Copy asdf ---Budget Template 7e - Hamtpon Freeze Inc...

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Hamtpon Freeze, Inc Budgeted Balance Sheet December 31, 2014 Assets Current assets: Cash $ 42,500 Accounts receivable 90,000 Raw materials inventory 4,200 Finished goods inventory 26,000 Total current assets $ 162,700 Plant and equipment: Land 80,000 Buildings and equipment 700,000 Accumulated depreciation (292,000) Plant and equipment, net 488,000 Total assets $ 650,700 Liabilities and Stockholder's Equity Current liabilities: Accounts payable $ 25,800 Stockholder's equity: Common stock, no par $ 175,000 Retained earnings 449,900 Total stockholder's equity 624,900 Total liabilities and stockholder's equity $ 650,700
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Hampton Freeze, Inc. Budgeting Assumptions For the Year Ended December 31, 2015 Sales Budget 1 Budgeted sales in cases 10,000 Selling price per case $ 20.00 Percentage of sales collected in the quarter of sale 1 70% Percentage of sales collected in the quarter after sale 2 30% Percentage of sales collected in the quarter after sale 3 0% Production Budget Percentage of next quarter's sales in ending finished goods inventory 20% Direct Materials Budget Pounds of sugar per case 15 Cost per pound of sugar $ 0.20 Percentage of next quarter's production needs in ending inventory 10% Percentage of purchases paid in the quareter purchased 50% Percentage of purchases paid in the quareter after purchase 50% Direct Labor Budget Direct labor-hours required per case 0.40 Direct labor cost per hour $ 15.00 Manufacturing Overhead Budget Variable manufacturng overhead per direct labor-hour $ 4.00 Fixed manufacturing overhead per quarter $ 60,600 Depreciation per quarter $ 15,000 Selling and Administrative Expense Budget Variable selling and administrative expense per case $ 1.80 Fixed selling and administrative expense per quarter Advertising $ 20,000 Executive salaries $ 55,000 Insurance $ 10,000 Property tax $ 4,000 Depreciation $ 10,000 Cash Budget Minimum cash balance $ 30,000 Equipment purchases $ 50,000 Dividends (per quarter) $ 8,000 Simple interest rate per quarter 3% All 4 Quarters
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Quarter 2 3 4 1 2 30,000 40,000 20,000 $ 40,000 $ 20,000 $ 20,000
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