Select a company that produces one of the following products and assume the following financial parameters: 1. healthy food/beverage 2. bread 3. clothing 4. furniture 5. accessories Assumptions related to your estimate should be clear. Create a spreadsheet to calculate the following: sales budget, cash receipts, production budget, direct materials budget, cash disbursements, direct labor budget, manufacturing overhead budget, ending finished goods inventory budget, sales administrative expense budget, cash budget, budgeted income statement, budgeted balance sheet

Select a company that produces one of the following products and assume the following financial parameters: 1. healthy food/beverage 2. bread 3. clothing 4. furniture 5. accessories Assumptions related to your estimate should be clear. Create a spreadsheet to calculate the following: sales budget, cash receipts, production budget, direct materials budget, cash disbursements, direct labor budget, manufacturing overhead budget, ending finished goods inventory budget, sales administrative expense budget, cash budget, budgeted income statement, budgeted balance sheet

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9Q: A company has prepared the operating budget and the cash budget. It is now preparing the budgeted...

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Answer 1, 3, 5, and 6.
What is a sales budget? a. A plan of items to be sold b. A plan of how much an item will cost c. A plan for how much money should be made in a given period. d. A plan for tracking an inventory and how much they sell
Following are selected accounts for a manufacturing company. For each account, indicate whether it will appear on a budgeted income statement (BIS) or a budgeted balance sheet (BBS). If an item will not appear on either budgeted financial statement, label it NA. Sales . Office salaries expense . Accumulated depreciation Amortization expense Interest expense on loan payable Cash dividends paid Bank loan owed . Cost of goods sold .
INFORMATION SYSTEM CATEGORIZATION Classify the following item as either: TPS-Transaction Processing System FRS-Financial Reporting System MRS-Management Reporting System a. Variance reports b. Sales order capture c. Balance sheet d. Budgets e. Purchase order preparation f. Tax returns g. Sales summary by product line h. Cash disbursements preparation i. Annual report preparation j. Invoice preparation k. Cost-volume-profit analysis CASE ANALYSIS The Bar Harbor Blueberry Farm is a family-owned, 200-acre farm that grows and sells blueberries to grocery stores, blueberry wholesalers, and small roadside stands. Bar Harbor has 25 full-time employees and hires 150 to 200 seasonal workers for the harvest. For the past six summers, you have picked berries for Bar Harbor. When you graduated, you were hired full-time as the accountant/office manager. Until now, Bar Harbor kept most of its accounting records in a big file box and paper documents. Jack Phillips, the owner, would like a more…
"Train your customers", as discussed in the Budgeting module, refers to training customers on how to properly use products that the company sells. Group of answer choices True False
4G . 4G S 9:58 以令 Shrek & Fiona Company Statement of Financial Position As of December 31, 2020 Current Assets Current Liabilities Cash 18,000 Accounts Payable (N2) 240,000 Accounts Receivable (N1) Taxes Payable Dividends Payable 1,192,000 13,200 Less: Uncollectible accounts (22,400) 1,169,600 500,000 Inventories Total Current Liabilities 753,200 Raw Materials (12,000 pounds) 30,000 Finished Goods (4,000 units) 140,000 170,000 Total Current Assets 1,357,600 Stockholder's Equity Common Stock (100,000 shares) 500,000 Non-current Assets Retained Earnings 360,400 Property, plant, and equipment 320,000 Total Stockholder's Equity 860,400 Less: Accumulated depreciation (64,000) 256,000 Total Assets 1,613,600 Total Liabilities and SHE 1,613,600 N1 2020 3rd quarter sales P2,500,000 2020 4th quarter sales P3,100,000 200,000 992,000 1,192,000 75,000 165,000 N2 2020 3rd quarter purchases P300,000 2020 4th quarter purchases P330,000 240,000 1. Estimated unit sales for the first quarter of 2021 is…
A budget: A.is used to determine if a product should be continued or discontinued B.complies actual costs for a given period C.quantifies management's plans D.determines and evaluates the cost of specific products or activities in a business
Financial Accounting and Cost Management Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS): a. Determining the total compensation of the CEO of a public company b. Issuing a quarterly earnings report c. Determining the unit product cost using TDABC d. Calculating the number of units that must be sold to break even e. Preparing a required report for the SEC f. Preparing a sales budget g. Using cost and revenue information to decide whether to keep, or drop, a product line h. Preparing an annual statement of financial position that conforms to generally accepted accounting principles (GAAP) i. Using cost and revenue information to decide whether to invest in a new production system or not j. Reducing costs by improving the overall quality of a product k. Using a debt-equity ratio and liquidity ratios from a balance sheet to assess the likelihood of bankruptcy l. Using a…
Classify each of the following actions as either being associated with the financial accounting information system (FS) or the cost management information system (CMS): a. Determining the total compensation of the CEO of a public company b. Issuing a quarterly earnings report c. Determining the unit product cost using TDABC d. Calculating the number of units that must be sold to break even e. Preparing a required report for the SEC f. Preparing a sales budget g. Using cost and revenue information to decide whether to keep, or drop, a product line h. Preparing an annual statement of financial position that conforms to generally accepted accounting principles (GAAP) i. Using cost and revenue information to decide whether to invest in a new production system or not j. Reducing costs by improving the overall quality of a product k. Using a debt-equity ratio and liquidity ratios from a balance sheet to assess the likelihood of bankruptcy l. Using a public companys financial statements to decide whether or not to buy its stock
The first step in preparing the sales budget is to a. prepare a sales forecast. b. review the production budget carefully. c. assess the desired ending inventory of finished goods. d. talk with past customers. e. increase sales beyond the forecast level.
A company has prepared the operating budget and the cash budget. It is now preparing the budgeted balance sheet. Identify the document that contains each of these balances. A. cash B. accounts receivable C. finished goods inventory D. accounts payable E. equipment purchases
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