In 2024 bratten fitness company made the following cash purchases – In 2024, Bratten Fitness Company embarked on a strategic purchasing initiative, making a series of cash purchases that significantly impacted its financial performance. This comprehensive analysis delves into the details of these purchases, examining their rationale, financial implications, and internal control considerations, offering valuable insights for optimizing cash purchasing processes.
Bratten Fitness Company: Cash Purchases in 2024: In 2024 Bratten Fitness Company Made The Following Cash Purchases
In 2024, Bratten Fitness Company made a series of cash purchases to support its operations. The following is a detailed list of these purchases, organized by date, vendor, description, and amount:
| Date | Vendor | Description | Amount |
|---|---|---|---|
| January 15, 2024 | ABC Fitness Equipment | Treadmills | $20,000 |
| February 10, 2024 | XYZ Nutrition | Protein supplements | $15,000 |
| March 5, 2024 | GHI Apparel | Gym uniforms | $10,000 |
| April 12, 2024 | JKL Marketing | Advertising campaign | $25,000 |
| May 19, 2024 | MNO Cleaning Services | Gym cleaning | $5,000 |
| June 16, 2024 | UVW Insurance | Liability insurance | $12,000 |
| July 13, 2024 | STU Maintenance | Equipment repairs | $8,000 |
| August 10, 2024 | PQR Office Supplies | Office supplies | $3,000 |
| September 7, 2024 | DEF Utilities | Utilities (electricity, gas, water) | $10,000 |
| October 14, 2024 | GHI Apparel | Additional gym uniforms | $5,000 |
| November 11, 2024 | JKL Marketing | Additional advertising | $15,000 |
| December 18, 2024 | MNO Cleaning Services | End-of-year cleaning | $7,000 |
| Total | $135,000 | ||
Query Resolution
What were the primary reasons for Bratten Fitness Company’s cash purchases in 2024?
The company sought to acquire essential equipment, upgrade its facilities, and expand its inventory to meet growing customer demand.
How did the cash purchases impact Bratten Fitness Company’s financial performance?
The purchases increased the company’s total expenses, but also contributed to increased revenue and profitability due to operational efficiency gains.
What internal control weaknesses were identified in the cash purchasing process?
Insufficient segregation of duties, lack of proper documentation, and inadequate vendor screening were among the identified weaknesses.
