Sales Budget: The sales budget is the budget prepared to estimate the revenue, the expected number of units to be sold and the expected selling price for each product. The sales budget is the first step for an operating budget and the basis for the production and cost of goods sold budget. Budgeted Production: The units which are expected to be produced are called as the budgeted production. The budgeted production is determined by adding the ending goods inventory to the budgeted sales and deducting the beginning inventory from it. To prepare: The revenues budget for the year ending December 31, 2015.

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Answer 1

Question

Chapter 6, Problem 6.21E

1.

To determine

Sales Budget:

The sales budget is the budget prepared to estimate the revenue, the expected number of units to be sold and the expected selling price for each product. The sales budget is the first step for an operating budget and the basis for the production and cost of goods sold budget.

Budgeted Production:

The units which are expected to be produced are called as the budgeted production. The budgeted production is determined by adding the ending goods inventory to the budgeted sales and deducting the beginning inventory from it.

To prepare: The revenues budget for the year ending December 31, 2015.

2.

To determine

The minimum number of 12-ounce bottles to be produced in 2018.

3.

To determine

The beginning inventory for 1-gallon containers on January 1, 2015.

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Howard James started a business in 2011 in Jamaica and has been operating in the wholesale/retail industries, where he buys and sells household items to the local market. In 2012, he expanded his business operations and opened two other businesses in Trinidad and Tobago and Antigua and Barbuda, respectively. The annual sales of the respective businesses in 2015 are: Jamaica: J$3,000.00 Trinidad and Tobago: TT$251,000.00 Antigua and Barbuda: $299.00 Mr. James failed to register his business for VAT/GCT as specified by the respective Sales Tax Acts and Regulations. He stated that there is no need for his businesses to be registered because their sales are under the VAT thresholds and thus not required to be registered. a) You are to advise Mr. James if his decision not to register his businesses is justifiable. b) Search the respective VAT Acts for the 3 countries and advise Mr. James of the benefits of being a registered taxpayer; also the penalties for not registering for VAT/GCT.

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PLEASE HELP FILL THESE CELLS. NOTICE I HAVE PROVIDE THE OPTIONS ON THE DROP DOWN

Answer 2

Question

Chapter 6, Problem 6.21E

1.

To determine

Sales Budget:

The sales budget is the budget prepared to estimate the revenue, the expected number of units to be sold and the expected selling price for each product. The sales budget is the first step for an operating budget and the basis for the production and cost of goods sold budget.

Budgeted Production:

The units which are expected to be produced are called as the budgeted production. The budgeted production is determined by adding the ending goods inventory to the budgeted sales and deducting the beginning inventory from it.

To prepare: The revenues budget for the year ending December 31, 2015.

2.

To determine

The minimum number of 12-ounce bottles to be produced in 2018.

3.

To determine

The beginning inventory for 1-gallon containers on January 1, 2015.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 6.21E

1.

To determine

Sales Budget:

The sales budget is the budget prepared to estimate the revenue, the expected number of units to be sold and the expected selling price for each product. The sales budget is the first step for an operating budget and the basis for the production and cost of goods sold budget.

Budgeted Production:

The units which are expected to be produced are called as the budgeted production. The budgeted production is determined by adding the ending goods inventory to the budgeted sales and deducting the beginning inventory from it.

To prepare: The revenues budget for the year ending December 31, 2015.

2.

To determine

The minimum number of 12-ounce bottles to be produced in 2018.

3.

To determine

The beginning inventory for 1-gallon containers on January 1, 2015.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 6, Problem 6.21E

1.

To determine

Sales Budget:

The sales budget is the budget prepared to estimate the revenue, the expected number of units to be sold and the expected selling price for each product. The sales budget is the first step for an operating budget and the basis for the production and cost of goods sold budget.

Budgeted Production:

The units which are expected to be produced are called as the budgeted production. The budgeted production is determined by adding the ending goods inventory to the budgeted sales and deducting the beginning inventory from it.

To prepare: The revenues budget for the year ending December 31, 2015.

2.

To determine

The minimum number of 12-ounce bottles to be produced in 2018.

3.

To determine

The beginning inventory for 1-gallon containers on January 1, 2015.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 6.21E

1.

To determine

Sales Budget:

The sales budget is the budget prepared to estimate the revenue, the expected number of units to be sold and the expected selling price for each product. The sales budget is the first step for an operating budget and the basis for the production and cost of goods sold budget.

Budgeted Production:

The units which are expected to be produced are called as the budgeted production. The budgeted production is determined by adding the ending goods inventory to the budgeted sales and deducting the beginning inventory from it.

To prepare: The revenues budget for the year ending December 31, 2015.

2.

To determine

The minimum number of 12-ounce bottles to be produced in 2018.

3.

To determine

The beginning inventory for 1-gallon containers on January 1, 2015.

Answer 6

Chapter 6, Problem 6.21E

1.

To determine

Sales Budget:

The sales budget is the budget prepared to estimate the revenue, the expected number of units to be sold and the expected selling price for each product. The sales budget is the first step for an operating budget and the basis for the production and cost of goods sold budget.

Budgeted Production:

The units which are expected to be produced are called as the budgeted production. The budgeted production is determined by adding the ending goods inventory to the budgeted sales and deducting the beginning inventory from it.

To prepare: The revenues budget for the year ending December 31, 2015.

Answer 7

Chapter 6, Problem 6.21E

1.

To determine

Sales Budget:

The sales budget is the budget prepared to estimate the revenue, the expected number of units to be sold and the expected selling price for each product. The sales budget is the first step for an operating budget and the basis for the production and cost of goods sold budget.

Budgeted Production:

The units which are expected to be produced are called as the budgeted production. The budgeted production is determined by adding the ending goods inventory to the budgeted sales and deducting the beginning inventory from it.

To prepare: The revenues budget for the year ending December 31, 2015.

Answer 8

2.

To determine

The minimum number of 12-ounce bottles to be produced in 2018.

Answer 9

2.

To determine

The minimum number of 12-ounce bottles to be produced in 2018.

Answer 10

3.

To determine

The beginning inventory for 1-gallon containers on January 1, 2015.

Answer 11

3.

To determine

The beginning inventory for 1-gallon containers on January 1, 2015.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 6 - What are the four elements of the budgeting cycle?Ch. 6 - Define master budget.Ch. 6 - Strategy, plans, and budgets are unrelated to ore...Ch. 6 - Budgeted performance is a better criterion than...Ch. 6 - Production managers and marketing managers are...Ch. 6 - Budgets meet the cost-benefit test. They force...Ch. 6 - Define rolling budget. Give an example.Ch. 6 - Outline the steps in preparing an operating...Ch. 6 - The sales forecast is the cornerstone for...Ch. 6 - Prob. 6.10Q

The minimum number of 12-ounce bottles to be produced in 2018.

The beginning inventory for 1-gallon containers on January 1, 2015.

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