Last Question... How the **** do you get cost of sales?

[cheese360]

Hmm what did you guys write about why the accountant wanted to know expected sales.. i wrote something to do with relevance and decision making but not sure..

Wrote something like there are many variable cost(C.o.s/stockloss) which are linked to the amount of sales revenue generated for that period. Thus, having an accurate estimation of Sales would ensure that reports are more relevant to decision making.

Not sure if the relevance part is "relevant" or not -.-

I put this + sales is an integral part of the budgeted profit and loss statement, and so is needed for budget preparation =/ Right/Wrong? Also didn't mention relevance

[sooeyy]

Bank balance at end: -575
Net Profit: 31925

?

Something like that. . . Not to sure about that NP though . .

I got the Cash flow wrong...got like 925 or something >.>.
Also got the NP wrong, forgot to add the profit on disposal...and accrued wages. Silly...so silly. >.<

[VeryCrazyEdu.]

Bank balance at end: -575
Net Profit: 31925

?

YAY!!! yes the same

[davidxue]

The importance of budgeted sales is on like the first page of the budgeting chapter in the cambridge text book

[Chavi]

The importance of budgeted sales is on like the first page of the budgeting chapter in the cambridge text book

Something about being an 'integral part to any business' . .

[Stormer]

What'd you guys write for improving STO without changing Gross Profit?

[georgev]

is this correct even if i didnt do 2 sales credits

Prepaid Sales Revenue             400
    Sales Revenue                             400
Debtors Control                     5100
Debtor - Name                                          5100
    Sales                                     5000
    GST Clearing                               500
Cost of Sales
    Stock Control

[Stormer]

is this correct even if i didnt do 2 sales credits

Prepaid Sales Revenue             400
    Sales Revenue                             400
Debtors Control                     5100
Debtor - Name                                          5100
    Sales                                     5000
    GST Clearing                               500
Cost of Sales
    Stock Control

Nah. Sales has to be 4600.

[mmmmm]

I combined both sales revenue, i had sales rev as 50000

[georgev]

but it inculde the 400 prepaid rev that was debited and the 4600 so together its 5000?

[Stormer]

but it inculde the 400 prepaid rev that was debited and the 4600 so together its 5000?

You've got 5400 altogether now?

[georgev]

wait sorry mine looked like this  (coppied and pasted withoud editing)



Prepaid Sales Revenue             400
   
Debtors Control                     5100
Debtor - Name                                          5100
    Sales                                       5000
    GST Clearing                               500
Cost of Sales
    Stock Control

[Stormer]

that's fine

[mmmmm]

wait sorry mine looked like this  (coppied and pasted withoud editing)



Prepaid Sales Revenue             400
   
Debtors Control                     5100
Debtor - Name                                          5100
    Sales                                       5000
    GST Clearing                               500
Cost of Sales
    Stock Control

Same as what i had.  But i didn't do COS and stock control.

[Yitzi_K]

wait sorry mine looked like this  (coppied and pasted withoud editing)



Prepaid Sales Revenue             400
   
Debtors Control                     5100
Debtor - Name                                          5100
    Sales                                       5000
    GST Clearing                               500
Cost of Sales
    Stock Control

Same as what i had.  But i didn't do COS and stock control.

Yep exactly what I had. There was no room in the GJ for COS or stock control, and there wasn't enough info in the question to work them out, so I suppose that's right.