FNSACC412 : Prepare Operational Budgets – Profit and Loss statement Budgets – Finance Assignment Help

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Assignment Task :
Instructions to Student    General Instructions:
This task requires you to answer the questions within this task, complete the spreadsheet and/or templates provided, and produce and present reports. 
Students are to complete this task in their own time, no time restrictions, and are allowed full access to notes and learning resources.
In the Excel spreadsheet templates provided you are required to:
• Create a budgeted profit and loss statement for a services business.
• Create a budgeted profit and loss statement for a manufacturing business.
• Compare and discuss the difference between the two profit and loss statements.
 
Materials to be supplied by students: 
Device with spreadsheet and word processing software.
Internet and access to Connect
Assessment Criteria:
To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:
• Prepare a budgeted profit and loss statements for 2 types of business.
• Determine a budget KPI.
• Discuss the differences between the 2 types of business budgets.
Number of Attempts:
You will receive up to two (2) attempts at this assessment task. Should your 1st attempt be unsatisfactory (U), your teacher will provide feedback and discuss the relevant sections / questions with you and will arrange a due date for the submission of your 2nd attempt. If your 2nd submission is unsatisfactory (U), or you fail to submit a 2nd attempt, you will receive an overall unsatisfactory result for this assessment task. Only one re-assessment attempt may be granted for each assessment task. For more information, refer to the Student Rules.

Task 1
Below you are provided with details of two companies and their budgets. Prepare the budgets and answer the following questions.
A. From the following information relating to Marmax Consulting Services, prepare a budgeted profit & loss statement for the month of December 2016, showing the profit level required by management:
a. The fees budget estimate is achieved at 100 per cent
b. Only 80 per cent of the fees budget estimate is achieved
c. Nominate at least 1 Key Performance Indicator (KPI) in this budget
The fees budget shows a budgeted level of 1000 consultancy hours at $100 per hour.
Expenses are as follows:

Advertising is a fixed amount of $4,500 per annum plus 1.25 per cent of fees

Office wages $2,000 per month

Office supplies 10 cents per consultancy hour

Staff salaries $8,500 per month

Staff commission 4 per cent of budgeted fees

Vehicle expenses $15,300 per annum plus 0.25 per cent of fees

Interest expense 15.5% per annum of a loan of $20,000
 

 
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