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PROBLEM 2 A cash budget, by quarters, is given below for a retail company. (000 omitted company requires a minimum cash balance of at least Br 5,000 to start each quar Quarter II III IV Year Br 6 Br ? Br ? Br ? Br ? Cash balance, beginning Add collections from customers 96 323 Total cash available 71 Less disbursements: Purchase of inventory 35 45 35 30 30 113 Operating expenses Equipment purchases 8. 8 10 36 Dividends Total disbursements 85 11 Excess (deficiency) of cash Financing: Borrowings Repayments (including interest)* Total financing Cash balance, ending *Interest will total Br 1,000 for the year. (2) 15 (?) (17) (?) Br ? Br ? Br ? Br ? Br ? Required: Fill in the missing amounts in the above table. PROBLEM 3 The following information is available for Top Company: FLEXIBLE BUDGET ACTUAL FLEXIBLE SALES STATIC STATIC BUDGET VOLUME VARIANCE RESULTS BUDGET BUDGE VARIAN VARIANCE 150 a) Br 1,800 e) 1,050 i) 750 m) b) c) 120 d) Br 2,160 h) 1,500 1) 660 P) 300 t) 360 x) Units sold g) k) Revenues j) n) Variable costs o) Contribution margin 350 9) 400 u) r) s) Fixed costs v) w) Operating income Required: Find the missing item (a) through (x). For the variances indicate whether it is favorable (F) or unfavorable (U).

PROBLEM 2 A cash budget, by quarters, is given below for a retail company. (000 omitted company requires a minimum cash balance of at least Br 5,000 to start each quar Quarter II III IV Year Br 6 Br ? Br ? Br ? Br ? Cash balance, beginning Add collections from customers 96 323 Total cash available 71 Less disbursements: Purchase of inventory 35 45 35 30 30 113 Operating expenses Equipment purchases 8. 8 10 36 Dividends Total disbursements 85 11 Excess (deficiency) of cash Financing: Borrowings Repayments (including interest)* Total financing Cash balance, ending *Interest will total Br 1,000 for the year. (2) 15 (?) (17) (?) Br ? Br ? Br ? Br ? Br ? Required: Fill in the missing amounts in the above table. PROBLEM 3 The following information is available for Top Company: FLEXIBLE BUDGET ACTUAL FLEXIBLE SALES STATIC STATIC BUDGET VOLUME VARIANCE RESULTS BUDGET BUDGE VARIAN VARIANCE 150 a) Br 1,800 e) 1,050 i) 750 m) b) c) 120 d) Br 2,160 h) 1,500 1) 660 P) 300 t) 360 x) Units sold g) k) Revenues j) n) Variable costs o) Contribution margin 350 9) 400 u) r) s) Fixed costs v) w) Operating income Required: Find the missing item (a) through (x). For the variances indicate whether it is favorable (F) or unfavorable (U).

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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Accounting

A cash budget, by quarters, is given below for a retail company. (000 omitted PROBLEM 2 company requires a minimum cash balance of at least Br 5,000 to start each quart Quarter II III IV Year Br ? Br ? Br ? Br ? Br 6 Cash balance, beginning 96 323 Add collections from customers Total cash available 71 Less disbursements: Purchase of inventory 35 45 35 30 30 113 Operating expenses Equipment purchases 8. 8 10 36 Dividends Total disbursements 85 Excess (deficiency) of cash Financing: (2) 11 Borrowings Repayments (including interest)* Total financing Cash balance, ending *Interest will total Br 1,000 for the year. 15 (?) (17) (?) Br ? Br ? Br ? Br ? Br ? Required: Fill in the missing amounts in the above table. PROBLEM 3 The following information is available for Top Company: ACTUAL FLEXIBLE FLEXIBLE SALES STATIC BUDGET STATIC BUDGET BUDGET VOLUME VARIANCE RESULTS BUDGE VARIAN VARIANCE 150 a) b) c) 120 d) Br 2,160 h) 1,500 1) 660 P) Units sold Br 1,800 e) 1,050 i) 750 m) 350 q) 400 u) f) g) Revenues k) j) n) r) v) Variable costs Contribution margin o) 300 t) 360 x) s) Fixed costs w) Operating income Required: Find the missing item (a) through (x). For the variances indicate whether it is favorable (F) or unfavorable (U).
Transcribed Image Text:A cash budget, by quarters, is given below for a retail company. (000 omitted PROBLEM 2 company requires a minimum cash balance of at least Br 5,000 to start each quart Quarter II III IV Year Br ? Br ? Br ? Br ? Br 6 Cash balance, beginning 96 323 Add collections from customers Total cash available 71 Less disbursements: Purchase of inventory 35 45 35 30 30 113 Operating expenses Equipment purchases 8. 8 10 36 Dividends Total disbursements 85 Excess (deficiency) of cash Financing: (2) 11 Borrowings Repayments (including interest)* Total financing Cash balance, ending *Interest will total Br 1,000 for the year. 15 (?) (17) (?) Br ? Br ? Br ? Br ? Br ? Required: Fill in the missing amounts in the above table. PROBLEM 3 The following information is available for Top Company: ACTUAL FLEXIBLE FLEXIBLE SALES STATIC BUDGET STATIC BUDGET BUDGET VOLUME VARIANCE RESULTS BUDGE VARIAN VARIANCE 150 a) b) c) 120 d) Br 2,160 h) 1,500 1) 660 P) Units sold Br 1,800 e) 1,050 i) 750 m) 350 q) 400 u) f) g) Revenues k) j) n) r) v) Variable costs Contribution margin o) 300 t) 360 x) s) Fixed costs w) Operating income Required: Find the missing item (a) through (x). For the variances indicate whether it is favorable (F) or unfavorable (U).
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