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horngrens accounting managerial

Questions and Answers of Horngrens Accounting managerial

7.5 If management is being evaluated on their ability to manage a budget, what can they do to decrease cash outflow?
7.5 If management is being evaluated on their ability to manage a budget, what can they do to increase cash flow?
7.4 When would a static budget be effective in evaluating a manager’s performance?
7.4 The management of Hess, Inc., is developing a flexible budget for the upcoming year. It was not pleased with the small amount of net income the budget showed at all sales levels and is
7.2 How might service industries predict revenue?
7.2 How would maintenance departments use information in the budget?
7.2 How would a human resources department use information in the operating budgets?
7.1 It is proper budgeting procedure to begin with estimated revenues, but why might some nonprofit entities begin planning their expenditures instead of their revenues?
7.1 Why is a clear understanding of management’s goals and objectives necessary for effective budgets?
7.5 Replenish sells shampoo that removes chlorine from hair. It prepared a static budget for the sales of 10,000 units. These variances were observed:Determine the static budget and use the
7.4 Identify the document that contains the information listed in these lines from the budgeted balance sheet shown.A. Accounts receivable B. Finished goods inventory C. Machinery D. Accumulated
7.4 Fruit Tea’s data show the following information:New machinery will be added in October. This machine will reduce the labor required per unit and increase the labor rate for those employees
7.4 Artic Camping Gear’s currently sells 35,000 units at $73 per unit. Its expenses are as follows:Management believes it can increase sales by 2,000 units for every $5 decrease in sales price. It
7.4 Before the year began, the following static budget was developed for the estimated sales of 50,000. Sales are higher than expected and management needs to revise its budget. Prepare a flexible
7.4 Prepare a flexible budgeted income statement for 47,000 units using the following information from a static budget for 45,000 units:
7.3 All Temps has a policy of always paying within the discount period, and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 80% of
7.3 Amusement tickets estimated sales are:What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after
a sales and administration budget using the information provided.
7.3 Mesa Aquatics, Inc. estimated direct labor hours as 1,900 in quarter 1, 2,000 in quarter 2, 2,200 in quarter 3, and 1,800 in quarter
7.3 Relevant data from the operating budget of The Framers are:Other data:• Capital assets were sold in quarter 1 and $8,000 was collected in quarter 1 and $500 collected in quarter 2.• Dividends
7.2 Sunshine Gardens overhead expenses are:Given production of 10,200; 11,300; 12,900; and 13,200 for each quarter of the next year, prepare a manufacturing overhead budget for each quarter.
7.2 TIB makes custom guitars and prepared the following sales budget for the second quarter It also has this additional information related to its expenses:Direct material per unit $55, Direct labor
7.2 The following data were obtained from the financial records of Sonicbrush, Inc., for March:Sales are expected to increase each month by 15%. Prepare a budgeted income statement.
7.2 Lens & Shades sells sunglasses for $37 each and is estimating sales of 21,000 units in January and 19,000 in February. Each lens consists of 2.00 mm of plastic costing $2.50 per mm, 1.7 oz of dye
7.5 Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,000 units. These variances were observed:Determine the static budget and use
7.4 Identify the document that contains the information listed in these lines from the budgeted balance sheet shown.A. Cash B. Accounts receivable C. Raw materials inventory D. Computers E. Accounts
7.4 Total Pop’s data show the following information:New machinery will be added in April. This machine will reduce the labor required per unit and increase the labor rate for those employees
7.4 Caribbean Hammocks currently sells 75,000 units at $50 per unit. Its expenses are:Management believes it can increase sales by 5,000 units for every $5 decrease in sales price. It also believes
7.4 Before the year began, the following static budget was developed for the estimated sales of 100,000. Sales are sluggish and management needs to revise its budget. Use this information to prepare
7.4 Prepare a flexible budgeted income for 120,000 units using the following information from a static budget for 100,000 units:
7.3 Sports Socks has a policy of always paying within the discount period and each of its suppliers provides a discount of 2% if paid within 10 days of purchase. Because of the purchase policy, 85%
7.3 Fitbands’ estimated sales are:What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after
Prepare a manufacturing overhead budget using the information provided.
7.3 Direct labor hours are estimated as 2,000 in Quarter 1; 2,100 in Quarter 2; 1,900 in Quarter 3; and 2,300 in Quarter
7.3 Fill in the missing information from the following schedules:
7.3 Relevant data from the Poster Company’s operating budgets are:Additional data: Capital assets were sold in January for $10,000 and $4,500 in May. Dividends of $4,500 were paid in February. The
7.2 Spree Party Lights overhead expenses are:Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,500, 3,000, and 2,700, respectively
7.2 Prepare a budgeted income statement using the information shown.
7.2 Echo Amplifiers prepared the following sales budget for the first quarter of 2018:It also has this additional information related to its expenses:Prepare a sales and administrative expense budget
7.2 The data shown were obtained from the financial records of Italian Exports, Inc., for March:Sales are expected to increase each month by 10%. Prepare a budgeted income statement.
7.2 Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of
7.5 The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per month. How much is the favorable or unfavorable variance if 14,000 units were produced for a
7.4 Using the following budgeted information for production of 5,000 and 12,000 units, prepare a flexible budget for 9,000 units.
7.4 Judge’s Gavel uses this information when preparing their flexible budget: direct materials of $3 per unit, direct labor of $2.50 per unit, and manufacturing overhead of $1.25 per unit. Fixed
7.3 Earthie’s Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70%is collected in the month of sale, 15% is collected the month after the sale, and 10% is
7.3 What is the amount of budgeted cash payments if purchases are budgeted for $190,500 and the beginning and ending balances of accounts payable are $21,000 and $25,000, respectively?
7.3 Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment
7.3 Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the
7.3 My Aunt’s Closet Store collects 60% of its accounts receivable in the month of sale and 35% in the month after the sale. Given the following sales, how much cash will be collected in March?
7.3 Cash collections for Renew Lights found that 65% of sales were collected in the month of sale, 25%was collected the month after the sale, and 10% was collected the second month after the sale.
7.2 How many units are estimated to be sold if Kino, Inc., has planned production of 750,000 units, a desired beginning inventory of 30,000 units, and a desired ending inventory of 45,000 units?
7.2 Each unit requires direct labor of 4.1 hours. The labor rate is $13.75 per hour and next year’s production is estimated at 75,000 units. What is the amount to be included in next year’s
7.2 Given the following information from Power Enterprises’ direct materials budget, how much direct materials needs to be purchased?
7.2 Cloud Shoes manufactures recovery sandals and is planning on producing 12,000 units in March and 11,500 in April. Each sandal requires 1.2 yards if material, which costs $3.00 per yard. The
7.2 Rehydrator makes a nutrition additive and expects to sell 3,000 units in January, 2,000 in February, 2,500 in March, 2,700 in April, and 2,900 in May. The required ending inventory is 20% of the
7.2 Barnstormer sells airplane accessories for $20 each. It expects sales of 120,000 units in quarter 1 and a 7% increase each subsequent quarter for the next 8 quarters. Prepare a sales budget by
7.2 Lovely Wedding printing is budgeting sales of 32,000 units and already has 4,000 in beginning inventory. How many units must be produced to also meet the 6,000 units required in ending inventory?
7.5 The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per month. How much is the favorable or unfavorable variance if 5,500 units were produced for a total of
7.4 Using the provided budgeted information for production of 10,000 and 15,000 units, prepare a flexible budget for 17,000 units.
7.4 Cold X, Inc. uses this information when preparing their flexible budget: direct materials of $2 per unit, direct labor of $3 per unit, and manufacturing overhead of $1 per unit. Fixed costs are
7.3 Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected
7.3 What is the amount of budgeted cash payments if purchases are budgeted for $420,000 and the beginning and ending balances of accounts payable are $95,000 and $92,000, respectively?
7.3 Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash
7.3 Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at
7.3 Nonna’s Re-Appliance Store collects 55% of its accounts receivable in the month of sale and 40%in the month after the sale. Given the following sales, how much cash will be collected in
7.3 Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale, 30% was collected the month after the sale, and 10% was collected the second month after the
7.2 How many units are estimated to be sold if Skyline, Inc., has a planned production of 900,000 units, a desired beginning inventory of 160,000 units, and a desired ending inventory of 100,000
7.2 Each unit requires direct labor of 2.2 hours. The labor rate is $11.50 per hour and next year’s direct labor budget totals $834,900. How many units are included in the production budget for
7.2 Given the following information from Rowdy Enterprises’ direct materials budget, how much direct materials needs to be purchased?
7.2 Sunrise Poles manufactures hiking poles and is planning on producing 4,000 units in March and 3,700 in April. Each pole requires a half pound of material, which costs $1.20 per pound. The
7.2 One Device makes universal remote controls and expects to sell 500 units in January, 800 in February, 450 in March, 550 in April, and 600 in May. The required ending inventory is 20% of the next
7.2 Navigator sells GPS trackers for $50 each. It expects sales of 5,000 units in quarter 1 and a 5%increase each subsequent quarter for the next 8 quarters. Prepare a sales budget by quarter for the
7.2 How many units are in beginning inventory if 32,000 units are budgeted for sales, 35,000 units are produced, and the desired ending inventory is 9,000 units?
7.2 Blue Book printing is budgeting sales of 25,000 units and already has 5,000 in beginning inventory.How many units must be produced to also meet the 7,000 units required in ending inventory?
7.5 What steps should be considered if a budget is to be set and later have its results evaluated?
7.5 Why does budget planning typically begin with the sales forecast?
7.4 What information is included in the capital asset budget?
7.4 Fill in the blanks: A flexible budget summarizes _______ and _______ for various volume levels by adjusting the _______ costs for the various levels of activities. The _______ costs remain the
7.4 A company has prepared the operating budget and the cash budget. It is now preparing the budgeted balance sheet. Identify the document that contains each of these balances.A. cash B. accounts
7.3 Which of the financial budgets is the most important? Why?
7.3 What is the process for developing a budgeted balance sheet?
7.2 What operating budget exists for manufacturing but not for a retail company?
7.2 What information is necessary for the operating budgets?
7.1 Why might a rolling budget require more management participation than an annual budget?
7.1 What are the advantages and disadvantages of the bottom-up budgeting approach?
7.1 What is the difference between budgeting and long-range planning?
7.1 What is a budget and what are the different types of budgets?
7.4 What is the main difference between static and flexible budgets?A. The fixed manufacturing overhead is adjusted for units sold in the flexible budget.B. The variable manufacturing overhead is
7.4 Which budget evaluates the results of operations at the actual level of activity?A. capital budget B. cash budget C. flexible budget D. static budget
7.3 Which of the following includes only financial budgets?A. capital asset budget, budgeted income statement, sales budget B. production budget, capital asset budget, budgeted balance sheet C. cash
7.3 Which budget is the starting point in preparing financial budgets?A. the budgeted income statement B. the budgeted balance sheet C. the capital expense budget D. the cash receipts budget
7.3 Which is not a section of the cash budget?A. cash receipts B. cash disbursements C. allowance for uncollectible accounts D. financing needs
7.3 The cash budget is part of which category of budgets?A. sales budget B. cash payments budget C. finance budget D. operating budget
7.2 The units required in production each period are computed by which of the following methods?A. adding budgeted sales to the desired ending inventory and subtracting beginning inventory B. adding
7.2 Which of the following statements is not correct?A. The sales budget is computed by multiplying estimated sales by the sales price.B. The production budget begins with the sales estimated for
7.2 Which of the following is not an operating budget?A. sales budget B. production budget C. direct labor budget D. cash budget
7.2 The direct materials budget is prepared using which budget’s information?A. cash payments budget B. cash receipts budget C. production budget D. raw materials budget
7.2 Which of the operating budgets is prepared first?A. production budget B. sales budget C. cash received budget D. cash payments budget
7.1 The most common budget is prepared for a ________.A. week B. month C. quarter D. year
7.1 Which of the following is true in a bottom-up budgeting approach?A. Every expense needs to be justified.B. Supervisors tell departments their budget amount and the departments are free to work

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