Part A
Breakeven analysis for Santa Voyages
Santa voyages Inc., is a company operated by an individual as a summer tourist attraction on the great lakes. It operates a sailing schooner offering day cruises for individuals and groups. Over the last few years, the average number of tourists per cruise was 30.The average charge per person for the cruise , including group discounts was $ 100.The company operates from mid-may until mid-September. On average the ship sails 100 days during this period.
The Sailing bird (the name of the schooner) requires a crew of 6 and is captained by the owner of the company. University students with extensive sailing experience have been willing to work on a per diem basis of $ 100. They are paid only if the ship is cruising. The ship provides non-alcoholic refreshments and a light lunch. These are required daily from a local delicatessen and cost on average $ 25 per person. The daily operating expenses, fuel and miscellaneous supplies average $ 50 a cruise. The company has a variety of annual expenses including: maintenance, depreciation, marketing, licenses , Etc.. Totaling approximately $ 85000.
Required:
Part B
Budgeting for Davidson Manufaturing Company
Davidson Manufacturing needs to prepare a cash budget for December 2016. The cash balance at the beginning of December is $9,000. The actual sales for October and November and expected sales for December are:
|
Information |
October ($) |
November ($) |
December ($) |
|
Cash Sales |
13,000 |
10,500 |
14,800 |
|
Sales on Account |
40,000 |
60,000 |
80,000 |
|
Total Sales |
53,000 |
70,500 |
98,800 |
Sales on account are collected over a three-month period in the following ratio:
10% in the month of sale,
70% in the month following sale
18% in the second month following sale
2% remaining are uncollectible.
Additional information includes:
(a) Purchases of inventory will total $ 50,000 for December; 20% will be paid for in December. Accounts payable from November’s inventory purchases is $ 32,000, all of which will be paid in December.
(b) Selling and administrative expenses are budgeted at $ 26,000 for December; of which $ 8,000 is for depreciation.
(c) Equipment costing $ 36,000 will be purchased for cash during December, and other miscellaneous cash expenses of $ 6,000 will be paid during December.
Required
Prepare the cash collections for the month of December and also a Cash Budget for December. Show all working clearly
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