units. Sales Costs PHOENIX COMPANY Fixed Budget For Year Ended December 31 Direct materials Direct labor Sales staff commissions Depreciation-Machinery Supervisory salaries Shipping Sales staff salaries (fixed annual amount) Administrative salaries Depreciation-Office equipment Income $ 3,150,000 960,000 210,000 45,000 300,000 202,000 210,000 252,000 623,500 190,000 $ 157,500 equired: 2. Prepare flexible budgets at sales volumes of 14,000 and 16,000 units. The company's business conditions are improving. One possible result is a sales volume of 18,000 units. Prepare a simple budgeted come statement if 18.000 units are sold

Q: Define LIFO conformity rule.

A: Last-in-First-Out (LIFO): In this method, items purchased recently are sold first. So, the value of…

Q: Define the term line positions.

A: Employees in the line positions are primarily responsible for achieving the goals of the…

Q: Define Assigning.

A: Assigning is a process of assignment. Assignment means a transfer of a right to receive a…

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: What are IO and PO strips?

A: Mortgage-backed securities: The financial instruments intended in raising investment which is…

Q: Explain Destination principle in relation to VAT.

A: The destination principle is a principle in Value Added Tax (VAT) that determines the taxation of…

Q: Different ___________ are separated by definite visibleboundaries

A: The answer is provided as follows:

Q: What general Occurrence and siz

A: Internal Control:   Internal control refers to the policies, and plans of the business organization…

Q: Define Single-step format

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define basis point

A: Answer: A base value is an approximate number, also used as an initial index value. All potential…

Q: What is a proxy statement? What information does it provide?

A: Definition:   Proxy statement: Proxy statement is a statement required for seeking shareholders’…

Q: how to calculate appiled averhead

A: Applied overhead: It includes indirect costs that cannot be directly applied to the product such as…

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: Define Hedging.

A: Hedging is the transfer of risk from a risky financial instrument to another instrument by buying or…

Q: Define Double-entry system.

A: Double entry system: Double entry system is a way of accounting or bookkeeping which implies that…

Q: Only bracket values in picture

A: If Bondfine Company is liquidated value = $ 106 million If Ket Alive it will generate annual revenue…

Q: t is NOT necessary to prepare formal financial statements if a work sheet has been prepared because…

A: The objective of the question is to determine whether the preparation of formal financial statements…

Q: what is Reference control ?

A: I assumed as a question, as what is meant by the reference  to cost control?

Q: Define call protection

A: A financial instrument that does not affect the ownership of the common shareholders or management…

Q: Define Profi t and loss (P&L) statement

A: Introduction: The financial statement is a detailed analysis of the financial situation of the…

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.