Chapter%2020%20Homework - 406 l -' Questions- Chapter 9...

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Unformatted text preview: 406 l -' Questions- Chapter 9 Profit Planning Setting and administrative expense budget A detailed schedule of planned expenses that will be incurred in areas other than manufacturing during a budget period. (p. 395) Zero-based budget A method of budgeting in which managers are required to justify all costs as if the programs involved were being proposed for the first time. (p. 384} 9% What is a budget? What is budgetary control? 9—2 Discuss'sorne of the major benefits to be gained fi'otn budgeting. 9-3 What is meant by the term responsibiiz'iy accounting? M What is a master budget? Brlefly describe its contents. 9—5 Why is the sales forecast the starting point in budgeting? 9—6 “As a practical matter, planning and control mean exactly the same thing.” Do you agree? Explain. 94? Describe the flow of budget data in an organization. Who are the participants in the bud- geting process, and how do they participate? _ 9—8 What is aseif-imposed budget? What are the major advantages of self~imposed budgets? What caution must be exercised in their use? 7 . ' 9+9 How can budgeting assist a company in planning its work force staffing levels? 9-40 ‘The principal purpose of the cash budget is to see how much cash the company will have in the bank at the end of the year." Do you agree? Explain. ? 9-41 How does zero-based budgeting differ from traditional budgeting? EXERCISE 9-1 Schedute of Expected Cash Coliactiohs [L02I Silver. Company makes a product that'i's very popular as a Mother’s Day gift. Thus, peak sales oc— cur in May of each year. These peak sales are shown in the company’s sales budget for the second ' quarter given below (all sales are on account): _. . j.ApfiI--'._ .J'une " Iota: . .; Budgeted sates .. .. . $300,000 $500,000 $200,000 $1,000,000 From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, another 70% are collected in the month following sale, and the remaining 10% are collected in the secoud month following sale. Bad debts are negligible and can be ignored. Feba wary sales totaled $230,000, and March sales totaled $260,006. Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for the sec— ond quarter. 2. Assume that the company will prepare a budgeted balance sheet as of June 30. Compute the accounts receivable as of that date. £XERCJSE 9-2 Production Budget {L03} Down Under Products. Ltd. of Australia has budgeted sales of its popular boomerang for the next four months as follow: Safes in Units utmiummt. by“. . .,. ,. Chapter 9 Profit Ptanning The company is now in the process of prepariog a production budget for the second quarter. Past experience has shown that endof-monttt inventory ievets must equal 10% of the foilowing month‘s sales. The inventory at the end of March was 1000 units. Reacired: Frepere a production budget for the second quarter; in your budget, show the number of onits to be produced each month and for the quarter in total. EXERCISE 9~3 Direct Materials Budget {L04} “three grams of must-t oii are required for each bottle ot‘Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the music oil is 150 roubles per kilogram. {Siberia is located in Russia. whose currency is the roubie.) Budgeted production of Mink Caress is given. below by quarters for Year 2 and for the first quarter of Year 3. Yeast 3 Year 2 Quarter Quarter first Second Third Fourth First Budgeted production. in homes 2 . .. 60,000 90,000 150,006 $00,000 76300 Musk oil has become so popular as a perfume ingredient that it has become necessary to carry large inventories as a precaution against stock-outs. For this reason, the inventory of musk oil at the end of a quarter must be equal to 20% of the foiiowing quarter’s production needs. Some 36,000 grams of musk oi! wilt be on hand to start the first quarter of Year 2. Required: Prepare a direct materials budget for music oil, by quarter and in total. for Year 2. At the bottom of your budget, Show the amount of purchases in roubles for each quarter and for the year in total. EXERCESE 9-4 Direct Labor Budget {L05} The production department of Rordart Corporation has sobmitted the following forecast of units to be produced by quarter for the upcoming fiscal year. is: Quarter 2nd Quarter 3rd Quarter 4th Quarter Units to he produced . . . . 8,000 6,500 7,000 7,500 Each unit requires 0.35 direct labor~hours, and direct laborers are paid $12.00 per hour. Required: l. Construct the company’s direct labor budget for the upcoming fiscal year, assuming that the direct labor work force is adjusted each quarter to match the number of hours required to pro« duce the forecasteti number of units produced. Construct the company’s. direct labor budget for the upcoming fiscal year. assuming that the direct labor work force is not adjusted each quarter. Instead, assume that the company‘s direct labor work force consists of permanent empioyees who are guaranteed to be paid for at least 2,600 hours of work each quarter. if the number of required direct labor~bours is less than this number, the workers are paid for 2,600 hours anyway; Arty hours worked in excess of 2,600 hours in a quarter are paid at the rate of 1.5 times the normal hourly rate for direct labor. la EXERCISE 9—»?! Manufacturing Overhead Budget {$.06} The direct labor budget of Yuvweii Corporation for the upcoming fiscaé year contains tite foliow« tog details cementing budgeted direct laborwhottrsr tst quarter 2nd Quarter 3rd Quartet 4th Quarter Budgeted direct Eater-hours , . . . . . r . i . erooo 8.298 8,500 1800 company's variable manufacturing overhead rate is 33,35 per direct labor-bout and the com— pany '3 fixed manufacturing overhead is 548.000 per quarter. The only noocssb item induced in the tired manufacturing overhead is depreciation. which is Si 6.000 per quarter. Chapter 94‘ Profit manning? _ I.“ .. Canstmq £13; companyfslumnufac‘tgfing warhead badge; for the uycémiag- fiscal year. 2; ' Compute the company’s manufagmfing' Warhead rate (including both variabie and fixed- man- __ ufacmfingpvqrhgad) fer fiscal year. Roagdoff to the nearest whoie peat; ’ Ex‘snéléé é—s setting 3':in Budge: {Lo}; 7 _ r , : , buégeicd unit sake. of nglngdz'nfiahg for upcogfing fiscaiiyear are provided. below:- 'I Budgeted unit saias .. 26,;300 14,000 13,050 ‘ - 5 _~ . - 4 . 52011253me #363191? 36113115 andafiggxmsn'qtifig £532.59; Fixed saHi‘fig and 3&4; “ _ _‘ K migistrétjvg.equnseg’ipclhde3”a§vér§§i§t§éx§egse§ 9f (gamer, fixative galéries oi ‘ Sfifififipfiquam and dfiteciéfiefiiqfflfifififiéé If: ‘addkiozi, the company wfll mam; pajrfiéents. of $5300 mag: and $5.900'in the mild quarter. Finally. pm'geng Ca'shbaiarfoé,béginnih§§ ....... $ 3 ‘ s ? w '3'?‘ $7? 7 s 2 Add_coiiecfions'from gustémérs- . . . . . .' . .- . L , . _. - -. fig 4 t 323 {ITotaicashavailahiaflfl;_}.;.'.':.....'.L‘...3.-..L;. m3 ?- m3 ? Less disbursémenISL 4. _ ' . ‘ ' ' " Purchase gatinvenwry. . . . . ,i . . . . . . . . .. 35' 45'. ? 35- - ? Operatingbaxpa‘n'seisra-é‘. '. '2' 30- so - '2 113 Eqpi'pmant'purchases;1.‘_. ........ - 8 _ 5 10 t ?' 36' Dividends:-..;.Z;...',-....- . . . . . , . . . . . . i' mg ? I Total di§bursements . . . . . . . . . . . . . , . . . . . . . . ? M3 ? I .- i: Excess(deficiencyiofcashavaiiabia _ .. over disbursements . ‘ . . . . . . , . . . . ' ‘ . . . . . . . . . mg) 11 ? ? Financing: ~ .1 . 7 . Borrowings . , . . . . . . . . . . . . . . . . . . . . . . . _ . . . ? 15 «- m ? Repayments (Encéuding inierast)‘. . . . . . . . . . . . . _:_- m: .53) m) C?) _ Totalfinancing . . . . . . . . . . . . . . . . . . . . . . . . . ., m3 ? ? ? Cash balance. ending . . . . . . . . . . . . . . . . . . . . . _. £3 £3 £3 13 s ? I 'fnterest wHt Iota! $1,000 {or the yaat. Rewind: {:3}! in ihe missing amounts in the above tabia. PROBiJEfl. 9-8 Evaiuafinz a Company’s Budget mm {1.01} __ Springfi’eid Corporaiioa operates on a calendargyaar £23555. 1: begins {he 313511131; budgeting process if: Iateéagxsthwhsa {he president estabiishes targ§§for tgfivggcgr‘dgggs and 93} Epemti-ng in~ I \jflmé‘bgfare fat the aext year. I ' ‘ — "M “" WEEWSUmEI is given L0 {be Max’kefinggeyanqjaeggyhera the marketing manager formu— lates product iinc' £3 boliggij; aniégflazk. From this midget, sales quotas by {arodnct fingin units and dollars are established for each of the corporation’s sales dignicm. x-ww-w mmwwmflmmw'wmvfi "fim’ ‘9‘.”RO'AV" -" F'K‘?“ 3',“ 2"?"332VP’C Chants»? 9 Profit Planning 230 estimates the cost of tire marketing activities required to support entative marketing expense budget. he sales and profit targets, the sales budget by product line. and the tentative marketing expense budget to determine the dollar amounts that can be devoted to itmnufacturing and corporate office expense. The executive vice president prepares the budget for corporate expenses, and then forwards to the Production Department the product-line sales budget in units and the total dollar amount that can be devoted to manufacturing. _ . The production manager meets with the factory managers to develoo a manufacturing plan thut will produce the required units when needed within the cost constraints set by the executive t ice president. The budgeting process usually comes to a halt at this point because the Production Department does not" consider the financial resources allocated to into be adequate.” When this standstill occurs, the vice president of 1Finance, the executive vice president, the marketing manager. and tire production manager meet to determine the final budgets for each of the areas. This normally results in a modest increase in the total amount available for manufacturing costs, while the marketing Expense and. corporation ffifie ei‘pense budgets are cut. The total sales and net operating income figures proposed by the president are seldom changed. Although the pain ncioants are seldom pleased with the compromise, these budgets are final. Each executive then de- veiops a new detailed budget for the operations in his or her area. -‘~. I! . . None‘of the areas hasraclueved its budget in recent years. Sales often run below the. target. When budgeted sales arounot achieved, each area is expected to cut costs so that the president’s profit target can still be met. However, the profit target is seldom met because costs are not out enough. In fact. costs often run above the original budget in all foncriortal areas. The president is disturbed that Springfield has not been able to meet the sales and profit targets: He hired a consub rant with considerable relevant industry experience. The consultant reviewed the budgets for the luded that the product-line sales budgets were reasonafle and that the cost past four years. He cont: W w _ _ and expense budgets were adequate for the budgeted sales aaa'fiieu’ttce‘én levels. The marketing manager a the target sales volume and prepares at The executive vice president uses t Required: ation contributes to the 2. Discuss how the budgeting process as employed by Springfield Corner (“allergic achieve the president’s sales and profit targets. _ 2. Suggest how Springfield Corpora 'ou’s budgeting pr0cess could be revised to correct the problem. 3. Should the functional areas he expected to cut their costs when sales volume falls below bud» get? Explain your answer. (CMA, adapted) Expected Cash Collections: Cash Budget-{1.02, L081 Herbal Care Corp, a distributor of herb—based sunscreens, is ready to begin its third quarter, in which peak sales occur. The company has requested a $40,000, 90—day loan from its bank to help meet cash- requirements during the quarter. Since Herbal Care has experienced difficulty in paying off its loans in the past, the loan officer at the bank has asked the company to prepare a cash bud- get for the quarter, In response to this request. the following data have been assembled: On July i. the beginning of the third quarter. the company will have a cash balance of 346(500. its and budgeted sales for the third quarter follow (all sales PROBLEM 9—9 Schedule of a. b. Actual sales for the last two men: are on aCcouttt): May (actual) . . . . , . . . . . . . . . . $250,000 June (actual) . . . . . . . . . V . . . . . $300,000 July {budgeted} . . . . . . . . . . . . . $400,000 August (budgeted) . . . _ . . . . . . $600,000 $320,000 September {budgeted} . . . . , . . 'es are collected in the month of sale, in 259?: of a month‘s sal nth following sale. The remainder is un- P‘ast experience shows that rite second mo the month following sale. and in coilecoble, c. Budgeted merchandise purchases and budgeted expenses for the third quarter are given ’oeiow: duly August September Merchandise purchases , . . . . $2é0000 8350.000 S1?5.000 Salaries and wages . . . . . . . . $45,000 $50,000 $40,000 Advertising .. . . . . . . . . . . . . . $30,000 $45,900 380.000 Rent payments . . . . . . . . . . . . $9,000 $9,000 $9.000 $0.000 $0,000 $10,000 Bepreciation 409 v,-z-v:v;~‘w,w;w:~t V aV'my'zd:V_fu‘IW\fflhWfi"mWW’kam‘ V. “Av ~ a may. ~=w «I'm-«MN'W‘vflr‘a’“W'Kwhfly“,“;.~,rl. -,. w‘nnwvv‘vse - {midtown-4. 410 Chapter 9 Profit Planning v ev town-Mew W Merchandise purchases are paid in full during the month following purchase. Accounts payable for merchandise purchases on lune 30, which will be paid during July, total ‘5 3 80,000. _ , d. Equipment costing $30,000 will be purchased for cash during July. 3 e. In preparing the cash budget, assume that the $40,000 loan will be made in July and repaid in ' September. interest on the loan will total $1.200. Required: 1. Prepare a schedule of expected cash collections for July. August, and September and for the quarter in total. 2. l’repare a cash budget, by month and in total, for the third quarter. 3. if the company needs a minimum cash balance of $20,000 to start each month, can the loan be repaid as planned? Explain. PROM“ 9-10 Behavioral Aspects of Budgeting; Basics and the Manager {1.01} Norton Company. a manufacturer of infant furniture and carriages, is in the initial stages of prepar— ing the annual budget for next year. Scott Ford has recently joined Norton‘s accounting staff and is interested to learn as much as possible about the company’s budgeting process, During a recent lunch with Marge Atkins, sales manager, and Pete Granger, production manager, Ford initiated the foliowingconversation. Ford: Since I’m new around here and am going to be involved with the preparation of the annual budget, I’d lac-interested to learn how the two of you estimate sales and production numbers. . . Atkins: We start out very methodically by looking at recent history, discussing what we know about current accounts, potential customers, and the general state of consumer spending. Then, we add that usual dose of intuition to come up with the best forecast we can. Granger: I usually take the sales projections as the basis for my projections. Of course, we have to make an estimate of what this year’s ending inventories will be, which is sometimes difficult. Ford: Why does that present a problem? There must have been an estimate of ending invento- n'es' in the budget for the current year. ' . - Granger: Those numbers aren’t always reliable since Marge makes some adjustments to the sales numbers before passing them on to me. ' Ford: What kind of adjustments? ' , Atkins: Well, we don’t want to fall short of the sales projections so we generally give ourselves a little breathing room by lowering the initial sales projection anywhere from 5% to 10%; Granger: So, you can see why this year’s budget is not a very reliable starting point. We al~ ways have to adjust the projected production rates as the year progresses and, of course, this changes the ending inventory estimates. By the way, we make similar adjustments to ex- penses by adding at least. 10% to the estimates; I think everyone around here does the same thing. Required: - l. Marge Atkins and Pete Granger have described the use of what is sometimes called budgetary slack. a. Explain why Atkins and Granger behave in this manner and describe the benefits they exw ‘ pact to realize from the use of budgetary slack. 3). Explain how the use of budgetary slack can adversely affect Atkins and Granger. As a management accountant, Scott Ford believes that the behavior described by Marge Atkins and Pete Granger may be unethical. By referring to the Standards of Ethical Conduct for Prac- titioners of Management Accounting and Financial Management in Chapter 1, explain why the use of budgetary slack may be unethical. to tCMA, adapted} i’RDBLEM Sell Production and Direct Materials Budgets [L03, L04] Pearl Products Limited of Sheuzhert, China, manufactures and distributes toys throughout South fiast Asia. Three cubic centimeters (cc) of solvent H300 are required to manufacture each unit of Supermix, one of the company’s products. The company is now planning raw materials needs for the third quarter, the quarter in which peak sales of Supermth occur. To keep production and sales _ m 4 A _ _ a moving smoothly, the company has the following inventory requirements: " U “L N W A a. The finished goods inventory on hand at the end of each month must be equal to 3,000 units of Superrnix plus 20% of the next month's sales. The finished goods inventory on June 30 is budgeted to be 10,000 units. Check Figure .r‘zvla-“x. ,_»-. Chapter 9 Profit Planning b. The raw materials inventory on hand at the end of each. month must be canal to one-half of the foliowirig month's production needs for raw materials. The raw materiais inventory on June 30 is budgeted to be 54,000 cc of soivent H300. The company maintains no work in process inventories. A sales budget for Superrnix for the last six months of the year follows. f") Budgeted Satan in Units duly . . . . . . . . . . . . . . . . . . . . 35.000 August . . . . . . . . . . . . . . . , . . 40,000 September . . . _ . . . . . . . . . . 50,008 O'ctooer . . . . . . . . . . . . . . . . . 36,000 November . . . . . . . . . . . . . . . 20,006 December . . . . . . . . . . . . . . . 10,000 Required: 1. Prepare a production budget for Supede for the months IuEy, August, September, and October. 2. Examine the production budget that you prepared in (1) above; Why will the company produce more units than it sells in July and August, and fewer units than it sci-ls in September and October? 3. Prepare a direct materials budget showing the quantity of solvent H300 to be purchased for July, August, and September, and for the quarter in total. PROBLEM 9-22 Direct Materials and Direct Latter Budgets [L04. L05} The production department of Zen Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year. 4th Quarter 6.000 3rd Quarter 7,600 2nd Quarter 8.000 1st Quarter Unite to be produced 5,000 In addition, the beginning raw materials inventory for the lst Quarter is budgeted to be 6,000 grams and the beginning accounts payable for the is: Quarter is budgeted to be $2,880. finch unit requires 8 grams of raw material that costs $1.20 per gram; Management desires to end each quarter with an inventory of raw materials equal to 25% ofthc following quarter’s pro‘ duction needs. The desired ending inventory for the 4th Quarter is 8,000 grams. Management plans to pay for 60% of raw material purchases in the quarter acquired and 40% in the following quarter. Each unit requires 0.20 direct labor-hour and direct laborers are paid $11.50 per hour. Required: 1. Prepare the company’s direct materials budget and schedule of expected cash disbursements for materials for the upcoming fiscal year. . 2. Prepare the company’s direct labor budget for die upcoming fiscal year. assuming that the di- rect labor workforce is adjusted each- quarter to match the number of hours required to produce the forecasted number of units produced. PROB£EM 9-13 Birect Labor and Manufacturing Overhead Budgets {£05. L06] The Production Department of Hrusita Corporation has submitted the foliowing forecast of units to be produced by quarter for the upcoming fiscal year. 4th Quarter 1 4. 000 2nd Quarter 3rd Quarter “3.000 let Quarter 12 .900 1 3.000 Units to be produced . . , . Each unit requires 0.2 direct labordiour and direct laborers are paid 512.00 per hour. in addition. die variable manufacturing overhead rate is 3%,?5 per direct labor-hour. The fixed manufacturing Overhead is 586,000 per quarter. The only noncash element of manufacturing ovcrw head is depreciation. which is $23,000 per quarter. Reduced: 1. Prepare the company’s direct iabor budget for the upcoming fiscal year, assuming that the di» rect Eabor work force is adjusted cacti quarter to match the number of hours required to pro. doce the forecasted number of units produced. 3 Prepare the comcany’s manufacturing overhead budget. Check Figure {3)Totat cash disbursements for materéais: 3252.300 Check Figure 411 412 V ' Chapter 9 Profit flaming PROBLEM 9—14 Schedules of Expected Cash Collections and Disbursements {L02. L04. L08} You have been asked to prepare a December cash budget for Ashton Company, a distributor of ex— ercise equipment. The following information is available about the company’s operations: a. The cash balance on December 1 is $18,000. - Actual sales for October and November and expected sales for December are as follows: Cheek Figure la. ~nf‘r‘x . i}. {3) Enoang cash oataoce: Elihu": . _ _ Rovemoer - Cash sales . . . . . . . . . . . 565.000 $70,000 $83,000 Sales on account . . . . . . $400,000 $525,000 $600,000 Sales on account are collected over-a three-month period as follows: 2G% collected in the month of sale, 60% collected in the month followiag sale, and 13% collected in the second month following sale. Thereng 2% is uncollectibte: c. Purchases of inventory will total $280,000 for December. Thirty percent of a month’s inven~ tory purchases are paid during the month of purchase; The accoants payable remaining from. November’s inventory purchases total $161,000; all of which will be paid in December. d. Selling and administrative expenses are budgeted at $439,000 for December. Of this amount; ' $50,000 is for depreciation, ' _ r - e. A new web server for the Marketing Department costng $75,000 will be purchased for cash- duriag December. and dividends totaling $9,006 will be paid'dun’ng the month. t". The company maintains a minknuni‘cash balance of $203,000. An open line of credit is avail- able from the company's bank to bolster the cash position as needed. Required:- . - . ' ' I. Prepare a schedule of expected cash collections for December. 2. Prepare a schedule of expected cash disbursements for merchandise purchases for December. _ 3. ' Prepare a cash budget for December. Indicate in the financing section any borrowing that will be needed during the mouth. » ' PROBLEM 9-15 Cash Budget; Income Statement: Balance Sheet {L02, L04. 1.08.109. L010} Minder: company is a wholesale distributor of premium European chocolates. The company’s 1331- - .- I " fl ance sheet as of Aprilfil) is given below; Check-Figure - '(1) Ending cash balance: $8.906. . - -' $7 1533‘- - , a: _ I ‘ .......-l, .I I, _ _ ‘ ‘ _ J 1.1)”. '."'. .'. 4. I; Q; a . . I l guildinga aml‘eqotpment, not of depreciationigr .~ . .- .~ ., . 207.0063 Totakassezo" 5;.- .' . __._ 7.. ;.- .3. ‘.r. _. . . - -.‘ _ liabilities am; etqeaaotqm’ Equity. ‘ ’ K " . . . . .. $63,006, Note payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,500 Capitaistook.-nopar-...J . . . . . . . .t...; . . . . . . . . . . .. 180,003 Retained 1". . . . .I a . . . . . , . . . . . . . . . . . . . . . . . . 42,506: Totatliabiiifie's and stockholders‘ equity . . . . . . . . . . . . . . $300,000 The company is in the process of preparing budget data for May. A number of budget items have already been prepared, as stated below: a. Sales are budgeted at $200,000 for May. Of these sales, 360,000 will be for cash; the remain- der will be credit sales. One-half of a month’s credit sales are collected in the month the sales are made, and the remainder is collected in the following month All of the April 30 accounts receivable will be collected in May. b, Purchases of inventory are expected to total $129,000 during May. T’ncse purchases will all be on account. Forty percent of all purchases are paid for in the month of parchase; the remain» der are paid in the following month. All of the April 30 accounts payable to suppliers will be paid during May. c. The May 31 inventory balance is budgeted at $40,000. . . . . . "a. vu'wb'vv u w wwwwxmmwwwmmwmmwm Chapter 9 Profit Pianning 413 d. Operating expenses for May are budgeted at 92,000. exclusive of depreciation. These ex— penses wiii be paid in cash. Depreciation is budgeted at $2,000 for the month. e. The note payabie on the Aprii 30 balance sheet wiil be paid during May, with SiOO in lfilCTCSI. (Ali oi the interest relates to May.) 5. New refrigerating equipment costing $0,500 wiil be purchased for cash during May. During May. the company wiil borrow 520.000 from its bank by giving a new more payahie to the 0on1: for that amount. The new note wiil be due in one year. (Kl gtacit-tree: 1. Prepare a cash budget for May. Support your budget with a schedule of expected cash coliec~ tions from sales and a schedule of expected cash disbursements for merchandise purchases. 3. Prepare a budgeted income statement for May. Use the absorption costing income statement format as shown in Schedule 9. 3. Prepare a budgeted halance sheet as of May 31. PROBLEM 945 Cash Budget with Supporting Schedules ELOZ, L04, L08] Garden Saies. Inc, seiis garden suppiies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to snpport peak saies of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for Apfilwiuly are: £8.15 May Sum JEES b3r4.JUG ,-\_=, hr: Ai‘am A..*"7 fin 1 juuf'lc VG C339. Cdlcii’loe. 33f)" .lub April May June duty Sales . . . . . . . . . . . . . . . . . . . . . . . . $600,000 $900,000 $500,000 $400,000 Cost of goods said . . . . . . . . . . . . . 420,000 630,000 350,000 280,000 Gross margin . . . . . . . . . . . . . . . . . $80,000 270,000 150,000 120,000 toss operating expenses: Selling expense . . . . . . . , . . . . . . 79,000 120,000 62,000 51,000 Administrative expense' . . . . . . . 45,000 52,000 41,000 ' 38,000 Totai operating expenses . . . . . . . . 124,000 172,000 103,000 89,000 Net operating income . . . . . . . . . . . $ 56,000 $ 98,000 $ 47,000 $ 31.000 *inciudes $20,000 of depreciation each month. ta. Sales are 20% for cash and 80% on account. Sales on account are coliectcd over a three—month period with 10% collected in the month of sale; 70% collected in the first month following the month of sale; and the remaining 20% col- iected in the second month following the month of sale. February’s sales totaled $200,000, and , March’s sales. totaled $300,000. (:1. inventory purchases are paid for within 15 days. Therefore, 50% of a month’s inventory pur- chases are paid for in the month of purchase. The remaining 50% is paid in the foilowing month. Accounts payable at March 31 for inventory purchases during March totai $26,000. e. Each month’s ending inventory must equal 20% of the cost of the merchandise to be sold in the foliowing month. "i‘hc merchandise inventory at March 3i is $84,000. .0 f. Dividends of $49,000 wiil be deciared and paid in April. g. Land costing $16,000 wiil be purchased for cash in May. it. The cash balance at March 31 is $32,000; the company must maintain a cash balance of at ieast $00,000, i. "the company can borrow from its bani: as needed to boister the Cash account. Borrowings and repayments must be in mnitipies of $1.000. All borrowings take place at the beginning of 3 month, and all repayments are made at the end of a month. The annual interest rate is 12%. Compute interest on whoie months (A. and so forth}. Rieonrred: i. Prepare a scheduie of cxpecred cosh coiiections for Aprii, May, and .innc. and for the quarter in total. 2. Prepare the following for merchandise inventory: a. A merchandise purchases budget for Aprii. May, and lune. b. A Echeduie of expected cash disbursements for merchandise purchases for Aprii, May, and June. and for the quarter in totai. 3. Prepare a cash budget for April. May. and June as weli as in totai for the quarter. Show bor— rowings from the company‘s bank and repayments to the bani: as needed to maintain the min— imum cash balance. anemia": V'N'N“.*‘.“I”2“i“?"fi“'?‘7”fi w w-«w’w‘www‘vhw’vwm “MK Vi m "Wm-'7, ‘.*,‘J' ‘ 414 _ ' Chapter 9 Profit Manning Cheek Figure PROBLEM 9-17 Integration of the Sales. Production. and Direct materials Budgets 3.02. L03. L04} (2) July: 38,000 units Milo Company manufacmres beach umbrellas. The company is preparing detailed budgets for the third quarrel." and has assembled the following information to assist in the budget preparation: a. The Marketing Department has estimated sales as follows for the remainder of the year {in units): July . . . . o . . . . . . 30,000 Catcher . . . . . . . . 20,000 August . . . . . . . . . 70,000 November . . . . . . 10,000 September A . . . . . 50,000 December . . . . . . 10.000 The selling price of the beach umbrellas is $12 per unit. . b. All sales are on account. Based on past experience, sales are collected in the following pattern: 30% in the month of sale 65% in the month following sale 5% oncoliectibfa r- Sales for June totaled $300,000. a. The company maintains finished goods investodes equal to 15% of the following month’s sales. This requirement will be met at the end of June; ' . . r d. ' Each beach umbrella requires 4 feet of Gilden, a material that is sometimes hard to acquire, Therefore, the company requires that the ending inventory of Gildcn be equal to 50% of the following month’s production needs. The inventory of Gilden on hand at the beginniog and end of the quarter will be: ' ' June 30 . . . . . . . . . . . .. ?2,ooofeot September 30 . . . . . . .. ? feet e. Gilden costs $0.80 per foot; One—half of a month’s purchases of Gilden is paid for in the month of purchase; the remainder is paid for in the following month. The accounts payable on July 1 for purchases of Gilden. during June will be $76,000. - Reqm'red: '- ' ' ' 7 - t. Prepare a sales budget, by mouth and in total. forthe third quarter. (Show your budget in both ' units and dollars.) Also prepare a schedule of expected cash collections, by month and in to- tal, for the third quarter. _ ' I ' Prepare a production budget for each of the. months July—October. Prepare a direct material's budget for Gilden. by mouth and in total, for the third quarter. Also ' prepare a schedule of expected cash disbursements for Gilden, by month and in total, for the third. quarter. ' ' ' ' ' " 3”?) PROBLEM 9'43 Cash Budget with Supporting Schedules 0.02, L04. L07, L08} _ Westex Products is a-wholesale distributor of industrial cleaning products. When the treasurer of dancing, he was told thagmoney was very tight and that any borrowing over the next year would have to be supported by a detailed statement of cash collections and disbursements. The treasurer also was told that it would be very helpful to the bank if borrowers would indicate the quarters in which they would be needing funds, as well as the amounts that would be needed, and the quarters in which repayments could be made. ' Since the treasurer is unsure as to the particular quarters in which bank financing will be needed. he has assembled the following information to assist is preparing a detailed cash budget: a. gadgeted sales and merchandise purchases £01“ next year, as well as actual sales and purchases for the last quarter of the current year, are: check Figure (2} First quarter disbursements: $75,000 (3} first quarrer ending cash balance: $12,000 L" Micmmfl Ext-Ti- 9mkiem 1F! :crnn (.ipiumgds 335!- al s— in!" Frau: ran- on union on: e295fi33k$d oar-rigsms= =2’ IIQR¥I1E§$3%.'5§;$~J A. Merchandise h m 83:93 Purchases , fies-ran: year Qua“ spacer same: £293- we F rst quarter earmazed Serena Quarter as also "we! some: agar: .86 Foam: quasar esamateo z .r'“ l a l a_ :3 E Westex Products approached the company’s bank late in the current year seeking short-term 13— I v a v- vvo.-»,-\.-\.-o wow-wan .. .. nv-Vvvvv w w-uw‘u’ww'nw‘e’uo".~\ds“d‘x‘fix’\W‘“.’f’"‘ - 1 b. The company normally collects 6 Chapter 9 Profit i’lanning 5% ot a quarter’s sales bei'ore the quarter ends and another "the remainder is uncollectibie. This pattcm of collections is now quartet actual data. es are paid for within the quarter. The re— 33% in the followieg quartet: being experienced in the current year’s fourth- Eigbty petcent of a quarter's merchandise porches c. maindcr is paicl for in the following quarter. d. Operating expenses for next year are budgeted at $50,000 per quarter olus 15‘}? of sales. Of the fixed amount, $20,000 each quarter is depreciatiott. c. The company will pay $10.000irt dividends each quarter. f. Equipmeot purchases of $3,000 will be made in the second quarter, and putcltases of $48,000 will be made in the third quarter. These purchases will be for cash. g. The Cash account contained $10,008 at the end of the sunset year. The treasurer teeis that this represents a minimum balance that must be maintained. b. Any borrowing will take place at the beginning of a quarter. and {my repayments will be made at the and of a quarter at an annual interest rate of 10%. interest is paid only when principal is tepaid. All borrowings and all repayments of principal must be in round SLOGO amounts. interest payments can be in any amount. {Compute interest on whole montits, e.g., 3/23, i. At present, the company has no loans outstanding. Required: 1. Report: the following by qua-tier and in total for next year: a. A schedule of expected cash collections. in. A schedule of expected cash disbursements for merchandise purchases. _ 2. Compute the expected cash disbursements for operating expenses, by quartet and in total, for next year. 3. Prepare a cash budget, by quarter and in total, for next year, Show clearly in your budget the quartefis) in which borrowing will be necessary and the quartefis) in which repayments can be made, as requested by the compaey‘s bank. PROBLEM 9—19 Completing a Master Budget 3.02, L04. L07. L08. L09. 1.010} The following data relate to the operations of Shilow Compaey, a wholesale distributor of con— sumer goods: 1') .4) ti}: Current assets as of March 31: Cash . . . . ._ . , . . . . . . . . . . . . . . . . . $8.000 Accounts receivable . . . . . . . . . . . . $20,000 inventory . . . . . . . . . . . . . . . . . . . . . $6.000 Building and equipment, not . . . . . . . $120,000 Accounts payable . . . , . . . . . . . . . . . . $21,750 Capt-ta? stock . . . . . . . . . . . . . . . . . . . $150,000 Retained earnings . . . . . . . . . . . . . . . $12,250 The gross margin is 25% of sales. Actual and budgeted sales data: 7, x J e"- Maroh (actual) . . . . . _ . . . $50.000% “7 April . . . . . . . . . , . . . . . . . $50,080 May . . . . . . . . . . l . , . . . . sweetie“ Jone . . . . , . . . . . . . . . . . . $96,900 July . . . . . . . . _ , . . . . . . . . $48,600 Sales are for cash text 40% on creole Credit sales are collected it} the month fol-lowing sale. The accounts receivable at March 31 are a result of March credit sales. Each month‘s end-log inventory shouts; equal 80‘??? of the following month‘s budgeted cost of goods sold. Ofie~h31f of 2:. month's itwezttory poschases is paid for in the month of purchase; the other half paid for in the following month. The accounts payable at March 3i are the result of Mech purchases of im emery. ,Véonthly expcttses are foilows: commissions. life of sales: rem, $2.530 per month: other expenses {excluding depteciatioe}, 6% of sales Assume that these expenses sze paid monthly. Depreciation is $900 per month t’ittciudes depreciation on new assets). quipment costiug $1,500 will be purchased for cash in April 415 Check Figure {2) May purchases: 864300 [4) May 31 cash oaéanee: $4,598 Chafitfi? 9' Profit fiaaréing hr The $395353}? THESE maintain a minimqm cash balance Bf An open line cf credig'is 4 'avagirlhhfir: at -a_.io_caji hank. Aiil‘bszrqwifig js'doiizg at the. imgiuMnjg- 6f 3 menih, ami ail regaymen-a ami'rfiacijé; at the of a maxim; tempting mus: heir: ma'itépifisyof $3 308. The mama} interest :1» ; J g§g¢._;§‘12'%.' Inzcms't'is mid-91911:; at the am of répaymentof ggxéncipai; figilrc interest on whale 5:.» r * mgfifihs ma, $42,311:! so fan-hi"?- ' t " W'Héééireéfy } ~~v- Esing {3533356585ng dam: 2. Campzeze tbe-féflawéng’sgheéuiei 'ahaémg 15;: C335 653mm”: ' r - ’ _ _ - . .. Aggy, May Jana, . Gummy CaSh-sales ..... ._;. . . . '. ..... -. $36,006- Cr'egjit sages .' . . . . . _ . . . . . . . . . . . . 202:0.36. Tatafi célieqfions . . . . . . , . . . ‘ . 1 . ‘ ,__ $5646.66 1!! 1H 1H ' _2. Cbfiagsiémmei fafirtzwingé-. ' “A I 7,. - "Ii 1 H I 1 Rfiqgirédibfiféha. Egg-3;: *Féié'Aprie-s 'aféégifs’EGfiOQsaEes xi %5% cosfratid 2—:- $45,900. $545; ., .. x easséé' $43,260 69mg Fatwa“; '_ , @fifis wew'fiéwwiéfifiséimsés - - .- . - cemmé-sgieng .' . , . . .' . . , , . V .. s :7;on ‘ Rent . . ,i; , . . , A , . , , , . . . . . . . . . . 2,596 C3153; exgensgg = . . . . . . . . . . . . . . 3,596 Tag; disharséméfis ( . . . . . . . . . . . A $13,369:} Campieté'ifie .ffliifiwiflg cash budget: Cfish-fiudget . Apfié May Jame Quarter i Cash ba-éance, begiméng , , ‘ , . V . V. ‘ Si 8,9130 Acié crash coléeafians . . . . . . ‘ . . A . . . V 58.30%? “MM-w 2221232 cash availabi-e . , ‘ , , , , 1 . . , . , 64,365 - - . .. __ banrfnaed «mxmh m.~..w,u,.m‘..v mu... .5. mow-:3 9—20 empiétiriga Mambuégég 002; 7:04, L07, :03, £09, L010}. = " Hilliard flompany, atmoffica‘suépfies _ sis, The follgwing {10:3th bet?" Quarter: ‘ ‘ 0.. ‘ "$.15; 1 Excess (deficiency) of cash .. ” Financing: V ' Lest; cash disbursements: » For inventory . . 0 . t . . . . . . t . . . . . . 47.850 Forexpenses 13,300 For equipment . . Q t . . . . . . . . . . . . 1,500 Total cash disbursements. . . . . . . . . . 62,650 Etc, - L . 0b$pté3§0n cbstiné' Staten“;th sirxiiiat 000 51100011 in 30000010 9 it; the: V ' Wt. fat” fliggmdedjun: Sf): ’v w ' ‘erA-mma, Prg'pare a 551100000380; as‘pf runs: 30 Store; pf0p0r03 its budget On a qgafisfiigaf ,7. 0:00 6' assist in 13130pr mtcr'budgét f0; 'w :- ‘etnF’étT-iiijtfiiéfind‘ef the firibr quaftét), "the ébmpént’ " géii'e'féi. Edgar 850°?“ in)? . . . . . . ., .......... .. $48000 _ . . Aécounts Racaivable. _. . . . . . . . . . . _. 224.000] _: )7 Inventory ....... . . . . . . . . . . . .. 60,000 ‘_ Standings and Equipme'ntmet} ; . . .. 370,000. " ; - Accounts Payable-.. . . . . . . . . . . . - '55 93,000 .j .. ' Capitatsmk; . . . . . . .; . . . . . . . ‘ 500.000 Retained Eafnihgs . . . . . . . . . 109,000 " ‘ $702,000 ' $702,000. ' __ ' 1000010 fié'aEfoimWs: \ 0ecemher<actua_l)j;j.... $280,000 - January; ( . . . . . $400,000 n. , ; . February . . . . . . , . . . . . .. $600,000 < March . . . . . . . . . . . . . . .. $300,000 ' Aprit , . . . . . . . . . . . . . . .. $200900 Sales aré 20% fdf 0ash and 85% on credfit, All paytnénts'c’afi credit sales-0:0 ébllected'in tha. mpnth foflowing Saigfifhe accenms xecsivablc at December 31 are a resuit 0f Membgr' credit-1 sales“! - 2 -- ; t . r . . . =. . .7 -; T50 company’s 'g-ros‘s is of sales; {In other! w0rds, Costof gbeds 50k! is of I I sales) . - Monthly expenses are budgeted as foiiows: saiaties and wag; $27,060 per month: adver- tising, $70,030 per month; shigping; 5% of 50303; other atmnses, 3% of sates“ Depm'ciation, inciuding depreciation on new assets acquired during the quarter, wiil be $42,005 for the quarter. 7 ' - , ' Each month’s enting invcztmry should aqua} 25% of Ehfi foliowéng month’s cost of goats 50kt. One-half of a menth’s inventory purchases is paid far in the 030000 of purchase; the other haif is paid in the fofiewing mam}. ' . _ . During February, the company wiii purchase 3 new copy machine for $1,?00 cash. Dun'ng March, other aquipment wiii be purchased for cash at a cost of $84,500. During January. the comp y Wm declare and pay $43,00Q in cash dividends. The mmpany must {1333mm}: a minimam cash baiance of $30,063. An open Kine of credit is avaiiable at 310001 13301: f0: any b0rr0wing__that may be needed during the quarter. Ali born rawng is dent: at the beginning of a month; and a1}. repayments are: made a: the and of"a montfi. Bonewings and repayments of pfificipai must be fit: mulfigies of $1,000. Interest iS‘ a. paid oniy at the time of payment of principai. The annual interest rate is 12%. {Figure interest on whole months; e.g.,. Va}, $42.) (zaifeb'ryaty purchase. (4}fepr0j“ ‘ - 030,0 éz-tstéébm endingcash .ai'a’mi " cnaéiar9i_ magma; . >- ‘ RééafrefliF-I - , "i ,' ' - ' ' ' ' L . Usifigfiaafim ahpve-gc‘cmpkm 1:33;, fqflpwing statzmcnts and schzdzflcs for the first qziarzer: ‘ i... Sc'atiulje éhxpectedcash 063% ‘ _ ' - ' ' ' . Sashsafig's . . . . . . . . . ‘ . . . . . . . . . . . . . . . , . .. ' 'i T‘3???“-Iwgg‘cniiesr:tiarsns $304.‘ ' _<.x_ ~ 'Bquateéicbgztgflgpodasoid . _ - 13¢: fiafirefiendmg'irwentow ,jj. se%.cost.razm_g~.;$240;m;,_ '” 5% ~90 ‘ 5- 943,000 270,000 " 4; Caéfifi'udrgetzi I wary Mam- _- cum 'hégigning' . , . . ‘ . . . $ Arm €§$h Eéifgcfians . . K ' a . . . . . . . . Yam? gash-giaaxiayé. . . . . . . . . . . . . 352,993 Lass disizgtfimentfi: I ' _ Fareéfiajses'm ifiggfitnfy . . . . . . . . 22,8wa Ofigrafing- éxpeaseg . . . . . . . . . . {29,6260 Purghasa'a of-eQuipmem . . . . . . . —— Cash dividends . . . . . . , . . . . . . . 45,606 ma;- cash citsbursements . ‘ . . . . . . 432,066 Excess {deficiency} of cash . . . . . . (53,000) Finaacing: E36. Chapter 9 l’wfit Planning 419 5. Prepare an aosorption costing income statement for the quarter ending March 31 as shown in Schedule 9 in the chapter. 6. Prostate a balance sheet as of March 3}. PRGBLEM 9-21 Cash Budget for One Month [£02, 1.04, L06, L08} Wallace Products, Ltd., is planning its cash needs for luly. Since the company will be buying some new equipment during the month, the treasurer is sure that some borrowing will be needed, but he is uncertain how much. The following data have been assemblcé to assist the treasurer in oreparw ing a cash budget for the month: Check figure a. Equipment will be purchased during Joly for cash at a cost of $45,000. N a, cash caggeczmg $69, $53 in. Selling and adofinistrative expenses will be: ' ' Advertising . . . . . . . . . i . . . . . . . $1t0.000 Sales saiarles . . . . . . . . . . i . . , . $50,000 Administrative salaries . . . . . . . . $35,000 Shipping . , . . . . . . . . . . . . . . . . . $2,100 c. Sales are budgeted at $800,000 for July. Customers are allowed a 296% cash discount on ac- counts paid within 10 days after the end of the month of sale. Only 50% of the payments made in the month following the sale fall within the discount period. (All of the company’s sales are on account.) d. On June 30, the company will have the following accounts receivable outstanding: _ , Percentage, - ' Percentage ' Accounts ' of Sales -, ' to Be: ‘ , Receivable _ Uncoliected ' . Collected Month Sales 7 at June 30 ' _ at June 30 - - . in July. March . . . . . . . K . . $430,000 $6,450 1%% ? Apfil . . . . . . . . . . , $590,000 $35,400 6% ? May . . . . . . . . . . . . $640,000 $123,000 20% ? June . . . . . . . . . . . $720,000 $720,000 100% ? Bad debts are negligible. All March receivables shown above will base been collected by the end of July, and the collection pattern implicit in the schedule :1ch will be the same in July as in previous months. c. i’rodoction costs are budgeted asfoilows for July: \ Prime costs: ._ _ Flaw materials to be used in ptoéuction . . , . $342,000 Direct labor . . . . . . . . 4 . . . . . . . . . . . . . . . . . 95.000 Overhead costs: indirect labor . . . . , . . . . , . . . . , . . . . . . . . . $36,000 Utilities . . . . . . . . . . . . . . A . , . . . , . . . . . . . . 1,900 Payroll benefits . . , . . . . . A . , . _ . , . . . , . . . , 14,800 Depreciation . . . . , , . . . . . . i . . . . . i . , . . . . 28,000 Property taxes . . i . . . . . . . . . , , . . , . , . . . . 1,100 Fire insurance . . . . . . . i A . . . , . , . i . . . . , . 1,700 Amortization of patents 4 . . . , , l i . 4 . . , , . . 3,500 Scrapping of obsolete goods . , . i . t . . . . . . 2,800 89,600 Totai production costs . . . . . . . , . . . . A . , . l . l $526,600 f. The taw materials inventory is budgeted to increase by $18,000 during luly; other inventories will not change. Half of the raw materials porchased each month is paid for in the month of purchase; the other half is paid for in the following month. Accounts payable at June 30 for raw materials por- chases will be $13,000. it. All July payroll amounts will be paid for within the month of Juiy. i. Utilities costs are 93351 for within the month. (in _ 42:3 _ t' I {1213919}? Profit ' TthMfiGQ Sh-éfge 586% “E’gy-roli benefits?‘ includes the {ca-Bowing items: " {Jammy -p_asje§i9n ptaiz,_ including :4; 91‘ a; '. -sasfisfizsggciatgdjusgmenamamas-paidin A932 .... am : awgp'in'fitagm {gayafiie mama; with sha- ' iaStpaymeim-haviagfiagh madam January} -. . .' . . . . . . . .. $990 .. Ur; pioéffiiefitinsuraétflgayabig-mfithm ............ .. $1.366 - '- 5 . , ' ..;; Vacgficn gamma; :grasamsmpfmmm _ 4" _ 7' '_ s - 5' ' éas‘i-fitily‘svaéaihné-wfiirequire $34,1Gfl§ . . : . . , ‘ . . . . .. r $3.1m“ _a$s§res:-ujs maxg._' issum'fj _ i'gAvg'usx girgducfiqazflfiiaefiuq} ' .. 32.$§?_a"oaa iabdr-c'osr - 3' _ gage-ragga "m - ems? sum; rm. mg. figm, _ , . m- "E¢m§§_ 6;;for‘anigenfirgfigggxg _ pariis ta: . ' _ _ '4 d' oftwe' . ' "iii ' 15:20 8.;9923 . I. _- .Geifiifisfieétimatéd} . ‘ . . . . . . . . . 4 . - _' Navarng fissitimaiiedj . . . ‘ . . . . . . Wfié Diviesionlexpfams Ease}! 55,- anits- aw year swing December 31. Mil-EM Sam. mg: éirgét .mazgrial's 113::ng 'ifi‘th'e comgonent at: ShGWfi is the fol- 19mg geheéuie. Each memh’s balding aims: matézéals iii-mam? shat-31:1 equai 50% of the next meafix’s .pwductfea news. unmwfim- =1 -. . Em;th ' Hams net ' Lave; ’ gig-lag: Mafia! " Finishedflammm‘ Unit. $4513.30 35,665 wnces WEGBG pounds No. 161 . . . . . g . . . . . . fi Games $2.46 Nil 231 . . . . . . . . . . . . 4 pea-ads $5.198 Z ,_ ..4?9_¢¥Jm90naatpa¥§fis¢difiVafléfs 1&4 ;‘ a}: cjejmly cdngagngdabaut' a Each of cwrdinafiaq, ; _ 1mm; 3ch begiwes fixgt'g’mthly budgeting system woulgf ;iwem-2_4m m. Acmal Sales '- aaifazma ; rmva'mv'mwzw-Hmwm?” . _ _ _ . m ‘ . . . - m. - W yuwvuwmww-varm-wwwmwmwwflfl'y’xflwfl’fl 'm'm'm " 33.7325253»...§yyygirky:xx:.......au...:.z§§“I‘ 11‘ ...
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Chapter%2020%20Homework - 406 l -' Questions- Chapter 9...

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