A sports club spends AED 3,840 on entertainment, which is 0.08 of this year's budget. Their total budget for this year is AED 2,000 more than last year. Write and solve an equation to find the total budget for last year. Use x to represent last year's budget.
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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.
A sports club spends AED 3,840 on entertainment, which is 0.08 of this year's budget. Their total budget for this year is AED 2,000 more than last year. Write and solve an equation to find the total budget for last year. Use x to represent last year's budget.
Step by step
Solved in 3 steps
- Given the information below, answer questions 1-3. • Assume you are working on budgeting for the room department of your hotel. • Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2019. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year. • Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $246,000 during 2019. For 2020, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2019. • Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2019. For 2020, this fixed cost will increase by 2% due to the expected increase in living expenses in this area. 1. What will be the budgeted ‘Room Revenue (Sales)’ for 2020 ($)? Note: The Answer field only accepts numbers. Thus, do not include $ or commas when you type your answer. Type your answer as a whole number (e.g., 200000).Below are the budgeted revenue and expenses for a restaurant for the year 2022. RM ('000) 71,250 Revenue Sales Expenses RM ('000) 28,500 Cost of supplies Salaries 4,200 Wages Depreciation Repair and Maintenance 17,100 900 3,000 Advertisement 1,500 Laundry Interest on Loan 200 2,200 Miscellaneous expenses 2,300 650 Utilities Below are the additional information given to you for further analysis: The expected pattern of sales for the year 2022 are as follows and it is the company policy to analyse based on quarters. Quarter Percentage of sales 1 24 2 20 3 24 4 32 75% of the sales are on a cash basis and the balance will be received in the next quarter. The costs of supplies vary directly with sales and a constant stock value of supplies are kept. 20% of purchases of the food and drinks are for cash and the balance are paid during next quarter. 80% of the repairs and maintenance item is for a major redecoration to be paid in the third quarter. Wages, which are variable with sales, are…In constant dollars, a budget was $2,184,027 in one year and $1,785,363 in a later year. Calculate the change in real spending.
- please explain step-by-step how to calculate an operational budget with the information provided: The time window would be in a year of operation total expenses for the year would be $22,298.57 projected income for the year would be $64,000If the total annual income is $145,000, what amount is budgeted for housing 26% and insurance 11% combined?A small business owner wants to create a budget for the upcoming year. The business has projected sales of $500,000 and wants to achieve a profit margin of 10%. The owner expects to have fixed costs of $200,000 and variable costs of $100,000. Calculate the budgeted net income for the upcoming year.
- A4) Create a budget on a spreadsheet supposing you earn $45,000 a yearWhat is the equation budget for each of the following 1- The first transaction means that Safia (the owner) entered a capital of $ 10,000 in cash to start the business. An asset (cash) column is created to record this transaction. The effect of the deal is that the assets and equity will increase by $ 10,000 2- The second transaction states that the goods were purchased on credit from Anees (creditor / supplier). The effect will increase the business assets (stocks) as well as liabilities (creditor) by $ 300 because the company owes the money to Anis. 3- Salaries are work expenses. When the cash repayment is made, the asset (cash) will be reduced and the equity (equity) also becomes lower by $ 3000 due to this cash advance. 4- Borrowing is like a bank loan, as the business needs money in its operations. The effects of this transaction are that the assets (cash) and liabilities column (bank loan) are also increased by $ 2000. 5- The cash column will include when the company purchases $…What is the equation budget for each of the following 1- The first transaction means that Safia (the owner) entered a capital of $ 10,000 in cash to start the business. An asset (cash) column is created to record this transaction. The effect of the deal is that the assets and equity will increase by $ 10,000 2- The second transaction states that the goods were purchased on credit from Anees (creditor / supplier). The effect will increase the business assets (stocks) as well as liabilities (creditor) by $ 300 because the company owes the money to Anis. 3- Salaries are work expenses. When the cash repayment is made, the asset (cash) will be reduced and the equity (equity) also becomes lower by $ 3000 due to this cash advance. 4- Borrowing is like a bank loan, as the business needs money in its operations. The effects of this transaction are that the assets (cash) and liabilities column (bank loan) are also increased by $ 2000. 5- The cash column will include when the company purchases $…
- Draaksh has budgeted sales of $8.7million for the next fiscal year. what is the companys margin of safety in dollars and as a percentage of budgeted sales?Part A: Use a spreadsheet to prepare a monthly personal budget to show the available surplus based on the following data. ➤ Monthly salary is QAR 14,600. ➤ Monthly rental expense is QAR 6,650. 19tn3. onidiol ➤ Food expenses are QAR 250 per week. ➤ Electricity is estimated to be QAR 50 per month. ➤ Ooredoo unlimited usage telephone plan is QAR 320 per month. Entertainment is estimated to be QAR 500 per week. ➤Clothing expenses are estimated to be QAR 5,000 per year. Fuel QAR 50 per week. ➤Insurance QAR 2,460 per year. ➤ Vehicle maintenance QAR 2,000 per year. ➤You decide that you must leave a budgeted surplus of QAR 1,000 per month to cover unexpected expenses.(a) For the current year, Encor Ltd. had net sales of $450,000 and paid $260,000 for the cost of goods sold. They had average receivables of $130,000, average payables of $57,000, and an average inventory of $90,000. Calculate the Operating cycle and Cash cycle for Encor Ltd. Interpret the results. (b) Prepare a Cash Budget based on the info below for the year 2020 for the months of January, February, March, and April. - Encor Ltd., anticipates sales of $18,000 in January 2020, with anticipated growth of 10% per month; - Credit sales are paid 50% the same month and 50% the following month (credit sales for December 2019 was $14,000) - Credit purchases are paid 35% of sales; paid in the month they are incurred - Wages and expenses are 30% of sales every month; paid in the month they are incurred - In February, the company pays $27,000 cash for new equipment - The beginning cash balance is $13,000