Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello, can someone kindly help me with this? The management of Zlgby Manufacrlng prep.are the following egmated balance sheet for March 2019. EstiQted 31, 487,
Hello, can someone kindly help me with this?
The management of Zlgby Manufacrlng prep.are the following egmated balance sheet for March 2019. EstiQted 31, 487, see e,eee (17e,em AL ts gavable 2: 7 , sge 767,6ge 355, eee eel , zee Total Total a Liabilities T t liabilities L g t note Total liabilities Total s and Equity se,ee 438 zee 1, egs,gge S 1, 568, ege S 21S,6ge 32 zee zee zee S 1, 568, ege To prepare a master budget for Apr". May. ard June of 2019. management gathers the following Informatlon a. Saleg for March total 25,000 unltE_ Forecasted sales In unltE are as follcwg: Aprll. 25.000: May. 17.100: June. 22300: and July, 23.000 Sale-E of 260,000 unltE Ere forecagte for the er,tlre year The products E.elllrvg Is $2&00 per ur,lt and total product SYSO per urt b Company *Icy calls for glven month's endln; raw mater1aIE Inventory to of the next month's mater1aIE requlrementE_ The March 31 mater1aIE Irventory 4.670 complleg the *Icy. The ex;eed 30 endln; materials Inventory [E 6.000 unltg. Ravv materlalg cost S20 per unlt Each unr requlreg 030 unltg of rave meterla@ c. Company *Icy for month's endln; finlhed Inventory to equal of ffne next month's expected unltsaleg. The March 31 finlEhed goodG Inventory IE 20.000 unlt. complleE the pollcy d. finlghed unt regulre; OSO hours of dlrect rete of per Hour. e. Overhead [E albocEtecI on dlrect labor "ours Tie preetermlned varl&ble cn.'erhead rate S400 per dlrect labor hour. of 340.790 per mort." IE treated Ixed factory f Saleg representatlve-g Ere of and are In the month of the The gales margerg monthly *ary IE Ss,ooo g. Monthly general art admln1EtrEtlve expenses Include 521.000 admlnlEtratlve galar1eE and monthly Interest on the Jon;rm note payable h. The company of to for cash the remalnlng 7" on credlt. Receva:bles are collecd In full In the month follcwlng the Eale Inane are collected In the month of the L All raw mater1aIE Ere on credlt. and ;.ayabIeG Erge from any other tr&nzct'ong. One month's raw materlalg purchases are fully In next month The mlnlmum erdlng cast, lance for all months lg S" 000 f necessary. the company borrcwg enough cash a Shon-term note to reach the mlrlmurm note; regulre En Interet payment of month-end (before any repayment). If the endlng cash balance exceed; mlnlmum. the excess v,'lll be applled to repayln; the Ehortrm nog k. of SEO,OOO are to be declare and pald In L No cash payments for Income taxes are to be rn&de the second calendar quarter Income tax vvlll be aggesged at In the ancl palcl In the tf71rd calendar m Equlpment purchases of SISO.OOO are budgete for the lut day of June Requlred: Pre;zre the followlng budgets Era other finenclal Information regulred_ All budgets other finenclal Information be for the E.ezord calenar quarter, except otherwlge noted belon (Round calculatlons up to the nearest whole dollar. except for the amount of cash sales. which should be rounded down to the nearest whole dollar): I. Sales budget 2_ ProSualon budget 2. Ravv budget 4. Dlrect labor budget 5. Factory budget. 6. Selllng expense budget. 7. Gere:al and Edmlnlgtrat've expense budget 8. Cut buclgZ 9. Sudgete statement for the entlre second qualer Inot for each month separately". 10 Sudgeted balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started