Managerial Accounting
3rd Edition
ISBN: 9780077826482
Author: Stacey M Whitecotton Associate Professor, Robert Libby, Fred Phillips Associate Professor
Publisher: McGraw-Hill Education
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Chapter 8, Problem 5.2GBP
To determine
Introduction:
Budgeting is an important part of the business process. Without budgeting, a business cannot track its process and improve its performance. Selling and administrative expenses budget is the budget prepared to calculate expenses related to sales, manufacturing, accounting etc. i.e. all the non-manufacturing activities.
To prepare:
Selling and administrative expenses budget
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Problem No. 2
The trial balance of Cleint Lumanao Nacho Supplies on February 10, 2025, before accepting Shila Tajonera as
partner is shown as follows:
Account Title
Debit
Credit Ato
Cash
reening smuo P 100,000
Accounts Receivable
250,000
Allowance for Uncollectible Accounts
P 20,000 o
Merchandise Inventory
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable
120,000
275,000
55,000
50,000
82,000
538,000
Lumanao, Capital
Total
P 745,000
P 745,000
Tajonera offered to invest cash to get a capital credit equal to one-half of Lumanao's capital after giving effect to the
adjustments below. Lumanao accepted the offer.
Valuation of some of the assets and liabilities of Lumanao, as agreed by the partners, are the following:
• The merchandise is to be valued at P93,000.
The accounts receivable is estimated to be 90% collectible.
• The equipment is to be valued at P200,000.
The partners also agreed that the name of the partnership will be Nacho Business.
Required:
1. In the books of…
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Chapter 8 Solutions
Managerial Accounting
Ch. 8 - Briefly describe why budgetary planning is...Ch. 8 - What role do budgets play in the planning and...Ch. 8 - Prob. 3QCh. 8 - Prob. 4QCh. 8 - Prob. 5QCh. 8 - Prob. 6QCh. 8 - What are the advantages and disadvantages of...Ch. 8 - What is budgetary slack and why might it be...Ch. 8 - Briefly explain how each of the following helps to...Ch. 8 - What is the master budget, and what are its...
Ch. 8 - Explain why the sales budget is the starting point...Ch. 8 - Prob. 12QCh. 8 - What are tile components of tile operating...Ch. 8 - Prob. 14QCh. 8 - Prob. 15QCh. 8 - Prob. 16QCh. 8 - Prob. 17QCh. 8 - Prob. 18QCh. 8 - How does the budgeting process differ for a...Ch. 8 - Prob. 20QCh. 8 - Prob. 1MCCh. 8 - Prob. 2MCCh. 8 - Prob. 3MCCh. 8 - Prob. 4MCCh. 8 - Prob. 5MCCh. 8 - Prob. 6MCCh. 8 - Which of the following budgets is affected by the...Ch. 8 - Prob. 8MCCh. 8 - Prob. 9MCCh. 8 - Prob. 10MCCh. 8 - Describing Advantages of Budgetary Planning...Ch. 8 - Classifying Components of Master Budget Classify...Ch. 8 - Prob. 4MECh. 8 - Prob. 5MECh. 8 - Prob. 6MECh. 8 - Prob. 7MECh. 8 - Preparing Selling and Administrative Expense...Ch. 8 - Prob. 9MECh. 8 - Prob. 10MECh. 8 - Prob. 11MECh. 8 - Prob. 1ECh. 8 - Using Terms to Complete Sentences about Budgets...Ch. 8 - Prob. 3ECh. 8 - Prob. 4ECh. 8 - Prob. 5ECh. 8 - Prob. 6ECh. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Preparing Production, Raw Materials Purchases...Ch. 8 - Prob. 13ECh. 8 - Prob. 14ECh. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Prob. 19ECh. 8 - Prob. 20ECh. 8 - Prob. 21ECh. 8 - Prob. 1.1GAPCh. 8 - Prob. 1.2GAPCh. 8 - Prob. 1.3GAPCh. 8 - Prob. 1.4GAPCh. 8 - Prob. 1.5GAPCh. 8 - Prob. 1.6GAPCh. 8 - Prob. 1.7GAPCh. 8 - Prob. 2GAPCh. 8 - Prob. 3.1GAPCh. 8 - Prob. 3.2GAPCh. 8 - Prob. 3.3GAPCh. 8 - Prob. 4.1GAPCh. 8 - Prob. 4.2GAPCh. 8 - Preparing Operating Budget Components Wesley Power...Ch. 8 - Prob. 4.4GAPCh. 8 - Prob. 5.1GAPCh. 8 - Prob. 5.2GAPCh. 8 - Preparing Operating Budget Components Refer to the...Ch. 8 - Prob. 6.1GAPCh. 8 - Prob. 6.2GAPCh. 8 - Prob. 6.3GAPCh. 8 - Prob. 6.4GAPCh. 8 - Prob. 6.5GAPCh. 8 - Prob. 1.1GBPCh. 8 - Prob. 1.2GBPCh. 8 - Prob. 1.3GBPCh. 8 - Prob. 1.4GBPCh. 8 - Prob. 1.5GBPCh. 8 - Prob. 1.6GBPCh. 8 - Prob. 1.7GBPCh. 8 - Prob. 2GBPCh. 8 - Prob. 3.1GBPCh. 8 - Prob. 3.2GBPCh. 8 - Prob. 3.3GBPCh. 8 - Prob. 4.1GBPCh. 8 - Prob. 4.2GBPCh. 8 - Prob. 4.3GBPCh. 8 - Prob. 4.4GBPCh. 8 - Prob. 5.1GBPCh. 8 - Prob. 5.2GBPCh. 8 - Prob. 5.3GBPCh. 8 - Prob. 6.1GBPCh. 8 - Prob. 6.2GBPCh. 8 - Prob. 6.3GBPCh. 8 - Prob. 6.4GBPCh. 8 - Prob. 6.5GBP
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- Give solution correctly no chatgptarrow_forwardProblem No. 1 On January 1, 2025, Manuel Cruz and Sherimae Diasalo agreed to form a partnership that will manufacture and sell biscuits. The partnership agreement specified that Cruz is to invest cash of P1,000,000 and Diasalo is to contribute land and building to serve as the office and factory of the business. The following amounts are applicable to the property of Diasalo: Acquisition Cost Fair Market Value Land Building P1,000,000 500,000 P1,500,000 850,000 During the formation, it was found out that Cruz has accounts receivable amounting to P70,000 and the partners agreed that it will be assumed by the partnership. The name of the partnership will be Fita Pan. Required: 1. Prepare journal entry to record: a. The investment of Cruz to the partnership b. The investment of Diasalo to the partnershipood relay ni 000,219 2. Prepare the statement of financial position of the partnership as of January 1, 2025 Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February…arrow_forwardA company's stock price is $80, with earnings per share (EPS) of $10 and an expected growth rate of 12%.arrow_forward
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