Installments Payable Assignment

Airex PLC is the owner and operator of a hotel chain. The directors have decided to invest in a new hotel which will require a capital outlay of £1 million The furniture, fixtures, and fittings will be installed by the suppliers Bracknell Ltd at a cost of 9% of the purchase price. Bracknell intends to commence the installment work on 1st May 2017 and has contracted to have the job finished by 31 July 2017. Airex PLC will pay 25% of the capital costs on commencement of the installation work and the balance in three equal installments payable monthly commencing June 16th

The furniture, fixtures, and fittings installation fees are to be paid in three equal installments at the end of May, June, and July. Bracknell has agreed to a 10% refund of the installation fees one month after completion of the job (i.e. in August 2017) if all costs are paid to them on time. The company has forecast sales for the new hotel from May to August 2017 of £250,000; £350,000; £250,000 and £300,000 respectively. Sales are all on credit terms to trade customers who take, on average, two months credit. Airex experiences bad debts at an average rate of 5% of sales. Labor costs are at the rate of 40% of sales and are paid in the month sales are made. Other operational expenses for the company should run at a stable £150,000 per month payable in the month incurred. Airex PLC is planning to finance all its requirements with a bank overdraft! The agreed limit for the new project is £700,000. Required: Prepare a cash budget for the company for the four months, May to (a) August 2017 assuming the installation is completed on time and that it qualifies for the refund from Bracknell. .

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