Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31.
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Kingston budgets total sales for June and July of $470,000 and $348,000, respectively. Cash sales are 70% of total sales. Of the credit sales, 25% are collected in the month of sale, 65% are collected during the first month after the sale, and the remaining 10% are collected in the second month after the sale. Determine the amount of accounts receivable reported on the company’s budgeted balance sheet as of July 31. Hint: Determine the percent of June and July sales that are uncollected at July 31.
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- Exercise 425 A salus badget for the fint five montdn of 2021 i given on a certain prohuct line mamufactured by loots Styles. Inc. Sales budeet in unita 157,000 Janry Fetrary 162,000 201000 223000 March April May 245,000 The inventory of finished products at the end of each month is equal to 20% of the sales estimate for the next month. This roquirement is expected to be met by Jan. 1. No work is in peocess at the end of each month. Each unit of product requires two types of raw materials as follows: Material A unit Material B 6 units The estimated cost of Material A is P5.00 per unit, und the estimatod cost of Material B is PO.60 per unit. Materials equal to 30% of next month's production needs are to be on hand at the end of each month. This requirement is expected to be met on Jan. I. REQUIRED: 1. Prepare a production badget for the first quarter of 2021 broken down by months. Include a total column. 2. Prepare a purchases budget for each type of raw materials also for the first…Customers balance December 31, 2023 om customers e balance, March 31, 2024: cted in 2nd Ot 2024 Data table Total sales Budgeted purchases of direct matenal Budgeted direct labor cost Budgeted manufacturing overhead costs Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance experese Depreciation experie Supples expense Print Done 208.000 40,900 37,500 1,100 1.200 6,700 4,000 1,000 1,400 6.240The forcasted demand using Exponential (a-0.72) in June given the follwoing: Month Sales Forcasted Demand Ⓒ2935 O6288 OOOO 5712 5311 April 5200 5000 May 5600 6000 June
- 8 After clicking the Sales Dollars field in the PivotTable shown below, which of the following will open the Value Field Settings dialog box? Year A 1 2 3 Row Labels 4 January 5 February 6 March 7 April 8 May June 10 July 11 August 12 September 13 October 14 November 15 December 16 Grand Total 17 (All) B Sales Dollars $122,890 $113,055 $132,655 $99,370 $105,270 $43,485 $38,480 $103,170 $159,960 $201,950 $213,940 $232,425 $1,566,650 сExercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable. 2021 $ 706,675 363,004 34,274 2020 2019 $464,918 $ 371,9341 238,808 193, 136 27,058 25,477 2018 $ 260,094 133,898 15,268 2017 $ 194, 100 98,991 13,296 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.
- The shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entryQuestion Completion Status: Forecast Sales Jan Feb Mar $200 000 $160.000 $180,000 $45,000 Apr Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: November sales 45000 December sales 50000 Inventory Account payable(merchandise) 54000 27000 Other data are as follows: • Sales are on credit with 60% of sales collected in the same month after sale 40% in the second month after sale • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred • Inventories are to be 80% of next month's budgeted sales requirements • Fixed expenses are $15000 per month; all require cash • Credit time period for purchases are 30 days On basis of above information answer following questions Find Net Profit for the ended of March 2011? ^ @ d ENGSCRUMPTIOUS CUPCAKESProfit and loss accountfor the year ended 30 April 20202020£SalesSales 220,000Cost of sales 120,000Gross Profit 100,000ExpensesSalaries 24,000Other Fixed cost 4,800Distribution 3,000Advertising 4,500Rent 13,200AHUtilities 3,600Other Cost 4,00057,100Operating Profit 42,900 SCRUMPTIOUS CUPCAKESBalance Sheetas at 30 April 20202020£Fixed assetsIntangible assets -Tangible assets 35,000Investments -35,000Current assetsStocks 3,000Debtors 10,000Cash at bank and in hand 6,30019,300Written ReportsCreditors: amounts falling duewithin one year (11,300)Net Current Assets 8,000Total assets less currentliabilities 43,000Net Assets 43,000Capital and reservesCalled up share capital 100Profit and loss account 42,900Shareholders' funds 43,000 please calculate the folliwing ratios: Profitability Ratios – Gross Profit Margin, Net Profit Margin and ROCE● Liquidity – Current Test and Acid Test● Gearing● Activity/Performance – Stock Turnover, Debtors’ Collection Period and AssetTurnover…
- FINA310 IP TEMPLATE FOR STUDENTS Student name: Date: ACTUAL FORECAST Current Year Next Year Total Revenue 71,879 |Cost of Revenue (51,125) Gross Profit 20,754 Operating Expenses: Selling, General, and Administrative (14,248) Research and Development Special Income/Other Charges (2,194) Total Operating Expenses (16,442) Operating Income 4,312 Net Interest Income (666) edite Pre-Tax Income 3,646 Provision for Income Tax (19.5%) (711) Net Income 2,935 Additionally, Tag-It's CEO has predicted a 12% increase in total revenue next year. Utilizing the percentage of sales method, prepare a forecast for next year in the correct section on the Excel spreadsheet. 1. The total revenue numbers over the past 4 years for Tag-lt Corporation were as follows (values in millions): o 73,785 O 69,495 o 75,356 o 71,879 2. Determine whether you think Tag-It can hit the target of a 12% increase in sales next year.QUESTION & 6 The following are estimated the estimated sales of a company for eight month Navember 30.2020 Escimated Sales (Units) Manth 12,000 April 13,000 May 9,000 June 8,000 July 10,000 August September 12,000 October 14,000 November 12,000 As a matter of policy, the company maintains the closing balance of finished goods and raw materials as follows Inventory Items Finished goods Ending Balance -50% of estimated sales of next month Raw materials --Estimated consumption for next month Every unit of production requires 2 kgs of raw materials costing Br, 5 per kg Prepare: Production budget company for the half year ending September 30,2020 (units) and raw material budget in (units and cost) of the QUESTION #-7 Financial ratios are the symptoms like the blood pressure, the pulse or the temperature of an individual. Explain. also name and explain in brief the common types of ratios used by business companies.CASE 1 The following are the information obtained from AMC Company:July August SeptemberCash Sales P24,000 P32,000 P36,000Credit Sales 220,000 300,000 240,000Purchases 180,000 240,000 220,000Operating Expenses 30,000 36,000 32,000Interest Expense - 4,000 -Credit sales are collected 50% in the month of sale, 40% in the month following, 8% in the second monthfollowing, and 2% uncollectible. Credit sales for May and June are expected to be P200,000 and P180,000,respectively. Purchases of merchandise, all on account, are paid 60% in the month of purchase and 40% in themonth following. Purchases for June are estimated at P160,000. Expenses include depreciation of P4,000monthly and are paid in the month incurred. The cash balance on June 30, 201A is P54,000.Required: Prepare a cash budget by month for the quarter ending September 30, 201A. Support your solutionwith schedules of cash receipts and cash payments CASE 2 Sanchez Company, a wholesaler, budgeted the following sales for the…