Business College at International House
RTO Code: 91109 CRICOS 02623G
Level 1, 203 Clarence St, Sydney NSW 2000 | Floor 1, 237 Oxford St, Bondi Junction NSW 2022
3 Searcy St, Darwin NT 0800 | Level 6, 601 Bourke St, Melbourne VIC 3000
info@ihBC.edu.au| www.ihBC.edu.au
XYZ Corporation has provided the following figures from its original budget for the past year
as follows:
| XYZ Corporation | Month 1 | Month 2 | Month 3 |
| OPENING BALANCE | 10,000 | 14,125 | 18,293 |
| CASH IN | |||
| – Sales | 12,500 | 13,650 | 16,900 |
| – Accounts Receivable | 6,500 | 6,900 | 6,200 |
| – Loans In | – | – | 10,000 |
| TOTAL CASH IN | 19,000 | 20,550 | 33,100 |
| LESS CASH OUT | |||
| – Accounts Receivable | 7,500 | 8,190 | 10,140 |
| – Loan Repayments | 3,000 | 3,000 | 3,000 |
| – Taxes Payable | 1,250 | 1,780 | 10,855 |
| – Wages & Salaries | 3,125 | 3,413 | 4,225 |
| TOTAL CASH OUT | 14,875 | 16,383 | 28,220 |
| CLOSING BALANCE | 14,125 | 18,293 | 23,173 |
Business College at International House
RTO Code: 91109 CRICOS 02623G
Level 1, 203 Clarence St, Sydney NSW 2000 | Floor 1, 237 Oxford St, Bondi Junction NSW 2022
3 Searcy St, Darwin NT 0800 | Level 6, 601 Bourke St, Melbourne VIC 3000
info@ihBC.edu.au| www.ihBC.edu.au
The actual results for the period were as follows:
| XYZ Corporation | Month 1 | Month 2 | Month 3 |
| OPENING BALANCE | 23,173 | 28,695 | 33,985 |
| CASH IN | |||
| – Sales | 15,200 | 13,900 | 12,850 |
| – Accounts Receivable | 7,500 | 7,600 | 5,900 |
| – Loans In | – | – | – |
| TOTAL CASH IN | 22,700 | 21,500 | 18,750 |
| LESS CASH OUT | |||
| – Accounts Receivable | 9,120 | 8,340 | 7,710 |
| – Loan Repayments | 3,000 | 3,000 | 3,000 |
| – Taxes Payable | 1,258 | 1,395 | 2,500 |
| – Wages & Salaries | 3,800 | 3,475 | 3,213 |
| TOTAL CASH OUT | 17,178 | 16,210 | 16,423 |
| CLOSING BALANCE | 28,695 | 33,985 | 36,312 |
a. Prepare a report for the year, showing gross profit, net profit and variances in
the following format.
| Item | Budget | Actual | Variance | F/U | % |
