QI. Below are the budgeted revenue and expenses for a restaurant for the year 2022. RM (*000) 71,250 Revenue | Sales RM (*000) 28,500 4,200 17,100 Expenses Cost of supplies Salaries Wages Depreciation Repair and Maintenance Advertisement Laundry |Interest on Loan Miscellaneous expenses Utilities 900 3,000 1,500 200 2,200 2,300 650 Below are the additional information given to you for further analysis: The expected pattern of sales for the year 2022 are as follows and it is the company policy to analyse based on quarters. Percentage of sales 24 20 24 32 Quarter 2 3 4 75% of the sales are on a cash basis and the balance will be received in the next quarter. The costs of supplies vary directly with sales and a constant stock value of supplies are kept. 20% of purchases of the food and drinks are for cash and the balance are paid during next quarter. 80% of the repairs and maintenance item is for a major redecoration to be paid in the third quarter. Wages, which are variable with sales, are paid in the same quarter which they are incurred. Utilities and interest on loan are paid half yearly in the first and third quarters.

QI. Below are the budgeted revenue and expenses for a restaurant for the year 2022. RM (000) 71,250 Revenue | Sales RM (000) 28,500 4,200 17,100 Expenses Cost of supplies Salaries Wages Depreciation Repair and Maintenance Advertisement Laundry |Interest on Loan Miscellaneous expenses Utilities 900 3,000 1,500 200 2,200 2,300 650 Below are the additional information given to you for further analysis: The expected pattern of sales for the year 2022 are as follows and it is the company policy to analyse based on quarters. Percentage of sales 24 20 24 32 Quarter 2 3 4 75% of the sales are on a cash basis and the balance will be received in the next quarter. The costs of supplies vary directly with sales and a constant stock value of supplies are kept. 20% of purchases of the food and drinks are for cash and the balance are paid during next quarter. 80% of the repairs and maintenance item is for a major redecoration to be paid in the third quarter. Wages, which are variable with sales, are paid in the same quarter which they are incurred. Utilities and interest on loan are paid half yearly in the first and third quarters.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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