe