Name of Department: Budget 2021 Budget Allocated to Department: Assumptions Wages Travel Meals Meals Training Supplies Misc. Salaries Director Supervisor Junior Total Wages Travel Meals Training Supplies Miscellaneous 130,000 95,000 65,000 ca. Jan 290,000 480,270 Feb Mar 130,000 95,000 195,000 420,000 Monthly Expense Apr 35,000 Netflix Yearly Budget May Budget Preparer: Jun Each department has 1 Director, 1 Supervisor, and 3 junior people There are 3 conferences in 2021 and you want to send 2 people. The cost for each conference the first 2 conferences is $3,000 per person and the final conference is $5,000 per person. The conferences will be held in February, May, and September Meals will be paid for the travel to the 3 conferences and each person will receive $250 per day and the conference is 5 days. In addition to the training, meals will have to be paid for the training seminar in April. Each person will receive $250 per day and the conference is 3 days. The entire department will be attending a training seminar in April and the cost per employee is $5,000. Each person in the department spends $24/month in supplies The company always allocates $50 per month for miscellaneous expenses from Jan-Oct and then $40 per month in Nov - Dec Jul Aug Sep Oct Nov 0 Dec Total 0 0 0 0 0 0 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
Name of Department:
Budget 2021
Budget Allocated to Department:
Assumptions
Wages
Travel
Meals
Meals
Training
Supplies
Misc.
Salaries
Director
Supervisor
Junior
Total
Wages
Travel
Meals
Training
Supplies
Miscellaneous
130,000
95.000
65,000 ca.
Jan
290,000
480,270
Feb
Mar
130,000
95,000
195.000
420,000
Monthly
Expense
Apr
35,000
0
Netflix Yearly Budget
May
Budget Preparer:
Jun
Each department has 1 Director, 1 Supervisor, and 3 junior people
There are 3 conferences in 2021 and you want to send 2 people. The cost for each conference the first 2 conferences is $3,000 per person and the final conference is $5,000 per
person. The conferences will be held in February, May, and September
Meals will be paid for the travel to the 3 conferences and each person will receive $250 per day and the conference is 5 days.
In addition to the training, meals will have to be paid for the training seminar in April. Each person will receive $250 per day and the conference is 3 days.
The entire department will be attending a training seminar in April and the cost per employee is $5,000.
Each person in the department spends $24/month in supplies
The company always allocates $50 per month for miscellaneous expenses from Jan - Oct and then $40 per month in Nov - Dec
ol
Jul
Aug
Sep
Oct
Nov
ol
Dec
ol
Total
0
0
0
0
0
0
0
Transcribed Image Text:Name of Department: Budget 2021 Budget Allocated to Department: Assumptions Wages Travel Meals Meals Training Supplies Misc. Salaries Director Supervisor Junior Total Wages Travel Meals Training Supplies Miscellaneous 130,000 95.000 65,000 ca. Jan 290,000 480,270 Feb Mar 130,000 95,000 195.000 420,000 Monthly Expense Apr 35,000 0 Netflix Yearly Budget May Budget Preparer: Jun Each department has 1 Director, 1 Supervisor, and 3 junior people There are 3 conferences in 2021 and you want to send 2 people. The cost for each conference the first 2 conferences is $3,000 per person and the final conference is $5,000 per person. The conferences will be held in February, May, and September Meals will be paid for the travel to the 3 conferences and each person will receive $250 per day and the conference is 5 days. In addition to the training, meals will have to be paid for the training seminar in April. Each person will receive $250 per day and the conference is 3 days. The entire department will be attending a training seminar in April and the cost per employee is $5,000. Each person in the department spends $24/month in supplies The company always allocates $50 per month for miscellaneous expenses from Jan - Oct and then $40 per month in Nov - Dec ol Jul Aug Sep Oct Nov ol Dec ol Total 0 0 0 0 0 0 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education