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Student Instructions
Following Assessments 1 and 2, you are now required to work with and interpret further financial reports,
specifically an Income Statement (Profit and Loss Statement) and a cash flow forecast.
You are also required to consider the effect of different debtor ageing circumstances, as well as different
GST circumstances.
TASK 1:
1. Prepare an annual budgeted Income Statement (Profit and Loss Statement) based on your latest
budget from Assessment 2 Task 3(i), including provision for tax and all other relevant information
provided in the Appendix.
TASK 2:
1. Prepare a monthly Cash Flow Forecast for the 12 months beginning November, also based on your
latest budget from Assessment 2 Task 3(i) and with the same assumptions given in the Appendix.
2.
TASK 3:
1. Patrick has been approached by one of his largest customers averaging $200,000 per month to provide
a 30-day account if he increases his orders to $300, 000. Recast your Cash Flow Forecast from
Assessment 2 to understand the effect this would have.
2. Immediately after Patrick agreed to the 30-day account, the customer did increase his orders to
$250,000 in November and then $300,000 every month after to February. However, he got into
financial difficulties and has only paid these amounts-
$200,000 in December off his November account
$150,000 in January
$100,000 in February
What does the customer’s ageing show at the end of February?
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