A standard master budget typically covers a) One month b) One quarter c) Five years d) One year
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- A variant of fiscal-year budgeting whereby a 12 month projection into the future is maintained at all times is termed?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 $64,000Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2022. Sales: quarter 1, 40,000 bags; quarter 2, 56,000 bags. Selling price is $60 per bag. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.8 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels: 1. 2. Type of Inventory January 1 Snare (bags) 8,000 Gumm (pounds) 9,000 10,000 13,000 Tarr (pounds) 14,000 20,000 25,000 4. 5. 6. 7. April 1 15,000 July 1 18,000 Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $16 per hour. Selling and administrative expenses are expected to be 15% of sales plus $175,000 per quarter. Interest expense is $100,000. Income taxes are expected to be 20% of income before income taxes. Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and…
- Please answer 1d.All purchases are paid for as follows: 10% in the month of purchase, 50% in the following month, and 40% two months after purchase. Calculate the budgeted balance of accounts payable at the end of October. a. $69,120 b. $100,240 c. $31,120 d. $61,840The president of the retailer Prime Products has just approached the company's bank with a request for a $91,000, 90-day loan. The purpose of the loan is to assist the company in acquiring inventories. Because the company has had some difficulty in paying off its loans in the past, the loan officer has asked for a cash budget to help determine whether the loan should be made. The following data are available for the months April through June, during which the loan will be used: a. On April 1, the start of the loan period, the cash balance will be $15,800. Accounts receivable on April 1 will total $176,400, of which $151,200 will be collected during April and $20,160 will be collected during May. The remainder will be uncollectible. b. Past experience shows that 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% is bad debts that are never collected. Budgeted sales and expenses for the…
- cash balance of $10,000 will be maintained throughout the cash budget period. Prepare a monthly cash budget for January and February and answer the following: How much surplus (or loan) is expected at the end of February? A $1,900 B. $200 C. $1,400 D. $3,100 E. none of the other choices is correctWhich of the following budgets shows how many units will be produced each period?An engineer has a fluctuating future budget for the maintenance of a particular machine. During each of the first 5 years, $10, 000 per year will be budgeted. During the second 5 years, the annual budget will be $15, 000 per year. In addition, $5000 will be budgeted for an overhaul of the machine at the end of the fourth year, and again at the end of the eighth year. What uniform annual expenditure would be equivalent, if interest is 8% per year?
- In preparation for the quarterly cash budget, the following revenue and cost information have been compiled. Prepare and evaluate a cash budget for the months of October, November, and December based on the given information: Month Sales Purchases August (actual) P3,000,000.00 P3,500,000.00 September (actual) P4,500,000.00 P2,000,000.00 October (forecast) P1,000,000.00 P500,000.00 November (forecast) P1,500,000.00 P750,000.00 December (forecast) P2,000,000.00 P1,000,000.00 (a) The firm collects 60 percent of sales for cash and 40 percent of its sales one month later. (b) Interest income of P50,000 on marketable securities will be received in December. How much is the total cash receipts in November? A P3,900,000 B) P2,400,000 c) P1,850,000 D) P1,300,0004. Prepare a Cash Budget from the data given below for a period of six months (July to December) (1) Month Sales (OMR) Raw Materials(OMR) May 75,000 37,500 June 75,000 37,500 July 1,50,000 52,500 August 2,25,000 3,67,500 September 3,00,000 1,27,500 October 1,50,000 97,500 November 1,50,000 67,500 December 1,37,500 ____ (2) Collection estimates: ➢ Within the month of sale: 5% ➢ During the month following the sale: 80% ➢ During the second month following the sale: 15% (3) Payment for raw materials is made in the next month. (4) Salary OMR 11,250, Lease payment OMR 3750, Misc. Exp. OMR 1150, are paid each month (5) Income tax OMR 26,250 each in September and December. (6) Payment for research in October OMR 75,000 (7) Opening Balance on 1st July OMR 55,000The budgeted transactions of Beacon Limited for the quarter ending 31 December 2021 are as follows: Budgeted total sales amount to R546 000. (25% will be sold during October, 40% during November and the rest during December) 75% of all sales are expected to be on credit. Debtors are expected to pay their debts as follows: 60% in the month following the month of the sale 25% in the second month following the month of the sale 10% in the third month following the month of the sale 5% is written off as irrecoverable Actual total sales for the quarter ending 30 September 2021 were as follows: July R66 000 August R96 000 September R132 000 REQUIRED Prepare a schedule showing the total budgeted amounts which Beacon Limited expects to receive from debtors during each month from 1 October 2021 to 31 December 2021
