What bookkeeping and accounting system have you chosen and why? What control information does it produce and with what frequency? Who will keep the books and produce the accounts
LINK FOR THE BOOK (you can also check the questions): https://b123im434-mp02-y-https-library-books24x7-com.proxy.lirn.net/toc.aspx
PLEASE check the ass attached and the book before answering the questions so you know the business I have been working on.
ASS 23- 24- 25
WORKSHEET FOR ASSIGNMENT 23: FINANCIAL CONTROLS
- What bookkeeping and accounting system have you chosen and why?
- What control information does it produce and with what frequency?
- Who will keep the books and produce the accounts?
- What will your basic business ratios be if you achieve your financial objectives?
- How do those ratios compare with those of either a competitor or your current organization?
- What would you consider changing as a result of carrying out your ratio analysis (for example, collect money in faster, carry less stock)?
WORKSHEET FOR ASSIGNMENT 24: SALES AND MARKETING CONTROLS
- Describe your records for monitoring sales activities.
- Draw up a customer record card for your business, or show your existing one.
- What other marketing records do you plan to keep, eg for advertising costs and results?
- Explain the relationship between any sales activity and the results expected. For example: ‘We expect to open one new account for every ten we cold-call; or for every 10,000 cold emails sent out.’
WORKSHEET FOR ASSIGNMENT 25: OTHER BUSINESS CONTROLS
- What other business controls do you plan to introduce into your business at the outset?
- Why do you consider them important?
Data/PresetImageFill5-15.jpg
Data/PresetImageFill2-12.jpg
Data/PresetImageFill4-14.jpg
Data/PresetImageFill0-10.jpg
Data/PresetImageFill1-11.jpg
Data/PresetImageFill3-13.jpg
Data/bullet_gbutton_gray-16.png
Index/Document.iwa
Index/ViewState.iwa
Index/CalculationEngine.iwa
Index/Tables/Tile.iwa
Index/Tables/DataList.iwa
Index/Tables/DataList-2525-2.iwa
Index/Tables/DataList-2526-2.iwa
Index/Tables/DataList-2527-2.iwa
Index/Tables/DataList-2528-2.iwa
Index/Tables/DataList-2529-2.iwa
Index/Tables/DataList-2530-2.iwa
Index/Tables/DataList-2531-2.iwa
Index/Tables/HeaderStorageBucket.iwa
Index/Tables/Tile-2534-2.iwa
Index/Tables/Tile-2537-2.iwa
Index/Tables/DataList-2538-2.iwa
Index/Tables/DataList-2539-2.iwa
Index/Tables/DataList-2540-2.iwa
Index/Tables/DataList-2541-2.iwa
Index/Tables/DataList-2542-2.iwa
Index/Tables/DataList-2543-2.iwa
Index/Tables/DataList-2544-2.iwa
Index/Tables/DataList-2545-2.iwa
Index/Tables/HeaderStorageBucket-2546-2.iwa
Index/Tables/Tile-2550-2.iwa
Index/Tables/DataList-2551-2.iwa
Index/Tables/DataList-2552-2.iwa
Index/Tables/DataList-2553-2.iwa
Index/Tables/DataList-2554-2.iwa
Index/Tables/DataList-2555-2.iwa
Index/Tables/DataList-2556-2.iwa
Index/Tables/DataList-2557-2.iwa
Index/Tables/DataList-2558-2.iwa
Index/Tables/HeaderStorageBucket-2559-2.iwa
Index/Tables/Tile-2563-2.iwa
Index/Tables/DataList-2564-2.iwa
Index/Tables/DataList-2565-2.iwa
Index/Tables/DataList-2566-2.iwa
Index/Tables/DataList-2567-2.iwa
Index/Tables/DataList-2568-2.iwa
Index/Tables/DataList-2569-2.iwa
Index/Tables/DataList-2570-2.iwa
Index/Tables/DataList-2571-2.iwa
Index/Tables/HeaderStorageBucket-2572-2.iwa
Index/Tables/Tile-2576-2.iwa
Index/Tables/DataList-2577-2.iwa
Index/Tables/DataList-2578-2.iwa
Index/Tables/DataList-2579-2.iwa
Index/Tables/DataList-2580-2.iwa
Index/Tables/DataList-2581-2.iwa
Index/Tables/DataList-2582-2.iwa
Index/Tables/DataList-2583-2.iwa
Index/Tables/DataList-2584-2.iwa
Index/Tables/HeaderStorageBucket-2585-2.iwa
Index/Tables/Tile-2591-2.iwa
Index/Tables/DataList-2592-2.iwa
Index/Tables/DataList-2593-2.iwa
Index/Tables/DataList-2594-2.iwa
Index/Tables/DataList-2595-2.iwa
Index/Tables/DataList-2596-2.iwa
Index/Tables/DataList-2597-2.iwa
Index/Tables/DataList-2598-2.iwa
Index/Tables/DataList-2599-2.iwa
Index/Tables/HeaderStorageBucket-2600-2.iwa
Index/Tables/Tile-2602-2.iwa
Index/Tables/HeaderStorageBucket-2785-2.iwa
Index/Tables/DataList-2786-2.iwa
Index/Tables/DataList-2787-2.iwa
Index/Tables/HeaderStorageBucket-2867-2.iwa
Index/Tables/DataList-2868-2.iwa
Index/Tables/DataList-2869-2.iwa
Index/Tables/HeaderStorageBucket-2934-2.iwa
Index/Tables/DataList-2935-2.iwa
Index/Tables/DataList-2936-2.iwa
Index/Tables/HeaderStorageBucket-2945-2.iwa
Index/Tables/DataList-2946-2.iwa
Index/Tables/DataList-2947-2.iwa
Index/Tables/HeaderStorageBucket-2962-2.iwa
Index/Tables/DataList-2963-2.iwa
Index/Tables/DataList-2964-2.iwa
Index/Tables/HeaderStorageBucket-2991-2.iwa
Index/Tables/DataList-2992-2.iwa
Index/Tables/DataList-2993-2.iwa
Index/Tables/HeaderStorageBucket-3503.iwa
Index/Tables/Tile-3504.iwa
Index/Tables/DataList-3505.iwa
Index/Tables/DataList-3506.iwa
Index/Tables/DataList-3507.iwa
Index/Tables/DataList-3508.iwa
Index/Tables/DataList-3509.iwa
Index/Tables/DataList-3510.iwa
Index/Tables/DataList-3511.iwa
Index/Tables/DataList-3512.iwa
Index/Tables/HeaderStorageBucket-3532.iwa
Index/Tables/Tile-3533.iwa
Index/Tables/DataList-3534.iwa
Index/Tables/DataList-3535.iwa
Index/Tables/DataList-3536.iwa
Index/Tables/DataList-3537.iwa
Index/Tables/DataList-3538.iwa
Index/Tables/DataList-3539.iwa
Index/Tables/DataList-3540.iwa
Index/Tables/DataList-3541.iwa
Index/Tables/HeaderStorageBucket-3601.iwa
Index/Tables/DataList-3602.iwa
Index/Tables/DataList-3603.iwa
Index/Tables/HeaderStorageBucket-3610.iwa
Index/Tables/DataList-3611.iwa
Index/Tables/DataList-3612.iwa
Index/DocumentStylesheet-2494.iwa
Index/AnnotationAuthorStorage.iwa
Index/ObjectContainer.iwa
Index/DocumentMetadata.iwa
Index/Metadata.iwa
Metadata/Properties.plist
Metadata/DocumentIdentifier
427747BF-0DF6-45E6-A12E-5E88EAAF2366
Metadata/BuildVersionHistory.plist
xlsx M5.1-5683-2
preview.jpg
preview-micro.jpg
preview-web.jpg
,
Source Data & profits
| Company Name: | SexLab | ||||||||||||
| Opening Day of Business (Year 1) | 5/5/20 : Jason Ripley: Insert start date for business Format = year-month-day so 21-1-1 for Jan 1, 2021 |
0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 |
| Closing Day of Business (Year 1) | 5/5/21 : Jason Ripley: Insert year end date for business in format year-month-day, so 21-12-31 for Dec 31, 2021 |
||||||||||||
| Calculating Depreciationi Expense: | |||||||||||||
| Startup Financing: | Straight Line technique. Depreciation expense = (Original Cost – Salvage Value) / Number of years in life span | ||||||||||||
| Initial Capital invested | $ 2,400.00 | Item | Purchase Price | Salvage Value | Usefull Life | Depreciation Expense | |||||||
| Additional investment from sole-proprietorship Stakeholders | $ 321.00 | Office Acccessories, Electronics e.g., Monitors, Displays | $ 3,220.00 | $ 3,105.00 | 13.00 | $ 8.85 | |||||||
| Investment from other Managerial Staff/ Board Members/ Board Directors | $ 2,313.00 | Light/ Design Equipment | $ 2,370.00 | $ 195.00 | 9.00 | $ 241.67 | |||||||
| Capital from Financial Insitutions, Grants, Loans or Government | $ 124.00 : Jason Ripley: This will sum the two cells below: Short Term + Long Term debt |
Machines | $ 900.00 | $ 700.00 | 11.00 | $ 18.18 | |||||||
| Short Term Debt (line of credit, notes payable etc.) | $ 93.00 | Raw materials | $ 1,200.00 | $ 1,150.00 | 14.00 | $ 3.57 | |||||||
| Long Term Debt Long Term Loans etc. | $ 23.00 | ||||||||||||
| Startup Expenses: | |||||||||||||
| Cast for retrofit or renovating buildings or leased space? | $ 44.00 | Sales | |||||||||||
| Cost of purchased Equipemnt? | $ 123.00 | ||||||||||||
| Cost of purchased Furniture (tables/chairs), Public Address Systems. | $ 234.00 | ||||||||||||
| Cost of Purchased Office Stationeries, Computers | $ 332.00 | ||||||||||||
| Cost of Advanced Marketing & Advertising? | $ 89.00 | ||||||||||||
| Cost of Operational Licenses to operate, or Legal fees | $ 93.00 | ||||||||||||
| Cost of Purchased Inventory | $ 125.00 | Calculation of the Total sales: | |||||||||||
| Mischallenous Costs | $ 132.00 | ||||||||||||
| Cost of Purchasing/Hiring delivery vehicles | $ 259.00 | Variable 1 (covers, $sales/hr, REVPAR etc.) | Variable 2 (Labor output$/cover, # hours, # rooms etc.) | Total Sales | |||||||||
| Cash reserve for short term debt or emergency | $ 223.00 | 25 | 9 | $ 225.00 | |||||||||
| Outstanding Accounts Payable | $ 922.00 | ||||||||||||
| Profit & Loss: | Labour Costs | ||||||||||||
| Sales | $ 225.00 | What salaries will you pay your managers (and owners)? These are fixed costs and do not change based on revenue, you incur them | |||||||||||
| Average, or expected annual growth rate for Industry sales? | 2.00% | even when your business is closed. Your Labour costs for the rest of your employees however are considered variable, because you | |||||||||||
| Mean rate of returns & Discounts for Industry. | 1.52% | alter them depending on business volumes. | |||||||||||
| Mean price volatility of item | 2.21% | Annual Salary | |||||||||||
| Mean profitability of items | 3.25% | Manager 1 | $ 1,000.00 | ||||||||||
| Salaries for Executive Staff? | $ 4,000.00 | Manager 2 | $ 1,000.00 | ||||||||||
| Employee Compensation cost | 155.28% | Manager 3 | $ 1,000.00 | ||||||||||
| Monthly costs | $ 17.92 | Manager 4 | $ 1,000.00 | ||||||||||
| Office Expenses e.g., Paper rolls, pens/pencils, envelopes, printer paper etc. | 12.89% | ||||||||||||
| Ongoing marketing budget | 3.45% | Industry average variable labour cost | 155.28% | ||||||||||
| Repairs & Maintenance (R&M) costs | 3.61% | ||||||||||||
| Utilities expense e.g., Internet | 4.85% | Rent/Lease Costs | |||||||||||
| Licence and other fees include things like a business licence, a liquor licence, consulting/accounting/legal fees. | 5.12% | If you are not purchasing your physical location, then you will likely be leasing a space. Lease costs are typically based on square | |||||||||||
| Interest expense or Mean borrowing costs. | 3.61% | footage (or square meters). The cost per square foot will be different depending on where you plan to open your business. Use | |||||||||||
| Mean Corporate tax rate for business operation. | 2.14% | sources such as www.realtor.ca, or search for commercial leasing companies in the area you are planning your virtual business. | |||||||||||
| Cash Flow: | |||||||||||||
| Accounts receivable i.e.credit one willing that affects your cash flow position. | $ 4,350.00 | Industry average per square foot cost | $ 43.00 | ||||||||||
| Total value of inventory expected at the end of the year. | $ 1,350.00 | Number of square feet required | 5.00 | $ 215.00 | Annual Lease Costs | ||||||||
| Additional purchases e.g maintenance, purchases: | $ 250.00 | ||||||||||||
| Electronics e.g., Monitors, PhonesDisplays | $ 3,220.00 | Calculating Interest Expense | |||||||||||
| Camera Light/ Design Equipment | $ 202.00 | Interest Rate | Length of Loan (yrs) | Amount Borrowed | Interest Expense (per month) | ||||||||
| Machines | $ – 0 | 1% | 1.00 | $ 124.00 | $ 0.10 | $ (124.00) | |||||||
| Raw Materials | $ 570.00 | Based on these numbers, your monthly payment will be: | $10.91 | ||||||||||
| Creditor's Payback @end of the year. | $ 150.00 | ||||||||||||
| Short term debts & Notes payable balance for end of the year. | $ 90.00 | ||||||||||||
Cash Flow
| SexLab | ||||||||||||
| Cash Flow | ||||||||||||
| January, 2020 | February, 2020 | March, 2020 | April, 2020 | May, 2020 | June, 2020 | July, 2020 | August, 2020 | September, 2020 | October, 2020 | November, 2020 | December, 2020 | |
| Cash Balance at Beginning of Month | $ 223.00 | $ (1,185.12) | $ (2,593.55) | $ (4,002.31) | $ (5,411.39) | $ (6,820.78) | $ (8,230.50) | $ (9,640.54) | $ (11,050.91) | $ (12,461.60) | $ (13,872.61) | $ (15,283.94) |
| Cash Flow From Operating Activities | ||||||||||||
| Changes in accounts receivables | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) | $ (362.50) |
| Changes in inventory | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) | $ (102.08) |
| Changes in accounts payable | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) | $ (64.33) |
| Changes in depreciation | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 | $ 22.69 |
| Net Profit | $ (558.17) | $ (558.49) | $ (558.81) | $ (559.13) | $ (559.45) | $ (559.77) | $ (560.09) | $ (560.42) | $ (560.74) | $ (561.06) | $ (561.39) | $ (561.71) |
| Total Changes in Cash from Operations | $ (1,064.40) | $ (1,064.71) | $ (1,065.03) | $ (1,065.36) | $ (1,065.68) | $ (1,066.00) | $ (1,066.32) | $ (1,066.64) | $ (1,066.97) | $ (1,067.29) | $ (1,067.61) | $ (1,067.94) |
| Cash Flow from Investing Activities | ||||||||||||
| Capital Expenditures – New Equipment | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) | $ (285.17) |
| Capital Expenditures – New Vehicles | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) | $ (47.50) |
| Total Changes in Cash from Investing | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) | $ (332.67) |
| Cash Flow from Financing Activities | ||||||||||||
| Long Term Notes Payable Repayments | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) | $ (10.80) |
| Short Term Notes Payable Repayment | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) | $ (0.25) |
| Total Changes in Cash from Financing | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) | $ (11.05) |
| Cash Balance at End of Month | $ (1,185.12) | $ (2,593.55) | $ (4,002.31) | $ (5,411.39) | $ (6,820.78) | $ (8,230.50) | $ (9,640.54) | $ (11,050.91) | $ (12,461.60) | $ (13,872.61) | $ (15,283.94) | $ (16,695.61) |
