can someone just please check my work ! thank you !!!!
4:38 Done 2 of 10 TBA, Inc., manufactures and sells concrete block for residential and commercial building. TBA expects to sell the following in 20x1: Quarter ter 2 w 4 2000000000000000 Unit wling price 00 TBA expects the following unit sales and desired ending inventory in 20x1: Quarter U Sales 6 20 Inventory on both January 1, 20x1, and January 1, 20x2.is expected to be 100,000 blocks. Each block requires 26 pounds of raw materials (a mixture of cement, sand, gravel, shale, pumice, and water). TBA's raw materials inventory policy is to have 5 million pounds in ending inventory for the third and fourth quarters and 8 million pounds in ending inventory for the first and second quarters. Thus, desired direct materials inventory on both January 1, 20x1, and January 1, 20x2, is 5.000.000 pounds of materials. Each pound of raw materials costs $0.01. Each block requires 0.015 direct labor hour, direct labor is paid $14 per direct labor hour. Variable overhead is $8 per direct labor hour. Fixed overhead is budgeted at $320,000 per quarter ($100,000 for supervision, $200,000 for depreciation, and $20,000 for rent). TBA also provided the information that beginning finished goods inventory is $55,000; and the ending finished goods inventory budget for ABT for the year $67,000. TBA's only variable marketing expense is a 50.05 commission per unit (block) sold. Fixed marketing expenses for each quarter include the following: Advertising expense is $10,000 in Quarters 1,3, and 4. However, at the beginning of the summer building season. TBA increases advertising: in Quarter 2. advertising expense is $15,000. TBA has no variable administrative expense. Fixed administrative expenses for each quarter include the following: Income taxes are paid at the rate of 30 percent of operating 4:38 Done 2 of 10 Income taxes are paid at the rate of 30 percent of operating income. Of the sales on account. 70 percent are collected in the quarter of sale: the remaining 30 percent are collected in the quarter following the sale. Total sales for the fourth quarter of 20x0 totaled $2,000,000 All materials are purchased on account: 80 percent of purchases are paid for in the quarter of purchase. The remaining 20 percent are paid in the following quarter. The purchases for the fourth quarter of 20x0 were $500,000 TBA requires a $100.000 minimum cash balance for the end of each quarter. On December 31, 20x0, the cash balance was $120,000 Money can be borrowed and repaid in multiples of $100,000 Interest is 12 percent per year. Interest payments are made only for the amount of the principal being repaid. All borrowing takes place at the beginning of a quarter, and all repayment takes place at the end of a quarter. Budgeted depreciation is $200.000 per quarter for overhead, $5,000 for marketing expense, and $12,000 for administrative expense. (Remember that depreciation is not a cash expense and must be deleted from total expenses before the cash budget is prepared.) The capital budget for 20x1 revealed plans to purchase additional equipment for $600,000 in the first quarter. The acquisition will be financed with operating cash, supplementing it with short-term loans as necessary. Corporate income taxes of $20,700 will be paid at the end of the fourth quarter. The balance sheet for the beginning of the year is given: RELIREMENTO S 4:38 1 Done 2 of 10 loans as necessary. Corporate income taxes of $20,700 will be pi fourth quarter. The balance sheet for the beginning of the yea ABT, Inc Balance Sheet December 31, 2010 Current assets 5 525.000 Accounts receivable 300.000 Man v entory 50 000 Finished goods inventory 55 000 Total current assets Property, plant, and equipment PPE 52 500 000 Buldings and equipment 9000 000 Accumulated depreciation Total PPSE Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Stockholders' equity Common stock, no par $ 600.000 Retained emings Total stockholders' equity Total abilities and stockholders' equity 7.000.000 5000 $100,000 7.425.000 REQUIREMENTS (to be completed using Exce 1. Construct a sales budget for the coming y by quarter and in total for the year 2. Construct a production budget for the con units produced by quarter and in total fort 3. Construct a direct materials purchases materials for the coming year. Show tota and in total for the year 4. Construct a direct labor budget for the cor amounts by quarter and in total for the yea E 4:38 Done 2 of 10 fourth quarter. The balance sheet for the beginning of the year is given: REQUIREMENTS (to be completed using Excel) 1. Construct a sales budget for the coming year. Show total sales by quarter and in total for the year 2. Construct a production budget for the coming year. Show total units produced by quarter and in total for the year. 3. Construct a direct materials purchases budget for the raw materials for the coming year. Show total amounts by quarter and in total for the year. 4. Construct a direct labor budget for the coming year. Show total amounts by quarter and in total for the year 5. Construct an overhead budget for the coming year. Show total amounts by quarter and in total for the year. Prepare a cost of goods sold budget for the coming year. 7. Construct a marketing expense budget for the coming year. Show total amounts by quarter and in total for the year & Construct an administrative expense budget for the coming year. Show total amounts by quarter and in total for the year. Construct a budgeted income statement for the coming year. 10. Construct a cash receipts budget for each quarter of the coming year. 11. Construct a cash payments budget each quarter of the coming year. 12. Prepare a cash budget for each quarter of the coming year. 13. Prepare the Budgeted Balance Sheet for the coming year !!! Quarter TBA Inc., Sales Budget For the Year Ended Decemeber 31, 20x1 Unit Sales Unit Selling Volume Price Totals 2,000,000 $0.70 $1,400,000.00 6,000,000 $0.70 $4,200,000.00 6,000,000 $0.80 $4,800,000.00 2,000,000 $0.80 $1,600,000.00 16,000,000 $12,000,000.00 24 Year Total 6 Expected Units to be sold Desired Ending Inventory Total Units Available Estimated Beginning Inventory Total Units to be Produced TBA, Inc. Production Budget For the Year Ended 20x1 Q1 Q2 Q3 Q4 Year Total 2,000,000.00 6,000,000,00 6,000,000.00 2,000,000.00 16,000,000.00 500,000.00 500.000,00 100,000.00 100.000,00 1.200.000,00 2,500,000.00 6,500,000.00 6,100,000.00 2,100,000.00 17.200,000.00 (100,000.00 (500,000.00) (500,000.00) (100,000,00) (1,200,000.00) 2,400,000.00 6,000,000.00 5,600,000.00 2,000,000.00 16,000,000.00 10 TBA Inc Direct Materials Purchases Budget For the Year Ended 20x1 Direct Materials: Q1 Q2 Q3 104 Total Lbs required for production (Blocks) Raw Materials required (Note A): 62,400,000.00 156,000,000.00 145,600,000.00 52,000,000.00 416,000,000.00 Desired Inventory, End of Quarter 8 ,000,000.00 8,000,000.00 5,000,000.00 5,000,000.00 26,000,000.00 Total Lbs available 70,400,000.00 164,000,000.00 150,600,000.00 57,000,000.00 442,000,000.00 Est. Inventory, Beg. of Quarter (5,000,000.00) (8,000,000.00) (8,000,000.00) (5,000,000.00) (26,000,000.00) Total Lbs to be purchased 65,400,000.00 156,000,000.00 142,600,000.00 52,000,000.00 416,000,000.00 Unit Price/Lb $0.01 $0.01 $0.01 $0.01 $ 0.01 $ 654,000.00 $ 1,560,000.00 $ 1,426,000.00 $ 520,000.00 $ 4,160,000.00 Note A Q1: 2,400,000.00 X 26 Lb's = 6,000,000.00 X 26 Lb's = 5,600,000.00 X 26 Lb's = 2,000,000.00 X 26 Lb's = 62,400,000 156,000,000 145,600,000 52,000,000 Q3: Q4: TBA, Inc Direct Labor Cost Budget For the Year Ended 20x1 Q2 Q3 Q Q4 Total Hours required for production: Concrete Block (Note A) : Hourly Rate: Total Direct Labor Cost: $ $ 36,000.00 90,000.00 14.00 $ 14.00 504,000.00 $ 1,260,000.00 84,000.00 30,000.00 240,000.00 $ 14.00 $ 14.00 S 14.00 $ 1,176,000.00 $ 420,000.00 $ 3,360,000.00 Note : Q1: Q2: Q3 Q4: 2,400,000.00 X 0.015 dih= 6,000,000.00 X 0.015 dih= 5,600,000.00 X 0.015 dih= 2,000,000.00 X 0.015 dih= 36,000.00 90,000.00 84,000.00 30,000.00 TBA, Inc. Factory Overhead Budget For the Year Ended 20x1 Q2 Q3 Q4 Year Total 288,000 $ 720,000 $ 672,000 $ 288,000 $ 1,968,000 Q1 Variable OH: DL FO $ Fixed OH: Supervision $ Depreciations Rent Total Fixed OHS Total OH $ 100,000 $ 200,000 $ 20,000 $ 320,000 $ 608,000 $ 100,000 $ 200,000 $ 20,000 $ 320,000 S 1,040,000 $ 100,000 $ 200,000 $ 20,000 $ 320,000 $ 992,000 $ 100,000 $ 200,000 $ 20,000 $ 320,000 $ 608,000 $ 400,000 800,000 80,000 1,280,000 3,248,000 DLH X on on on VDL OH Rate 36,000 $ 8 90,000 $ 8 84,000 $ 36,000 $ 00 00 DL FO S 288,000 S 720,000 672,000 288,000 00 $ 55,000.00 TBA, Inc. Cost of Goods Sold Budget For the Year Ending December 31, 20x1 Finished Goods Inventory, January 20x1 Work in Process Inventory, January 20x1 26,000.00 Direct Materials: Direct Materials Inventory January 1, 20x1 $ 50,000.00 Direct Material Purchases $ 4,160,000.00 Cost of direct Materials available for use $ 4,210,000.00 Direct Materials Inventory December 31, 20x1 S (50.000.00) Cost of Direct Materials Placed in production $ 4,160,000.00 Direct Labor $ 3,360,000.00 Factor Overhead $ 3,248,000.00 Total Manufacturing Costs $ 10,768,000.00 Total Work in Process during period $ 10,794,000.00 Work in Process inventory, December 31, 20x1 $ (26,000.00) Cost of Goods Manufactured Cost of finished Goods available for sale Finished Goods Inventory, December 31, 20x1 Cost of Goods Sold $ 10,768,000.00 S 10.823,000.00 $ (67,000.00) $ 10,756,000.00 TBA, Inc. Marketing Budget For the Year Ended December 31, 20x1 Q1 Q2 Q3 Year Total $ 100,000.00 $ 300,000.00 $ 300,000.00 $ 100,000.00 $ 800,000.00 Variable Marketing Expenses: Commission Fixed Marketing Expenses: Salaries Depreciation Travel Total fixed Marketing Expenses $ $ $ $ 20,000.00 $ 5,000.00 $ 3,000.00 $ 28,000.00 $ 20,000.00 $ 5,000.00 $ 3,000.00 $ 28,000.00 $ 20,000.00 5,000.00 3,000.00 28,000.00 $ $ $ $ 20,000.00 $ 5,000.00 $ 3,000.00 $ 28,000.00 $ 80,000.00 20,000.00 12,000.00 112,000.00 $ Advertising Expense Total Marketing Expenses S. 10,000.00 $ 15,000.00 $ 10,000.00 S 138,000.00 S 343,000.00 S 338,000.00 10,000.00 $ 45,000.00 138,000.00 S 957,000.00 Note: Commission Q1 Units sold x 9.05 per unit 2,000,000 $ 0.05 6,000,000 $ 0.05 6,000,000 $ 0.05 2,000,000 $ 0.05 Commission $ 100,000.00 $ 300,000.00 $ 300,000.00 $ 100.000,00 Marketing Expense Budget TBA, Inc. Administrative Expense Budget For the Year Ended December 31, 20x1 Q1 Q2 Q3 Fixed Administrative Expenses: Salaries Expense Insurance Expense Depreciation Expense Travel Expense Total Fixed Administrative Expenses: $ $ $ 35,000.00 4,000.00 12,000.00 2,000.00 53,000.00 $ $ $ $ $ 35,000.00 $ 4,000.00 $ 12,000.00 $ 2,000.00 $ 53,000.00 $ 35,000.00 $ 4,000.00 $ 12,000.00 $ 2,000.00 S 53,000.00 $ 35,000.00 $ 140,000.00 4,000.00 $ 4,000.00 $ 16,000.00 12,000.00 $ 48,000.00 2,000.00 $ 8,000.00 53,000.00 $ 212,000.00 $ TBA, Inc. Budgeted Income Statement For the Year Ending December 31, 20x1 Revenue from sales Cost of goods sold Gross profit $ 12,000,000.00 $ 10,756,000.00 $ 1,244,000.00 Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses $ 957,000.00 $ 212,000.00 $ 1,169,000.00 S S (1,169,000.00) 75,000.00 Operating Income Other revenue and expense: Interest revenue Interest expense Income before income tax Income tax Corporate tax Net Income non no 75,000.00 22,500.00 20,700.00 31.800.00 TBA, Inc Cash Reciept Budget For the Year Ended December 31, 20x1 Q2 Q3 Q4 1,400,000 4,200,000 4,800,000 300,000 980,000 2,940,000 3,360,000 420.000 1.260,000 1280000 3,360,000 4,620,000 T 1,600,000 Sales Collections of Accounts Recievables Collected in the same Quarter 70% Collected in the following Quarter 30% Total Cash Collections otal 12,000,000 300,000 8,400,000 3.120.000 11,820,000 1,120,000 1.440.000 2,560,000 c D Q1 Q3 04 Total TBA, Inc. | Cash Payment Budget For the Year Ended December 31, 20x1 Q2 699,000 1,635,000 1,505,000 100,000 559,200 1,308,000 1,204,000 139.800 327.000 659,200 1,447,800 1,531,000 Purchases Payment of Accounts Payable Paid in the same Quarter 80% Paid in the following Quarter 20% Total Cash Payments 569,000 455,200 301.000 756,200 4,408,000 100,000 3,526,400 767 800 4,394,200 04 150,000 4,620,000 4,770,000 158,000 2,560,000 2,718,000 Total 563.800 11,820,000 11,940,000 TBA, Inc Cash Budget For the Year Ended December 31, 20x1 Q1 Q2 Q3 Opening Balance of Cash 120,000 135,800 Cash Reciepts 1,280,000 3,360,000 Total Cash available 1,400,000 3,495,800 Less Disburstments Payment for Purchases 659,200 1,447,800 Payment fro Labor 504,000 1,260,000 Payment for Manufacturing Overheads 408,000 840,000 Payment for selling & Administrative Expenses 93,000 298,000 Corporate Income Taxes Total Payments 1,664,200 3,845,800 1,531,000 1,176,000 792,000 293,000 756,200 420,000 408,000 93,000 20,700 1,697,900 4,394,200 3,360,000 2,448,000 777,000 20,700 10.999,900 3,792,000 -264,200 400,000 -350,000 500,000 940,100 Tentative Ending Balance of cash Borrowed / Repaid InterestPaid Ending Baince 978,000 -800,000 -20,000 158,000 1,020,100 -100,000 -3,000 917,100 135,800 150,000 -23,000 917,000 Balance Sheet For upcoming year For the Year Ended December 31, 20x1 917,100 480,000 50,000 67,000 1,514,100 2,500,000 9,000,000 -5,368,000 Current Assets: Cash Accounts Receivables Material inventory Finisihed Goods Inventory Total Current Assets Property, Plant, & Equipment: Land Buildings & Equipment Accumulated Depreciation Total PP&E Total Assets Liabiliies & Stockolders' Equity Current Liabilities: Accounts Payable Income Tax Payable Total Current Liabilities Stockholders' Equity Common Stock Retained Earning Total Stockholders' Equity Total Liabilities & Stockholders' Equity 6,132,000 7,646,100 113,800 17,700 131,500 600,000 6,914,600 7,514,600 7.646,100 4:38 Done 2 of 10 TBA, Inc., manufactures and sells concrete block for residential and commercial building. TBA expects to sell the following in 20x1: Quarter ter 2 w 4 2000000000000000 Unit wling price 00 TBA expects the following unit sales and desired ending inventory in 20x1: Quarter U Sales 6 20 Inventory on both January 1, 20x1, and January 1, 20x2.is expected to be 100,000 blocks. Each block requires 26 pounds of raw materials (a mixture of cement, sand, gravel, shale, pumice, and water). TBA's raw materials inventory policy is to have 5 million pounds in ending inventory for the third and fourth quarters and 8 million pounds in ending inventory for the first and second quarters. Thus, desired direct materials inventory on both January 1, 20x1, and January 1, 20x2, is 5.000.000 pounds of materials. Each pound of raw materials costs $0.01. Each block requires 0.015 direct labor hour, direct labor is paid $14 per direct labor hour. Variable overhead is $8 per direct labor hour. Fixed overhead is budgeted at $320,000 per quarter ($100,000 for supervision, $200,000 for depreciation, and $20,000 for rent). TBA also provided the information that beginning finished goods inventory is $55,000; and the ending finished goods inventory budget for ABT for the year $67,000. TBA's only variable marketing expense is a 50.05 commission per unit (block) sold. Fixed marketing expenses for each quarter include the following: Advertising expense is $10,000 in Quarters 1,3, and 4. However, at the beginning of the summer building season. TBA increases advertising: in Quarter 2. advertising expense is $15,000. TBA has no variable administrative expense. Fixed administrative expenses for each quarter include the following: Income taxes are paid at the rate of 30 percent of operating 4:38 Done 2 of 10 Income taxes are paid at the rate of 30 percent of operating income. Of the sales on account. 70 percent are collected in the quarter of sale: the remaining 30 percent are collected in the quarter following the sale. Total sales for the fourth quarter of 20x0 totaled $2,000,000 All materials are purchased on account: 80 percent of purchases are paid for in the quarter of purchase. The remaining 20 percent are paid in the following quarter. The purchases for the fourth quarter of 20x0 were $500,000 TBA requires a $100.000 minimum cash balance for the end of each quarter. On December 31, 20x0, the cash balance was $120,000 Money can be borrowed and repaid in multiples of $100,000 Interest is 12 percent per year. Interest payments are made only for the amount of the principal being repaid. All borrowing takes place at the beginning of a quarter, and all repayment takes place at the end of a quarter. Budgeted depreciation is $200.000 per quarter for overhead, $5,000 for marketing expense, and $12,000 for administrative expense. (Remember that depreciation is not a cash expense and must be deleted from total expenses before the cash budget is prepared.) The capital budget for 20x1 revealed plans to purchase additional equipment for $600,000 in the first quarter. The acquisition will be financed with operating cash, supplementing it with short-term loans as necessary. Corporate income taxes of $20,700 will be paid at the end of the fourth quarter. The balance sheet for the beginning of the year is given: RELIREMENTO S 4:38 1 Done 2 of 10 loans as necessary. Corporate income taxes of $20,700 will be pi fourth quarter. The balance sheet for the beginning of the yea ABT, Inc Balance Sheet December 31, 2010 Current assets 5 525.000 Accounts receivable 300.000 Man v entory 50 000 Finished goods inventory 55 000 Total current assets Property, plant, and equipment PPE 52 500 000 Buldings and equipment 9000 000 Accumulated depreciation Total PPSE Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Stockholders' equity Common stock, no par $ 600.000 Retained emings Total stockholders' equity Total abilities and stockholders' equity 7.000.000 5000 $100,000 7.425.000 REQUIREMENTS (to be completed using Exce 1. Construct a sales budget for the coming y by quarter and in total for the year 2. Construct a production budget for the con units produced by quarter and in total fort 3. Construct a direct materials purchases materials for the coming year. Show tota and in total for the year 4. Construct a direct labor budget for the cor amounts by quarter and in total for the yea E 4:38 Done 2 of 10 fourth quarter. The balance sheet for the beginning of the year is given: REQUIREMENTS (to be completed using Excel) 1. Construct a sales budget for the coming year. Show total sales by quarter and in total for the year 2. Construct a production budget for the coming year. Show total units produced by quarter and in total for the year. 3. Construct a direct materials purchases budget for the raw materials for the coming year. Show total amounts by quarter and in total for the year. 4. Construct a direct labor budget for the coming year. Show total amounts by quarter and in total for the year 5. Construct an overhead budget for the coming year. Show total amounts by quarter and in total for the year. Prepare a cost of goods sold budget for the coming year. 7. Construct a marketing expense budget for the coming year. Show total amounts by quarter and in total for the year & Construct an administrative expense budget for the coming year. Show total amounts by quarter and in total for the year. Construct a budgeted income statement for the coming year. 10. Construct a cash receipts budget for each quarter of the coming year. 11. Construct a cash payments budget each quarter of the coming year. 12. Prepare a cash budget for each quarter of the coming year. 13. Prepare the Budgeted Balance Sheet for the coming year !!! Quarter TBA Inc., Sales Budget For the Year Ended Decemeber 31, 20x1 Unit Sales Unit Selling Volume Price Totals 2,000,000 $0.70 $1,400,000.00 6,000,000 $0.70 $4,200,000.00 6,000,000 $0.80 $4,800,000.00 2,000,000 $0.80 $1,600,000.00 16,000,000 $12,000,000.00 24 Year Total 6 Expected Units to be sold Desired Ending Inventory Total Units Available Estimated Beginning Inventory Total Units to be Produced TBA, Inc. Production Budget For the Year Ended 20x1 Q1 Q2 Q3 Q4 Year Total 2,000,000.00 6,000,000,00 6,000,000.00 2,000,000.00 16,000,000.00 500,000.00 500.000,00 100,000.00 100.000,00 1.200.000,00 2,500,000.00 6,500,000.00 6,100,000.00 2,100,000.00 17.200,000.00 (100,000.00 (500,000.00) (500,000.00) (100,000,00) (1,200,000.00) 2,400,000.00 6,000,000.00 5,600,000.00 2,000,000.00 16,000,000.00 10 TBA Inc Direct Materials Purchases Budget For the Year Ended 20x1 Direct Materials: Q1 Q2 Q3 104 Total Lbs required for production (Blocks) Raw Materials required (Note A): 62,400,000.00 156,000,000.00 145,600,000.00 52,000,000.00 416,000,000.00 Desired Inventory, End of Quarter 8 ,000,000.00 8,000,000.00 5,000,000.00 5,000,000.00 26,000,000.00 Total Lbs available 70,400,000.00 164,000,000.00 150,600,000.00 57,000,000.00 442,000,000.00 Est. Inventory, Beg. of Quarter (5,000,000.00) (8,000,000.00) (8,000,000.00) (5,000,000.00) (26,000,000.00) Total Lbs to be purchased 65,400,000.00 156,000,000.00 142,600,000.00 52,000,000.00 416,000,000.00 Unit Price/Lb $0.01 $0.01 $0.01 $0.01 $ 0.01 $ 654,000.00 $ 1,560,000.00 $ 1,426,000.00 $ 520,000.00 $ 4,160,000.00 Note A Q1: 2,400,000.00 X 26 Lb's = 6,000,000.00 X 26 Lb's = 5,600,000.00 X 26 Lb's = 2,000,000.00 X 26 Lb's = 62,400,000 156,000,000 145,600,000 52,000,000 Q3: Q4: TBA, Inc Direct Labor Cost Budget For the Year Ended 20x1 Q2 Q3 Q Q4 Total Hours required for production: Concrete Block (Note A) : Hourly Rate: Total Direct Labor Cost: $ $ 36,000.00 90,000.00 14.00 $ 14.00 504,000.00 $ 1,260,000.00 84,000.00 30,000.00 240,000.00 $ 14.00 $ 14.00 S 14.00 $ 1,176,000.00 $ 420,000.00 $ 3,360,000.00 Note : Q1: Q2: Q3 Q4: 2,400,000.00 X 0.015 dih= 6,000,000.00 X 0.015 dih= 5,600,000.00 X 0.015 dih= 2,000,000.00 X 0.015 dih= 36,000.00 90,000.00 84,000.00 30,000.00 TBA, Inc. Factory Overhead Budget For the Year Ended 20x1 Q2 Q3 Q4 Year Total 288,000 $ 720,000 $ 672,000 $ 288,000 $ 1,968,000 Q1 Variable OH: DL FO $ Fixed OH: Supervision $ Depreciations Rent Total Fixed OHS Total OH $ 100,000 $ 200,000 $ 20,000 $ 320,000 $ 608,000 $ 100,000 $ 200,000 $ 20,000 $ 320,000 S 1,040,000 $ 100,000 $ 200,000 $ 20,000 $ 320,000 $ 992,000 $ 100,000 $ 200,000 $ 20,000 $ 320,000 $ 608,000 $ 400,000 800,000 80,000 1,280,000 3,248,000 DLH X on on on VDL OH Rate 36,000 $ 8 90,000 $ 8 84,000 $ 36,000 $ 00 00 DL FO S 288,000 S 720,000 672,000 288,000 00 $ 55,000.00 TBA, Inc. Cost of Goods Sold Budget For the Year Ending December 31, 20x1 Finished Goods Inventory, January 20x1 Work in Process Inventory, January 20x1 26,000.00 Direct Materials: Direct Materials Inventory January 1, 20x1 $ 50,000.00 Direct Material Purchases $ 4,160,000.00 Cost of direct Materials available for use $ 4,210,000.00 Direct Materials Inventory December 31, 20x1 S (50.000.00) Cost of Direct Materials Placed in production $ 4,160,000.00 Direct Labor $ 3,360,000.00 Factor Overhead $ 3,248,000.00 Total Manufacturing Costs $ 10,768,000.00 Total Work in Process during period $ 10,794,000.00 Work in Process inventory, December 31, 20x1 $ (26,000.00) Cost of Goods Manufactured Cost of finished Goods available for sale Finished Goods Inventory, December 31, 20x1 Cost of Goods Sold $ 10,768,000.00 S 10.823,000.00 $ (67,000.00) $ 10,756,000.00 TBA, Inc. Marketing Budget For the Year Ended December 31, 20x1 Q1 Q2 Q3 Year Total $ 100,000.00 $ 300,000.00 $ 300,000.00 $ 100,000.00 $ 800,000.00 Variable Marketing Expenses: Commission Fixed Marketing Expenses: Salaries Depreciation Travel Total fixed Marketing Expenses $ $ $ $ 20,000.00 $ 5,000.00 $ 3,000.00 $ 28,000.00 $ 20,000.00 $ 5,000.00 $ 3,000.00 $ 28,000.00 $ 20,000.00 5,000.00 3,000.00 28,000.00 $ $ $ $ 20,000.00 $ 5,000.00 $ 3,000.00 $ 28,000.00 $ 80,000.00 20,000.00 12,000.00 112,000.00 $ Advertising Expense Total Marketing Expenses S. 10,000.00 $ 15,000.00 $ 10,000.00 S 138,000.00 S 343,000.00 S 338,000.00 10,000.00 $ 45,000.00 138,000.00 S 957,000.00 Note: Commission Q1 Units sold x 9.05 per unit 2,000,000 $ 0.05 6,000,000 $ 0.05 6,000,000 $ 0.05 2,000,000 $ 0.05 Commission $ 100,000.00 $ 300,000.00 $ 300,000.00 $ 100.000,00 Marketing Expense Budget TBA, Inc. Administrative Expense Budget For the Year Ended December 31, 20x1 Q1 Q2 Q3 Fixed Administrative Expenses: Salaries Expense Insurance Expense Depreciation Expense Travel Expense Total Fixed Administrative Expenses: $ $ $ 35,000.00 4,000.00 12,000.00 2,000.00 53,000.00 $ $ $ $ $ 35,000.00 $ 4,000.00 $ 12,000.00 $ 2,000.00 $ 53,000.00 $ 35,000.00 $ 4,000.00 $ 12,000.00 $ 2,000.00 S 53,000.00 $ 35,000.00 $ 140,000.00 4,000.00 $ 4,000.00 $ 16,000.00 12,000.00 $ 48,000.00 2,000.00 $ 8,000.00 53,000.00 $ 212,000.00 $ TBA, Inc. Budgeted Income Statement For the Year Ending December 31, 20x1 Revenue from sales Cost of goods sold Gross profit $ 12,000,000.00 $ 10,756,000.00 $ 1,244,000.00 Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses $ 957,000.00 $ 212,000.00 $ 1,169,000.00 S S (1,169,000.00) 75,000.00 Operating Income Other revenue and expense: Interest revenue Interest expense Income before income tax Income tax Corporate tax Net Income non no 75,000.00 22,500.00 20,700.00 31.800.00 TBA, Inc Cash Reciept Budget For the Year Ended December 31, 20x1 Q2 Q3 Q4 1,400,000 4,200,000 4,800,000 300,000 980,000 2,940,000 3,360,000 420.000 1.260,000 1280000 3,360,000 4,620,000 T 1,600,000 Sales Collections of Accounts Recievables Collected in the same Quarter 70% Collected in the following Quarter 30% Total Cash Collections otal 12,000,000 300,000 8,400,000 3.120.000 11,820,000 1,120,000 1.440.000 2,560,000 c D Q1 Q3 04 Total TBA, Inc. | Cash Payment Budget For the Year Ended December 31, 20x1 Q2 699,000 1,635,000 1,505,000 100,000 559,200 1,308,000 1,204,000 139.800 327.000 659,200 1,447,800 1,531,000 Purchases Payment of Accounts Payable Paid in the same Quarter 80% Paid in the following Quarter 20% Total Cash Payments 569,000 455,200 301.000 756,200 4,408,000 100,000 3,526,400 767 800 4,394,200 04 150,000 4,620,000 4,770,000 158,000 2,560,000 2,718,000 Total 563.800 11,820,000 11,940,000 TBA, Inc Cash Budget For the Year Ended December 31, 20x1 Q1 Q2 Q3 Opening Balance of Cash 120,000 135,800 Cash Reciepts 1,280,000 3,360,000 Total Cash available 1,400,000 3,495,800 Less Disburstments Payment for Purchases 659,200 1,447,800 Payment fro Labor 504,000 1,260,000 Payment for Manufacturing Overheads 408,000 840,000 Payment for selling & Administrative Expenses 93,000 298,000 Corporate Income Taxes Total Payments 1,664,200 3,845,800 1,531,000 1,176,000 792,000 293,000 756,200 420,000 408,000 93,000 20,700 1,697,900 4,394,200 3,360,000 2,448,000 777,000 20,700 10.999,900 3,792,000 -264,200 400,000 -350,000 500,000 940,100 Tentative Ending Balance of cash Borrowed / Repaid InterestPaid Ending Baince 978,000 -800,000 -20,000 158,000 1,020,100 -100,000 -3,000 917,100 135,800 150,000 -23,000 917,000 Balance Sheet For upcoming year For the Year Ended December 31, 20x1 917,100 480,000 50,000 67,000 1,514,100 2,500,000 9,000,000 -5,368,000 Current Assets: Cash Accounts Receivables Material inventory Finisihed Goods Inventory Total Current Assets Property, Plant, & Equipment: Land Buildings & Equipment Accumulated Depreciation Total PP&E Total Assets Liabiliies & Stockolders' Equity Current Liabilities: Accounts Payable Income Tax Payable Total Current Liabilities Stockholders' Equity Common Stock Retained Earning Total Stockholders' Equity Total Liabilities & Stockholders' Equity 6,132,000 7,646,100 113,800 17,700 131,500 600,000 6,914,600 7,514,600 7.646,100
