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Electric Monkey Computer Accessories assembles a computer networking device from kits of imported components. You have been asked to develop a quarterly and annual operating
Electric Monkey Computer Accessories assembles a computer networking device from kits of imported components. You have been asked to develop a quarterly and annual operating budget and pro forma income statements for next year. You have obtained the following information:Electric Monkey Computer Accessories assembles a computer networking device from kits of imported components. You have been asked to develop a quarterly and annual operating budget and pro forma income statements for next year. You have obtained the following information:
Beginningofyear balances
Cash $
Accounts receivable previous quarters sales $
Raw materials kits
Finished goods kits
Accounts payable materials $
Borrowed funds $
Desired endofyear inventory balances
Raw materials kits
Finished goods kits
Desired endofquarter balances
Cash $
Raw materials as a portion of the following quarters production
Finished goods as a portion of the following quarters sales
Manufacturing costs
Standard cost per unit Units Unit price Total
Direct labor hours at rate hour $ $
Raw materials kit $
Variable overheadlabor hour hour $
Total standard variable cost $
Fixed cost per quarter
Cash $
Depreciation
Total $
Selling and administrative costs $
Variable cost per unit
Fixed costs per quarter
Cash $
Depreciation
Total $
Interest rate per quarter
Portion of sales collected
Quarter of sale
Subsequent quarter
Bad debts
Portion of purchases paid
Quarter of purchase
Subsequent quarter
Unit selling price $
Sales forecast
Quarter First Second Third Fourth
Unit sales
Additional information
All cash payments except purchases are made quarterly as incurred.
All borrowings occur at the start of a quarter.
All repayments on borrowings occur at the end of a quarter.
At the time the principal is repaid, interest is paid on the portion of principal that is repaid.
Borrowings and repayments may be made in any amount
Required
Note: Do not use negative signs with any of your answers in the requirements that follow.
Part A
Part B
Part C
Part D
Part E
Part F
Part G
f A cash budget for each quarter and the year.
Electric Monkey Computer Accessories
Cash Budget
For the Year Ending December
First Second Third Fourth Total
Beginning balance
Operating cash receipts:
Current quarter's sales
Previous quarter's sales
Total operating receipts
Total available for operations
Cash disburse
Beginningofyear balances
Cash $
Accounts receivable previous quarters sales $
Raw materials kits
Finished goods kits
Accounts payable materials $
Borrowed funds $
Desired endofyear inventory balances
Raw materials kits
Finished goods kits
Desired endofquarter balances
Cash $
Raw materials as a portion of the following quarters production
Finished goods as a portion of the following quarters sales
Manufacturing costs
Standard cost per unit Units Unit price Total
Direct labor hours at rate hour $ $
Raw materials kit $
Variable overheadlabor hour hour $
Total standard variable cost $
Fixed cost per quarter
Cash $
Depreciation
Total $
Selling and administrative costs $
Variable cost per unit
Fixed costs per quarter
Cash $
Depreciation
Total $
Interest rate per quarter
Portion of sales collected
Quarter of sale
Subsequent quarter
Bad debts
Portion of purchases paid
Quarter of purchase
Subsequent quarter
Unit selling price $
Sales forecast
Quarter First Second Third Fourth
Unit sales
Additional information
All cash payments except purchases are made quarterly as incurred.
All borrowings occur at the start of a quarter.
All repayments on borrowings occur at the end of a quarter.
At the time the principal is repaid, interest is paid on the portion of principal that is repaid.
Borrowings and repayments may be made in any amount
Required
Note: Do not use negative signs with any of your answers in the requirements that follow.
Part A
Part B
Part C
Part D
Part E
Part F
Part G
e A selling and administrative expense budget for each quarter and the year.
Electric Monkey Computer Accessories
Selling and Administrative Expense Budget
For the Year Ending December
First Second Third Fourth Total
Unit sales
Sales Revenue
Variable costs:
Bad debts
Other
Total
Fixed costs
Total selling and admin.
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