M2.5 Week1 dissc

I will be conducting and reporting on an interview with my school asst business administrator about the budget process. Please list a series of questions I should be asking when preparing for a school budget. Ty :)

(b) Another team member who is preparing the Budgeted Balance Sheet for the business for the same quarter and has asked you to furnish him with the figures for the expected trade receivables and payables to be included in the statement. Is that a reasonable request? If yes, what should these amounts be? (c) Upon receipt of the budget, the team manager, Hilux James, has now informed you that, in keeping with industry players, the management of Toyota & Sons have indicated an industry requirement to maintain a minimum cash balance of $155,000 each month. He has also noted that management is very keen on keeping the gearing ratio of the business as low as possible and would therefore prefer to cushion any gaps internally using equity financing. Based on the budget prepared, will the business be achieving this desired target? Suggest three (3) internal strategies that may be employed by management to improve the organization’s monthly cash flow and militate against or reduce any…

A company has completed the operating budget and the cash budget. It is now preparing the budgeted balance sheet. Please use the below image as your guide for the next 5 questions.  Identify the document that contains accounts payable       A       B       C       D       E

Calculate the cash receipts $ for the month of September. Calculate the material purchase $ for the appropriate months. Calculate the accounts payable payments for the month September. Calculate the accounts payable balance on the Balance Sheet for the month September. Prepare a cash budget for the month of September.

You have been awarded a project to start in the next six months. One of your tasks is to determine a budget based on the scope of works provided. State four (4) benefits of Budgeting to Management?

Cash budget. Mary Jacobs, the controller of the Jenks Company is working on Jenks’ cash budget for year 2. She has information on each of the following items: Wages due to workers accrued as of December 31, year 1. Limits on a line of credit that may be used to fund Jenks’ operations in year 2. The balance in accounts payable as of December 31, year 1, from credit purchases made in year 1. Which of the items above should Jacobs take into account when building the cash budget for year 2? A. I, II , B. I, III, C. II, III, D, I, II, III

The background information is attached in the photos provided. (b) Another team member who is preparing the Budgeted Balance Sheet for the business for the same quarter ending March 31, 2022 and has asked you to furnish him with the figures for the expected trade receivables and payables to be included in the statement. Is that a reasonable request? If yes, what should these amounts be?  (c) Upon receipt of the budget, the team manager, June Jackson, has now informed you that, in keeping with industry players, the management of Pelican Merchandising have indicated an industry requirement to maintain a minimum cash balance of $185,000 each month. She has also noted that management is very keen on keeping the gearing ratio of the business as low as possible and would therefore prefer to cushion any gaps internally using equity financing. Based on the budget prepared, will the business be achieving this desired target? Suggest three (3) internal strategies that may be employed by…

A company has completed the operating budget and the cash budget. It is now preparing the budgeted balance sheet. Please use the below image as your guide for the next 5 questions. )dentify the document that contains accounts receivable       A       B       C       D       E

The Franklin Management Association held its annual public relations luncheon in April Year 2. Based on the previous year’s results, the organization allocated $24,818 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, Molly Hubbard, the treasurer, prepared the following budget for the Year 2 luncheon.   The budget for the luncheon was based on the following expectations:   The meal cost per person was expected to be $12.50. The cost driver for meals was attendance, which was expected to be 1,470 individuals. Postage was based on $0.58 per invitation and 3,350 invitations were expected to be mailed. The cost driver for postage was number of invitations mailed. The facility charge is $1,700 for a room that will accommodate up to 1,600 people; the charge for one to hold more than 1,600 people is $2,200. A fixed amount was designated for printing, decorations, the speaker’s gift, and publicity.   FRANKLIN MANAGEMENT…

owa Imaging Center provided the financial information in Exhibit 5.15 below.  Prepare a cash budget for the quarter ending March 20X1.  For Blackboard you will enter your ENDING cash balance for the months of  January 20X1, February 20X1, March 20X1, and the Quarter ending March 20X1.  I want you to submit your work for this problem by email so I can review the entire document. Exhibit 5-15 Iowa Imaging Center                             Givens               Revenues and Expenses                                   Patient Revenues, 20X0   Estimated Patient Revenues, 20X1     Given 1 October $4,000,000 Given 2 January $4,300,000       November $4,200,000   February $4,350,000       December $4,300,000   March $4,400,000                                     Other Revenues, 20X1   Estimated Cash Outflows, 20X1a     Given 3 January $90,000 Given 4 January $4,250,000…

The Finch Management Association held its annual public relations luncheon in April Year 2. Based on the previous year’s results, the organization allocated $24,312 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, Molly Hubbard, the treasurer, prepared the following budget for the Year 2 luncheon. The budget for the luncheon was based on the following expectations: The meal cost per person was expected to be $12.40. The cost driver for meals was attendance, which was expected to be 1,460 individuals. Postage was based on $0.56 per invitation and 3,300 invitations were expected to be mailed. The cost driver for postage was number of invitations mailed. The facility charge is $1,600 for a room that will accommodate up to 1,600 people; the charge for one to hold more than 1,600 people is $2,100. A fixed amount was designated for printing, decorations, the speaker’s gift, and publicity. FINCH MANAGEMENT ASSOCIATION…

A company prepares the master budget by taking each division manager's estimate of revenues and costs for the coming period and entering the data into the budget without adjustment. At the end of the year, division managers are given a bonus if their actual division profit exceeds the budgeted profit. What problems do you see with this system?

Roberds Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers), namely student and course. The school uses the following data in its budgeting: Revenue Faculty wages Course supplies Administrative expenses Actual students Actual courses Revenue Expenses: Faculty wages Course supplies Administrative expenses Total expense Net operating income In March, the school budgeted for 1,720 students and 69 courses. The school's income statement showing the actual results for the month appears below: Roberds Tech Income Statement For the Month Ended March 31 Students Courses Revenue Expenses: Fixed element per month Faculty wages Course supplies Administrative expenses $0 $0 $0 $ 25,550 Total expense Net operating income Variable element per student $203 $0 $33 Required: Prepare a flexible budget performance report showing both the school's activity variances and revenue and spending variances for March. Label each variance as…

You have been recently hired as general manager of Lucky’s. It is September 1, and you must prepare the operating budget of this establishment for the first quarter of the upcoming calendar year, and submit it to the corporate office. Since you have been at the operation for only a month or so, you must rely solely on historical data. You gather sales reports and records for the months of January through August of the current year. Using the data and the budget worksheet provided, prepare the operating budget for Lucky’s for the months of January through March of the upcoming year. Here is the information you determined from the most recent sales and costs records (Please note that the first month has already been completed):   Sales are 10 percent higher than those of the same month during the previous year. Food cost percentage is steady at 32 percent. Fixed labor costs are steady at $9,000 per month. Variable labor costs are 15 percent of sales. Occupancy costs will remain steady…

a. Prepare a revenue budget for the upcoming academic year.b. Determine the number of staff needed to cover classes.c. Assume there is a shortage of full-time academic staff. List at least five actions thatSouth Hampton might take to accommodate the growing student numbers.

Kellogg Company’s financial managers are meeting with the company’s bank to renew their line of credit and discuss their investment needs. They have prepared the company’s operating cash budget for the last six months of the year. The following budget assumptions were used to construct the budget: • Kellogg’s total sales for each month were first calculated in the sales budget and are reflected on the first line of the cash budget. • Kellogg’s sales are made on credit with terms of 2/10, net 30. Kellogg’s experience is that 25% is collected from customers who take advantage of the discount, 65% is collected in the second month, and the last 10% is collected in the third month after the sale. The budget assumes that there are no bad debts. • The cost of materials averages 55% of Kellogg’s finished product. The purchases are generally made one month in advance of the sale, and Kellogg pays its suppliers in 30 days. Accordingly, if July sales are forecasted at $110.00 million,…

91) Toward the end of the fiscal year, the owner of a small company came back from lunch concerned because he had learned that a business targeted to the same customers as his was planning on spending $150,000 on promotion. As soon as he arrived at the office, he called his financial manager and said, "I want to budget $150,000 for next year's promotion." Which method of promotional budgeting did the owner want to use? A) the objective-task method B) the percentage-of-sales method C) the competitive-parity method D) the bottom-up method E) the pull-push method

solving this problems

1.Prepare a tuition revenue budget for the upcoming academic year. 2. Determine the number of faculty members needed to cover classes.

Samara Co. Manufactures chairs for use in patios & gardens. Because of the seasonality business of Samara managers prepare annual budget for the company. The company’s controller Ahmed Ali is particularly concerned with the cash flows. As his plans must be made in order to provide for the company’s cash needs during the off season. Ahmad has been developing several models to assist him in forecasting various elements of the cash flow. The information presented below will be used to develop a model to predict the cash requirements for quarterly dividends on common stocks. Company manufacturers the chairs only on order that is one month’s production is equivalent to the next month’s shipment. Therefore, detailed operating budgets were developed in terms of units to be produced. 450,000 chairs for next year. Sales price is $60 per chair.     Variable production costs Raw materials 11 per unit Direct labor 10 per unit Variable overhead 150% of direct labor in…

Sigma PLC are a Certified Chartered Management Accountant firm. The firm has a number of clients who regularly require support concerning monthly and quarterly management accounting issues. The key issue that has been raised by a major client, Barry Prior PLC is around the scope, purpose and procedures involved in the annual budgeting process. To assist with the client’s query, the Accounting firm has been asked by the Senior Partner to prepare a report to highlight the key characteristics of budgeting. REQUIREMENT : Prepare a report that: 1.Describes the SIX main purposes of budgeting 2.Explains the difference between fixed and flexible budgets 3. Briefly outlines the functional budgets that may be prepared as part of the budgeting process. 4.Describes TWO behavioural issues that may arise from the budgeting process.

posting this all que to solve

Molly Malone is starting her own company in which she will produce and sell Molly’s Macaroons. Molly is trying to learn about the budget process as she puts her business plan together. Help Molly by explaining the optimal order for preparing the following budgets and schedules and why this is the optimal order. budgeted balance sheet budgeted income statement capital asset budget cash budget cash collections schedule cash payments schedule direct materials budget direct labor budget master budget manufacturing overhead production budget sales budget selling and administrative budget

Prior midnight March 11, post at least once about this week's Wiley assignment. You may post asking your fellow learners for help or share your own insight as you work through the assignment. Some guiding points: -    - What is the first step you will take to successfully complete a budget for yourself ? - What are some of the challenges in creating a budget for a company?

Is ABC Manufacturing is properly using the budget process to plan for next year's expenses? You have just been hired at ABC Manufacturing, and your supervisor has invited you to sit in on today's budget meeting. You are given a copy of the following proposed budget for next year to review. The budget is being used by ABC to plan for next year. Your supervisor tells you right before the meeting, "We always overestimate because the president always makes us cut the budget by 20%, and besides, I really want to go to that conference in Las Vegas next year." He continued," I have really worked hard this year and put in a lot of overtime so I deserve it." ABC MANUFACTURING Budgeted Income Statement // For the Year Ended Dec. 31, 20XX REVENUE: Sales COST OF GOODS SOLD: Cost of Goods Sold GROSS PROFIT EXPENSES: Advertising Cleaning Insurance Phone Rent Supplies Taxes Training/Education Utilities Wages Total Expenses NET INCOME 9,500 1,800 28,000 3,600 24,000 6,500 10,000 9,800 8,500 150,000…