Homework Help is Here – Start Your Trial Now!
Business
Accounting
S Frame L Frame Direct material: Metal strips: S: 2 feet @ $2 per foot L: 2 feet @ $2 per foot Glass sheets: S: sheet @ $8 per sheet $ 4 $ 4 2 L: sheet @ $8 per sheet Direct labor: 4 0.1 hour @ $20 2 2 Production overhead: 0.1 direct-labor hour x $10 per hour 1 1 Total production cost per unit $ 9 $ 11 8. The predetermined overhead rate is $10 per direct-labor hour. The following production overhead costs are budgeted for 20x1. Indirect material Indirect labor Other overhead Depreciation Total overhead 1st Quarter 2nd Quarter 3rd Quarter $ 16,280 59,520 49,000 $ 17,280 63,520 $ 18,280 67,520 4th Quarter $ 19,280 Entire Year 54,000 59,000 71,520 64,000 $ 71,120 262,080 38,000 38,000 38,000 38,000 226,000 152,000 $ 162,800 $ 172,800 $ 182,800 $ 711,200 $ 192,800 All of these costs will be paid in cash during the quarter incurred except for the depreciation charges. 9. Frame-It's quarterly selling and administrative expenses are $118,000, paid in cash. 10. Jackson anticipates that dividends of $68,000 will be declared and paid in cash each quarter. 11. Frame-It's projected balance sheet as of December 31, 20x0, follows: Cash Accounts receivable Inventory: Raw material Finished goods Plant and equipment (net of accumulated depreciation) Total assets Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 113,000 180,000 92,080 306,000 9,800,000 $ 10,491,080 $ 99,850 6,800,000 3,591,230 $ 10,491,080 Case 9-47 (Algo) Part 2: Prepare the cash receipts budget. 2. Prepare Frame-It Company's cash receipts budget for 20x1. Cash sales Cash collections from credit sales made during current quarter* Cash collections from credit sales made during previous quartert Total cash receipts *80% of current quarter's credit sales. +20% of previous quarter's credit sales. 20x1 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ Entire Year 0 0 0 $ 0 0 0 0 $ 0

S Frame L Frame Direct material: Metal strips: S: 2 feet @ $2 per foot L: 2 feet @ $2 per foot Glass sheets: S: sheet @ $8 per sheet $ 4 $ 4 2 L: sheet @ $8 per sheet Direct labor: 4 0.1 hour @ $20 2 2 Production overhead: 0.1 direct-labor hour x $10 per hour 1 1 Total production cost per unit $ 9 $ 11 8. The predetermined overhead rate is $10 per direct-labor hour. The following production overhead costs are budgeted for 20x1. Indirect material Indirect labor Other overhead Depreciation Total overhead 1st Quarter 2nd Quarter 3rd Quarter $ 16,280 59,520 49,000 $ 17,280 63,520 $ 18,280 67,520 4th Quarter $ 19,280 Entire Year 54,000 59,000 71,520 64,000 $ 71,120 262,080 38,000 38,000 38,000 38,000 226,000 152,000 $ 162,800 $ 172,800 $ 182,800 $ 711,200 $ 192,800 All of these costs will be paid in cash during the quarter incurred except for the depreciation charges. 9. Frame-It's quarterly selling and administrative expenses are $118,000, paid in cash. 10. Jackson anticipates that dividends of $68,000 will be declared and paid in cash each quarter. 11. Frame-It's projected balance sheet as of December 31, 20x0, follows: Cash Accounts receivable Inventory: Raw material Finished goods Plant and equipment (net of accumulated depreciation) Total assets Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 113,000 180,000 92,080 306,000 9,800,000 $ 10,491,080 $ 99,850 6,800,000 3,591,230 $ 10,491,080 Case 9-47 (Algo) Part 2: Prepare the cash receipts budget. 2. Prepare Frame-It Company's cash receipts budget for 20x1. Cash sales Cash collections from credit sales made during current quarter* Cash collections from credit sales made during previous quartert Total cash receipts *80% of current quarter's credit sales. +20% of previous quarter's credit sales. 20x1 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ Entire Year 0 0 0 $ 0 0 0 0 $ 0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
S Frame L Frame Direct material: Metal strips: S: 2 feet @ $2 per foot L: 2 feet @ $2 per foot Glass sheets: S: sheet @ $8 per sheet $ 4 $ 4 2 L: sheet @ $8 per sheet Direct labor: 4 0.1 hour @ $20 2 2 Production overhead: 0.1 direct-labor hour x $10 per hour 1 1 Total production cost per unit $ 9 $ 11 8. The predetermined overhead rate is $10 per direct-labor hour. The following production overhead costs are budgeted for 20x1. Indirect material Indirect labor Other overhead Depreciation Total overhead 1st Quarter 2nd Quarter 3rd Quarter $ 16,280 59,520 49,000 $ 17,280 63,520 $ 18,280 67,520 4th Quarter $ 19,280 Entire Year 54,000 59,000 71,520 64,000 $ 71,120 262,080 38,000 38,000 38,000 38,000 226,000 152,000 $ 162,800 $ 172,800 $ 182,800 $ 711,200 $ 192,800 All of these costs will be paid in cash during the quarter incurred except for the depreciation charges. 9. Frame-It's quarterly selling and administrative expenses are $118,000, paid in cash. 10. Jackson anticipates that dividends of $68,000 will be declared and paid in cash each quarter. 11. Frame-It's projected balance sheet as of December 31, 20x0, follows: Cash Accounts receivable Inventory: Raw material Finished goods Plant and equipment (net of accumulated depreciation) Total assets Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 113,000 180,000 92,080 306,000 9,800,000 $ 10,491,080 $ 99,850 6,800,000 3,591,230 $ 10,491,080 Case 9-47 (Algo) Part 2: Prepare the cash receipts budget. 2. Prepare Frame-It Company's cash receipts budget for 20x1. Cash sales Cash collections from credit sales made during current quarter* Cash collections from credit sales made during previous quartert Total cash receipts *80% of current quarter's credit sales. +20% of previous quarter's credit sales. 20x1 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ Entire Year 0 0 0 $ 0 0 0 0 $ 0
Transcribed Image Text:S Frame L Frame Direct material: Metal strips: S: 2 feet @ $2 per foot L: 2 feet @ $2 per foot Glass sheets: S: sheet @ $8 per sheet $ 4 $ 4 2 L: sheet @ $8 per sheet Direct labor: 4 0.1 hour @ $20 2 2 Production overhead: 0.1 direct-labor hour x $10 per hour 1 1 Total production cost per unit $ 9 $ 11 8. The predetermined overhead rate is $10 per direct-labor hour. The following production overhead costs are budgeted for 20x1. Indirect material Indirect labor Other overhead Depreciation Total overhead 1st Quarter 2nd Quarter 3rd Quarter $ 16,280 59,520 49,000 $ 17,280 63,520 $ 18,280 67,520 4th Quarter $ 19,280 Entire Year 54,000 59,000 71,520 64,000 $ 71,120 262,080 38,000 38,000 38,000 38,000 226,000 152,000 $ 162,800 $ 172,800 $ 182,800 $ 711,200 $ 192,800 All of these costs will be paid in cash during the quarter incurred except for the depreciation charges. 9. Frame-It's quarterly selling and administrative expenses are $118,000, paid in cash. 10. Jackson anticipates that dividends of $68,000 will be declared and paid in cash each quarter. 11. Frame-It's projected balance sheet as of December 31, 20x0, follows: Cash Accounts receivable Inventory: Raw material Finished goods Plant and equipment (net of accumulated depreciation) Total assets Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 113,000 180,000 92,080 306,000 9,800,000 $ 10,491,080 $ 99,850 6,800,000 3,591,230 $ 10,491,080 Case 9-47 (Algo) Part 2: Prepare the cash receipts budget. 2. Prepare Frame-It Company's cash receipts budget for 20x1. Cash sales Cash collections from credit sales made during current quarter* Cash collections from credit sales made during previous quartert Total cash receipts *80% of current quarter's credit sales. +20% of previous quarter's credit sales. 20x1 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ Entire Year 0 0 0 $ 0 0 0 0 $ 0
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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
SEE MORE TEXTBOOKS