The Cotton Shop (TCS) specializes in making fraternity and sorority tote bags for the college market. TCS produces bags in batch sizes of 100. For rush orders, TCS will produce smaller batches for an additional charge of $180 per setup. Budgeted and actual costs for the production process for 2020 are as follows: (Click the icon to view the budgeted and actual costs.)

Q: E12.10 (b)

A: Total issued and outstanding shares = 95000+25000+2000 = 122,000 shares Dividend declared on dec. 15…

Q: please explain 120/360

A: Solution: Interest amount is computed using formula = Principal * Interest rate * time Where time is…

Q: E11.18

A: Annual Interest on Bonds = Face value of bonds x rate of interest x year = 2400000*7%*1 year  =…

Q: How does Amazon use FASB Codification 350 while being in GAAP Compliance ?

A: Intangible assets are non-physical assets that have no inherent value and cannot be touched or seen.…

Q: Explain the circumstances of reclassification from FVPL to FVOCI.

A: Reclassification is a journal entry which includes transfer from one general ledger to another. It…

Q: Can you also complete part 2 and part 3? Also, 50*e^(.04*.5)=51.01 not 51.99

A: Part 2:   Expected stock price in 6 months: = 0.6 x $50 x 1.20 + 0.4 x $50 x 0.90 = $57   Expected…

Q: 6600 is not the answer

A: Child Tax Credit is $3,600 for children aged 6 and Under at end of 2021 Child Tax Credit is $3,000…

Q: 321,818 is incorrect. What is the correct answer?

A: Revenue: We consider unit sales and price per unit to determine total revenue.Variable Costs: Based…

Q: I don't understand where the number 19.88798 comes from

A: In this question we are provided with the factor table. Hence we will have to use the values in the…

Q: How do I do PR 20-3a

A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: Explanation 1031 like-kind exchange

A:

Q: 605.53 is not the correct answer, please double check

A: Traditional Model & Expected Cash Flow Model: Traditional Approach - In the traditional…

Q: Which basis of measurement is allowed in standard IFRS16?

A: IFRS or International Financial Reporting Standards are the guidelines of accounting given by the…

Q: What is AAA (Section 1368(e))

A: The S corporation is a corporation that chooses to pass all income, losses, deductions, and all…

Q: explain the the diffrence between  IFRS17  and IFRS4

A: IFRS17 is the International Financial Reporting Standard for Insurance Contracts, which was issued…

Q: E10.2

A: Interest accrued on June 30 = Face value of note x rate of interest  x No. of months /12 = $90,000 x…

Q: 1,525,394 is the wrong answer. what is the correct one?

A: The recovery of net working capital (NWC) refers to the return of funds initially tied to current…

Q: How did you get 109200 and why not use the 126000

A: Cash Budget An estimate of the inflows and outflows of cash over a given time period is known as a…

Q: E12.4

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: E11.4

A: Bonds payable: It is a long term liability to the organization issuing it. It is issued to raise…

Q: Please describe a scenario that is modeled by the following scenario: .0574 (12-18) 1+ 12 385 145130…

A: The scenario represented using the given computation is the future value of the annuity.

Q: HOW TO COPY FORMULA FROM RANGE B8:B11 TO RANGE C8:H11?

A: To create and copy a formula using relative references: Select the cell that will contain the…

Q: Where does 4.0312, 2.9931, and 3.5431 came from? Can you explain?

A: 4.0312,2.9931 and 3.5431 are PV of annuity factors. To determine the equivalent annual saving(EAS,…

Q: difference between IFRS standardization and harmonization

A: Financial Reporting (IFRS) are a set of accounting principles for financial reporting published by…

Q: Identify special issues related to LIFO.

A: LIFO (Last in First out): In this method, the units bought last are sold first. In other words, in…

Q: P10.5

A: Accounting equation: Assets = Liabilities + Owners' equity

Q: it say 43,636.36 is incorrect

A: Here,Annual Incremental Cahs Inflows is $16,500Time Period is 3 yearsInterest Rate is 10%Note: As…

Q: it say 6224.00 is incorrect

A: The problem is based on present worth analysis. Here, net present value of the investment and…

Q: Explain what is included in Form 10-Q and why is it needed.

A: Form 10-Q The Form 10-Q is a comprehensive report of a company's performance submitted quarterly by…

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.