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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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Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income $ 3,060,000 994,500 244,800 61, 200 300,000 201,000 214, 200 251,000 444,300 196,000 $ 153,000
Transcribed Image Text:Phoenix Company reports the following fixed budget. It is based on an expected production and sales volume of 15,300 units. Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income $ 3,060,000 994,500 244,800 61, 200 300,000 201,000 214, 200 251,000 444,300 196,000 $ 153,000
Problem 8-1A (Algo) Preparing and analyzing a flexible budget LO P1 Required: 1&2. Prepare flexible budgets at sales volumes of 14,300 and 16,300 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,300 units. Prepare a simple budgeted income statement if 18,300 units are sold. Complete this question by entering your answers in the tabs below. Req 1 and 2 Prepare flexible budgets at sales volumes of 14,300 and 16,300 units. Variable costs Fixed costs Req 1 and 2 Req 3 Req 3 PHOENIX COMPANY Sales (in units) Budgeted Income Statement For Year Ended December 31 PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible Budget Variable Amount Total Fixed per Unit Cost < Req 1 and 2 The company's business conditions are improving. One possible result is a sales volume of 18,300 units. Prepare a simple budgeted income statement if 18,300 units are sold. 18,300 Flexible Budget for: Units Sales Unit Sales of of 14,300 16,300 < Req 1 and 2 Req 3 > Req 3 >
Transcribed Image Text:Problem 8-1A (Algo) Preparing and analyzing a flexible budget LO P1 Required: 1&2. Prepare flexible budgets at sales volumes of 14,300 and 16,300 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,300 units. Prepare a simple budgeted income statement if 18,300 units are sold. Complete this question by entering your answers in the tabs below. Req 1 and 2 Prepare flexible budgets at sales volumes of 14,300 and 16,300 units. Variable costs Fixed costs Req 1 and 2 Req 3 Req 3 PHOENIX COMPANY Sales (in units) Budgeted Income Statement For Year Ended December 31 PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible Budget Variable Amount Total Fixed per Unit Cost < Req 1 and 2 The company's business conditions are improving. One possible result is a sales volume of 18,300 units. Prepare a simple budgeted income statement if 18,300 units are sold. 18,300 Flexible Budget for: Units Sales Unit Sales of of 14,300 16,300 < Req 1 and 2 Req 3 > Req 3 >
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