MANAGERIAL ACCOUTING LL WITH ACCESS
16th Edition
ISBN: 9781307670585
Author: Garrison
Publisher: MCG
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Chapter 8, Problem 8Q
To determine
To explain: Self imposed budget, advantages and caution in exercised of self imposed buget.
Introduction: Self imposed budget is prepared by the manager for own and discuses with the senior manager so that if there is any need to change in the budget can be changed by mutual agreements.
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The comparative balance sheets and an income statement for Raceway Corporation follow.
Balance Sheets
As of December 31
Year 2
Year 1
Assets
Cash
$ 6,300
$ 48,400
Accounts receivable
10,200
7,260
Inventory
45,200
56,000
Prepaid rent
700
2,140
Equipment
140,000
144,000
Accumulated depreciation
(73,400)
(118,000)
Land
116,000
50,000
Total assets
$ 245,000
$ 189,800
Liabilities
Accounts payable (inventory)
$ 37,200
$ 40,000
Salaries payable
12,200
10,600
Stockholders’ equity
Common stock, $50 par value
150,000
120,000
Retained earnings
45,600
19,200
Total liabilities and stockholders’ equity
$ 245,000
$ 189,800
Income Statement
For the Year Ended December 31, Year 2
Sales
$ 480,000
Cost of goods sold
(264,000)
Gross profit
216,000
Operating expenses
Depreciation expense
(11,400)
Rent expense
(7,000)
Salaries expense
(95,200)
Other operating expenses
(76,000)
Net income
$ 26,400
Other Information
Purchased…
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Chapter 8 Solutions
MANAGERIAL ACCOUTING LL WITH ACCESS
Ch. 8 - Prob. 1QCh. 8 - Prob. 2QCh. 8 - Prob. 3QCh. 8 - 8-4 What is a master budget? Briefly describe its...Ch. 8 - 8—5 Why is the sales forecast the starting point...Ch. 8 - Prob. 6QCh. 8 - 8-7 Why is it a good idea to create a ‘"Budgeting...Ch. 8 - 8-8 What is a self-imposed budget? What are the...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 -
The Excel worksheet form that appears below is to...Ch. 8 - Prob. 2AECh. 8 - Prob. 1F15Ch. 8 - Prob. 2F15Ch. 8 - Prob. 3F15Ch. 8 - Prob. 4F15Ch. 8 - Morganton Company makes one product and it...Ch. 8 - Morganton Company makes one product and it...Ch. 8 - Morganton Company makes one product and it...Ch. 8 - Morganton Company makes one product and it...Ch. 8 - Morganton Company makes one product and it...Ch. 8 - Morganton Company makes one product and it...Ch. 8 - Prob. 11F15Ch. 8 - Prob. 12F15Ch. 8 - Prob. 13F15Ch. 8 - Prob. 14F15Ch. 8 - Prob. 15F15Ch. 8 - EXERCISE 8-1 Schedule of Expected Cash Collections...Ch. 8 - Prob. 2ECh. 8 - EXERCISE 8-3 Direct Materials Budget LOW Three...Ch. 8 -
EXERCISE 8-4 Direct Labor Budget...Ch. 8 -
EXERCISE 8-5 Manufacturing Overhead Budget...Ch. 8 -
...Ch. 8 -
The company's beginning cash balance for the...Ch. 8 - EXERCISE 8-8 Budgeted Income Statement LO8-9 Gig...Ch. 8 - EXERCISE 8-9 Budgeted Balance Sheet LO8-10 The...Ch. 8 -
EXERCISE 8-10 Production and Direct Materials...Ch. 8 - EXERCISE 8-11 Cash Budget Analysis LOB-8 A cash...Ch. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 -
EXERCISE 8-14 Sales and Production Budgets LO8-2,...Ch. 8 - EXERCISE 8-15 Direct Labor and Manufacturing...Ch. 8 - EXERCISE 8-16 Direct Materials and Direct Labor...Ch. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - PROBLEM 8-19 Cash Budget: Income Statement:...Ch. 8 -
PROBLEM 8-20 Cash Budget; Income Statement;...Ch. 8 - Prob. 21PCh. 8 -
PROBLEM 8-22 Evaluating a Company’s Budget...Ch. 8 - PROBLEM 8—23 schedule or Expected cash...Ch. 8 - PROBLEM 8-24 Cash Budget with Supporting Schedules...Ch. 8 - PROBLEM B-25 Cash Budget with Supporting...Ch. 8 - PROBLEM 8-26 Behavioral Aspects of Budgeting:...Ch. 8 - (
$
55,000
$ 55, 000
...Ch. 8 -
PROBLEM 8-28 Cash Budget with Supporting...Ch. 8 - PROBLEM 8-29 Completing a Master Budget LO8-2,...Ch. 8 - PROBLEM 8-30 Integration of the Sales, Production,...Ch. 8 - Prob. 31PCh. 8 -
CASE 8-32 Evaluatinga Company’s Budget Procedures...Ch. 8 - CASE 8-33 Master Budget with Supporting Schedules...
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