A merchanding company reported the information below from its March master budget: Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses Retained earnings, March 1 Retained earnings, March 31 $78,600 $73,700 $33,600 $26,700 $18,700 $24,400 If the company does not plan to declare a dividend or incur any interest in the month, what is its budgeted sales for March? Ignore taxes. Multiple Choice $117,900 $1,200

A merchanding company reported the information below from its March master budget: Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses Retained earnings, March 1 Retained earnings, March 31 $78,600 $73,700 $33,600 $26,700 $18,700 $24,400 If the company does not plan to declare a dividend or incur any interest in the month, what is its budgeted sales for March? Ignore taxes. Multiple Choice $117,900 $1,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Budget Preparation Collins Company is preparing its master budget for April. Use the given estimates to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement.) a. What should total sales revenue be if territories A and B estimate sales of 10,000 and 13,000 units, respectively, and the unit selling price is $43? $ b. If the beginning finished goods inventory is an estimated 2,000 units and the desired ending inventory is 3,000 units, how many units should be produced? c. What dollar amount of material should be purchased at $4 per pound if each unit of product requires 3 pounds and beginning and ending materials inventories should be 5,000 and 4,000 pounds, respectively? $ d. How much direct labor cost should be incurred if each unit produced requires 1.5 hours at an hourly rate of $14? e. How much manufacturing overhead should be incurred if fixed manufacturing overhead is $52,000 and variable manufacturing…
ssume a merchandising company provides the following information from its master budget for the month of May: Sales $ 126,000 Cost of goods sold $ 91,000 Selling and administrative expenses $ 25,000 Accounts receivable, May 1st $ 17,000 Accounts receivable, May 31st $ 36,500 If all of the company’s sales are on account, what is the amount of cash collections from customers included in the cash budget for May?
Assume a merchandising company provides the following information from its master budget for the month of May: Sales Cost of goods sold Selling and administrative expenses Accounts receivable, May 1st Accounts receivable, May 31st If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May? Multiple Choice $109,000 $106,000 $129,000 $ 125,000 $ 90,000 $ 24,000 $ 16,000 $ 35,000 $125,000
The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 1,680,000 420,000 Total assets $ 112,000 964,320 275,800 Liabilities Accounts payable Loan payable 911,512 Long-term note payable Equity 1,260,000 Common stock Retained earnings $ 3,523,632 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. $ 562,800 12,000 1,400,000 938,000 610,832 $ 1,974,800 1,548,832 $ 3,523,632 a. Sales for March total 57,400 units. Budgeted sales in units follow: April, 57,400; May, 54,600; June, 56,000; and July, 57,400. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…
The following budget information is available for the Arch Company for January Year 2: Sales Cost of goods sold Utilities expense Administrative salaries Sales commissions Advertising Depreciation on store equipment Rent on administration building Miscellaneous administrative expenses Multiple Choice O $321,000 All operating expenses are paid in cash in the month incurred. Compute the total budgeted selling and administrative expenses (excluding Interest) amount for January Year 2. $296,500 $272,000 $ 880,000 560,000 3,200 120,000 $323,200 5% of sales 24,000 54,000 64,000 14,000
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Assume a company's sales budget for July estimates 17,000 units sold. The variable selling and administrative expense used for budgeting purposes is $4.00 per unit sold. The total budgeted cash disbursements for selling and administrative expenses in July is $139,000. The total fixed selling and administrative expenses included in the selling and administrative expense budget for July is $100,000. What is the amount of depreciation included in the selling and administrative expense budget for July? Multiple Choice O OOO $14,000 $32,000 $29,000 $47,000
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The following information was used by the Long Corporation to prepare a cash budget for April: Cash balance beginning of April $ 16,000 Expected cash receipts in April 272,000 Sales salaries paid 62,000 Material purchases (all cash) 94,000 Depreciation charges 44,000 Other expenses (all cash) 96,000 What is the budgeted ending cash balance in April? Multiple Choice None of these. $36,000 $45,000 $22,000 $ (8,000)