Ee 308. ASSUMPTIONSAnnual wagesMonthly ExpensesRentFoodUtilitiesTransportationDiscretionaryTaxes are 40% of wagesASSIGNMENT450001000300150200300Use the information above to calculate your monthly budgetBeginning in Column D, show your monthly budget:Category nameConvert annual wages to monthly wagesAssume each month you are paid the same wage amountCalculate taxesHow much is remaining at the end of the month?MONTHLY BUDGET

In order to prepare the budget, we have to divide the annual wages by 12 to arrive at the monthly…

Answered: Use the information above to calculate…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 7MC: The most common budget is prepared for a __________. A. week B. month C. quarter D. year

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2019 Sales Cost of Goods Sold Rent Wages Insurance Utilities Auto Maintenance Advertising Other Expenses Total Expenses Net Income Jan 3,250 1,788 525 175 46 220 40 98 2,891 359 Feb 2,700 1,485 525 175 46 225 40 81 2,577 123 Mar 3,855 2,120 525 175 46 285 80 60 116 3,407 448 Tom's Business Income Statement 98 2,900 354 2019 May Jul Aug Sep Oct Nov Dec Total Apr 3,254 3,650 2,850 2,600 2010 2,200 2,250 3,755 4,890 37,264 1,790 2,008 1,106 1,210 1,238 2,065 2,690 20,495 525 525 525 525 525 525 6,300 2,100 175 175 175 175 175 175 46 46 46 46 46 46 550 227 265 210 185 220 230 2,657 40 40 40 80 640 60 147 525 175 46 200 40 110 Jun 588 * º * * * 88 * § 547 1,568 525 175 46 185 80 60 86 3,103 2,724 126 1,430 525 175 46 205 40 78 2,499 101 40 60 2217 (207) 80 60 66 2,372 (172) 68 2,276 (26) 113 3,184 3,952 571 938 240 1,118 34,100 3,164
The most common budget is prepared for a __________. A. week B. month C. quarter D. year
A companys controller is adjusting next years budget to reflect the impact of an expected 3 percent inflation rate. Listed below are selected items from next years budget before the adjustment. After adjusting for the 3 percent inflation rate, what is the companys total budget for the selected items before taxes for next year? a. 858,150 b. 860,412 c. 810,971 d. 858,971
How do I prepare the bugdet and replace all question marks into formula?
Your essential costs per month are $1,678. What is your gross income for the year using the 20-60-20 budget model.
Prepare a sales budget including a column for each year in and a column for the total. The budgets should also include a schedule of expected cash collection, by year and in total.Make your assumptions about the type of sales (cash versus credit) and your credit terms clear.
WileyPLUS Kimmel, Accounting, 7e Help I System Announcements CALCULATOR PRINTER VERSION BACK NEXT Problem 22-03A a-b, c1, d Hill Industries had sales in 2019 of $7,200,000 and gross profit of $1,158,000. Management is considering two alternative budget plans to increase its gross profit in 2020. Plan A would increase the selling price per unit from $8.00 to $8.40. Sales volume would decrease by 10% from its 2019 level. Plan B would decrease the selling price per unit by $0.50. The marketing department expects that the sales volume would increase by 111,000 units. At the end of 2019, Hill has 40,000 units of inventory on hand. If Plan A is accepted, the 2020 ending inventory should be equal to 5% of the 2020 sales. If Plan B is accepted, the ending inventory should be equal to 68,000 units. Each unit produced will cost $1.80 in direct labor, $1.40 in direct materials, and $1.20 in variable overhead. The fixed overhead for 2020 should be $1,507,530. Prepare a sales budget for 2020 under…
A7
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Prepare a direct labor budget for each of the upcoming five years. Cost labor per unit = $8 Total direct labor hours needed for a period = Number of units to be produced in that period * Direct labors hours needed per unit Total direct labor costs needed to meet production =Total direct labor hours needed for that period * Direct labor cost per hour
! Required information SB Exercise E8-5 to E8-10 [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 630 sun shades in May and 420 In June. Each shade sells for $147. Shadee's beginning and ending finished goods Inventories for May are 75 and 55 shades, respectively. Ending finished goods Inventory for June will be 60 shades. E8-10 (Algo) Preparing Budgeted Income Statement [LO 8-3h] Each shade requires a total of $50.00 in direct materials that includes 4 adjustable poles that cost $10.00 each. Shadee expects to have 130 in direct materials inventory on May 1, 80 poles in inventory on May 31, and 110 poles in inventory on June 30. Suppose that each shade takes three direct labor hour to produce and Shadee pays its workers $15 per hour. Additionally, Shadee's fixed manufacturing overhead is $10,000 per month, and variable manufacturing overhead is $13 per unit produced. Additional information: • Selling costs are expected to be 6…
Estimating a cost function. The controller of the Javier Company is preparing the budget for 2018 and needs to estimate a cost function for delivery costs. Information regarding delivery costs incurred in the prior two months are:

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Use the information above to calculate your monthly budget Beginning in Column D, show your monthly budget: Category name Convert annual wages to monthly wages Assume each month you are paid the same wage amount Calculate taxes How much is remaining at the end of the month? A