II. Normal Distribution. The chief budget officer (CBO) of the huge management consulting firm 'Let UsHelp You Increase Employee Efficiency' recently hired five new Assistant CBO's to streamline thecompany's five volume manual of departmental rules, regulations and procedures. So far, the AssistantCBO's and their support staff have informed the CBO that support staff have reported the number of pagesof such rules and regulations across the company's fifty-seven regional locations follows a normaldistribution with a mean of 52 pages and a standard deviation of 11 pages. The CBO has told the Asst CBOSstart implementing budget cutbacks to those regional offices that have an overly extensivenumber of pages in their rules and regulations chapter lack the statistical expertise to furtheranalyze these data, and the CBO, to appear objective, wants an informed outsider (you) to estimate,using the Normal Distribution,a) what percent of the city departments currently have the desired 50 or fewer pages of rules andregulations. The CBO also wants you to estimate b) what percentage of regional offices will soonhave their budgets reduced because of excessive (greater than 63) pages of rules and regulations.

The objective of the question is to estimate the percentage of city departments that have 50 or…

Answered: II. Normal Distribution. The chief…

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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es The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Balances ? $ 9,200 $ 2,800 $ 39,500 $ 16,000 Current assets: $ 2,900 $ 5,000 ? The beginning balance of retained earnings was $28,000, net income is budgeted to be $17,800, and dividends are budgeted to be $3,700. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Assets
JDC Engineering Co. provided the following information for their business year ending June 30th, 2021. Plant Manager VP of Manufacturing President Controllable Expenses Budget Actual Budget Actual Budget Actual Office expense 7,370 9,770 12,760 17,030 23,110 17,490 Printing 19,950 17,290 Paging 2,410 2,110 Binding 4,650 4,940 Purchasing 23,940 27,390 Receiving 11,380 14,130 Inspection 18,790 16,830 VP of Marketing 197,230 171,530 Controller 138,680 121,110 Treasurer 97,000 72,870 VP of Personnel 48,170 71,360 Prepare the responsibility accounting reports for the three levels of management--plant manager, vice president of manufacturing, and president.
8
I need help with a few problems from the past chapters im still stuck with.
s Scholastic Furniture, Incorporated, manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company's Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the division's sales manager. April May June 14,500 desk-and-chair sets 16,500 desk-and-chair sets 19,500 desk-and-chair sets Each desk-and-chair set requires 12 board feet of pine planks and 1.3 hours of direct labor. Each set sells for $45. Pine planks cost $.50 per board foot, and the division ends each month with enough wood to cover 10 percent of the next month's production requirements. The division incurs a cost of $25 per hour for direct-labor wages and fringe benefits. The division ends each month with enough finished-goods inventory to cover 20 percent of the next month's sales. Required: Complete the following budget schedules. 1. Sales budget. 2.…
*** PLEASE RESPOND REMAINING PARTS 6, 7 AND 8!!*** I asked for it last night and got answers for parts 1,2 and 3 that I had already. The budget director of Gold Medal Co., with assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for March: 1. Estimated sales for March: Batting helmet 1,200 units at $40 per unit Football helmet 6,500 units at $160 per units 2. Estimated inventories at March 1: Direct materials: Finished products: Plastic 90 lbs. Batting helmet 40 units at $25 per unit Foam lining 80 lbs. Football helmet 240 units at $77 per unit 3. Desired inventories at March 31: Direct materials: Finished products: Plastic 50 lbs Batting helmet 50 units at $25 per unit Foam lining 65 lbs Football helmet 220 units at $78 per unit 4. Direct materials used in…
CZ is merchandising company engaged in the purchasing and selling of electrical appliances. You as a management accountant have been asked to prepare a complete master budget for your store for June,July and August, so you gather the following data as of may 31,2005: Cash 21,000 Inventory 300,000 Accounts receivable 261,000 Net furniture and fixtures 120,000 Total assets 702,000 Accounts payable 340,000 Owners equity 362,000 Total liabilities and owners equity 702,000 Recent and projected sales April 200,000 May 250,000 June 500,000 July 300,000 August 300,000 September 200,000 Credit sales are 90% of total sales.Credit accounts are collected 80% in the month following the sales and 20% in the next following month. Assume that bad debts are negligible and can be ignored. The average gross profit on sales is40%. The policy is to acquired enough inventories each month to equal the following months projected sales. All purchase are paid for in the month following purchase.…
Current Attempt in Progres Bramble Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a result, the president has installed a budgetary control system for 2022. The following data were used in developing the master manufacturing overhead budget for the Ironing Department, which is based on an activity index of direct labor hours. The master overhead budget was prepared in the expectation that 475, 800 direct labor hours will be worked during the year. In June, 39,800 direct labor hours were worked. At that level of activity, actual costs were as shown below. Variable - per direct labor hour: indirect labor $0.48, indirect materials $0.49, factory utilities $0.34, and factory repairs $0.27. Fixed: same as budgeted (a) Prepare a monthly manufacturing overhead flexible budget for the year ending December 31, 2022, assuming production levels range from 44,200 to 57, 100 direct labor hours. Use increments of 4,300 direct labor hours. (List variable costs…
Solve question number one . The subject is Managerial Accounting.
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. Prepare a report that: Describes the SIX main purposes of budgeting. Explains the difference between fixed and flexible budgets. Briefly outlines the functional budgets that may be prepared as part of the budgeting process. Describes TWO behavioural issues that may arise from the budgeting process.
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