Reference no: EM132772733
Kojima Berhad is trying to estimate its need of funds for the second quarter of year 2009.
a) The company's actual and forecasted sales are as follows:
Actual RM Forecasted RM
January 160,000 April 180,000
February 190,000 May 260,000
March 140,000 June 220,000
July 280,000
b) The collection of sales is as follows:
- 30% is for cash
- 70% is collected one month after sales
c) The purchases of the raw materials are 60% of sales and made one month in advance. The payments are made in the same month in which the sale occur.
d) Rent expenses is rm 3,000 per month.
e) 6% of interest payment on RM 150,000 notes payable is to be paid in May.
f) Wages and salaries in April, may and june are estimated to be RM 10,000, RM 12,000 and RM 14,000 respectively.
g) Other fixed monthly expenses:
- Depeciation RM 15,000
- Insurance RM 3,000
h) The company plans to pay RM10,000 in cash for a new cutting machine in June. This new machine will depreciate RM 500 per month.
i) The cost of renovation of Rm50,000 will be paid equally in May and June.
j) A quarterly dividend of RM5,000 will be received in June.
k) Kojima Berhad's ending cash balance for Mach is Rm30,000 and a minimum balance the firm wishes to have is Rm50,000 per month and the amount will be increased to Rm 100,000 starting from June.
Problem 1: Make a cash budget for Kojima Berhad for the second quarter of year 2009?
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