Prepare a one-year budget of Revenues and Expenses of Ms. Corazon accounting firm. You may separate the budget for the periods January - April and May - December. Thank you! Ms. Allie Corazon is a license accountant practitioner in a large city. She employstwo staff accountants and two clerical staff, paying them a total of P10,800 per month.His other expenses, all fixed, for such items as rent, utilities, subscriptions, stationery,and postage are P5,300 per month.nighly seasonal with about four monthsPublic Accounting is for most firms, highly(January to April) that are extremely busy and eight months that have a less activity.The rnost relevant measure in a firm is charged hours the hours worked onclient business for which the business are charged. Ms. Corazon expects his two staffto work an average of 120 charged hours each month during the eight slower months,and 200 hours for each month during the Januarypersonnel work about 600 charged hours each per year, and Ms. Corazon works about1,400. For both the clerical personnel and Ms. Corazon, approximately 40% of theircharged hours fall in four- month busy season.00.00April busy season. ClericalMs. Corazon charged her clients P100 per hour for his time, P50 for the time ofthe staff accountants, and P15 for the time of clerical personnel.Required: Prepare a one-year budget of revenues and expenses for Ms. Corazonaccounting firm. You may separate the bucget for the periods January-April and May-December.

Budgets are the estimates made for future period of time. These are quantitative course of action…

Answered: Prepare a one-year budget of Revenues…

Prepare a one-year budget of Revenues and Expenses of Ms. Corazon accounting firm. You may separate the budget for the periods January - April and May - December. Thank you!

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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1. At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Cash balance, September 1 (from a summer job) $7,060
At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: \table[[Cash balance, September 1 (from a summer job), $8, 430 At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: \table[[Cash balance, September 1 (from a summer job), $8,430
At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: Cash balance, September 1 (from a summer job) $7,180 Purchase season football tickets in September 100 Additional entertainment for each month 250 Pay fall semester tuition in September 3,900 Pay rent at the beginning of each month 350 Pay for food each month 200 Pay apartment deposit on September 2 (to be returned December 15) 500 Part-time job earnings each month (net of taxes) 890 a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except an overall cash decrease which should be indicated with a minus sign. b. Are the four monthly budgets that are presented prepared as static…
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