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Budg Eted Furniture Company 2023 Financial Statements in U.S. Dollars Cash received Sales Capital introduced Total cash receipts Cash paid Direct Material: wood Direct material: other Direct labour Machinery & Tools Insurance Payment rates Rent Utilities (Electricity) Personal Expenses Total cash payments Cash receipts Cash payments Cash at the start of the month Cash at the end of the month Budgeted Cash Flow Statement Jan-23 12525 10000 22525 3600 3600 14550 15000 1500 3000 2000 43250 (20725) 0 (20725) Feb-23 46475 46475 7425 4970 20000 1200 2000 35595 10880 (20725) (9845) Mar-23 TOTAL 63275 63275 11799 6000 26150 1500 2000 47449 15826 (9845) 5981 122275 [1] 10000 [2] 132275 Description 22824 [3] 14570 [4] 60700 [5] 15000 [6] 1500 [7] 1200 [8] 3000 [9] 1500 [10] 6000 [11] 126294 5981 [12] [13] [14]

Budg Eted Furniture Company 2023 Financial Statements in U.S. Dollars Cash received Sales Capital introduced Total cash receipts Cash paid Direct Material: wood Direct material: other Direct labour Machinery & Tools Insurance Payment rates Rent Utilities (Electricity) Personal Expenses Total cash payments Cash receipts Cash payments Cash at the start of the month Cash at the end of the month Budgeted Cash Flow Statement Jan-23 12525 10000 22525 3600 3600 14550 15000 1500 3000 2000 43250 (20725) 0 (20725) Feb-23 46475 46475 7425 4970 20000 1200 2000 35595 10880 (20725) (9845) Mar-23 TOTAL 63275 63275 11799 6000 26150 1500 2000 47449 15826 (9845) 5981 122275 [1] 10000 [2] 132275 Description 22824 [3] 14570 [4] 60700 [5] 15000 [6] 1500 [7] 1200 [8] 3000 [9] 1500 [10] 6000 [11] 126294 5981 [12] [13] [14]

FINANCIAL ACCOUNTING
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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The final step in the budgeting process is to draw up the budgeted statement of financial position at the end of the budgeted period. This statement summarizes the assets and liabilities of an entity at the end of an accounting period whether actual or budgeted.

A snapshot of an entity financial situation.

We have looked at all the numbers that will go into Bud's statement of financial position when we prepared the budgeted income statement and budgeted cash flow forecast. Now, it is time to indicate all of these in the final balance sheet.

Non-current asset

Machinery and tools

Insurance prepayment

Rates prepayment

Cash at bank

Total current assets

Total assets

From the above information, can you produce the budgeted statement of financial position?

Current liabilities

Trade payables for wood

Budgeting.

Budg Eted Furniture Company 2023 Financial Statements in U.S. Dollars Cash received Sales Capital introduced Total cash receipts Cash paid Direct Material: wood Direct material: other Direct labour Machinery & Tools Insurance Payment rates Rent Utilities (Electricity) Personal Expenses Total cash payments Cash receipts Cash payments Cash at the start of the month Cash at the end of the month Budgeted Cash Flow Statement Jan-23 12525 10000 22525 3600 3600 14550 15000 1500 3000 2000 43250 (20725) 0 (20725) Feb-23 46475 46475 7425 4970 20000 1200 2000 35595 10880 (20725) (9845) Mar-23 63275 63275 11799 6000 26150 1500 2000 47449 15826 (9845) 5981 TOTAL Description 122275 [1] 10000 [2] 132275 22824 [3] 14570 [4] 60700 [5] 15000 [6] 1500 [7] 1200 [8] 3000 [9] 1500 [10] 6000 [11] 126294 5981 [12] [13] [14]
Transcribed Image Text:Budg Eted Furniture Company 2023 Financial Statements in U.S. Dollars Cash received Sales Capital introduced Total cash receipts Cash paid Direct Material: wood Direct material: other Direct labour Machinery & Tools Insurance Payment rates Rent Utilities (Electricity) Personal Expenses Total cash payments Cash receipts Cash payments Cash at the start of the month Cash at the end of the month Budgeted Cash Flow Statement Jan-23 12525 10000 22525 3600 3600 14550 15000 1500 3000 2000 43250 (20725) 0 (20725) Feb-23 46475 46475 7425 4970 20000 1200 2000 35595 10880 (20725) (9845) Mar-23 63275 63275 11799 6000 26150 1500 2000 47449 15826 (9845) 5981 TOTAL Description 122275 [1] 10000 [2] 132275 22824 [3] 14570 [4] 60700 [5] 15000 [6] 1500 [7] 1200 [8] 3000 [9] 1500 [10] 6000 [11] 126294 5981 [12] [13] [14]
Budg Eted Furniture Company 2023 Financial Statements in U.S. Dollars Revenue Gross Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Beginning Inventory Add: Inventory Available Less: Ending Inventory Cost of Goods Sold Gross Profit (Loss) Expenses Advertising Amortization DM: wood DM: other Direct Labor Indirect Expenses Bad Debts Bank Charges Charitable Contributions Commissions Contract Labor Machinery & Tools Depreciation Dues and Subscriptions Employee Benefit Programs Insurance Interest Legal and Professional Fees Licenses and Fees Miscellaneous Office Expense Payroll Taxes Payment rates Rent Repairs and Maintenance Supplies Telephone Travel Utilities (Electricity) Vehicle Expenses Wages Total Expenses Net Operating Income Other Income Gain (Loss) on Sale of Assets Interest Income Total Other Income Net Income (Loss) Budgeted Income Statement Jan-23 41750 41750 7200 3600 14550 25350 25350 16400 24% 250 125 200 1000 600 2175 14225 14225 Feb-23 57500 57500 10530 4970 20000 35500 35500 22000 32% 250 125 200 1000 600 2175 19825 19825 Mar-23 76750 76750 14400 6000 26150 46550 46550 30200 44% 250 125 200 1000 600 2175 28025 28025 176000 107400 68600 6525 62075 0 62075
Transcribed Image Text:Budg Eted Furniture Company 2023 Financial Statements in U.S. Dollars Revenue Gross Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Beginning Inventory Add: Inventory Available Less: Ending Inventory Cost of Goods Sold Gross Profit (Loss) Expenses Advertising Amortization DM: wood DM: other Direct Labor Indirect Expenses Bad Debts Bank Charges Charitable Contributions Commissions Contract Labor Machinery & Tools Depreciation Dues and Subscriptions Employee Benefit Programs Insurance Interest Legal and Professional Fees Licenses and Fees Miscellaneous Office Expense Payroll Taxes Payment rates Rent Repairs and Maintenance Supplies Telephone Travel Utilities (Electricity) Vehicle Expenses Wages Total Expenses Net Operating Income Other Income Gain (Loss) on Sale of Assets Interest Income Total Other Income Net Income (Loss) Budgeted Income Statement Jan-23 41750 41750 7200 3600 14550 25350 25350 16400 24% 250 125 200 1000 600 2175 14225 14225 Feb-23 57500 57500 10530 4970 20000 35500 35500 22000 32% 250 125 200 1000 600 2175 19825 19825 Mar-23 76750 76750 14400 6000 26150 46550 46550 30200 44% 250 125 200 1000 600 2175 28025 28025 176000 107400 68600 6525 62075 0 62075
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