Hi are you available to assists me ? I have worked them out but I need to double check them out.

Assignment Question 1 Not complete Points out of 12.00 Flag question Question text Purchases Budget in Units and Dollars Budgeted sales of The Music Shop for the first six months of 2014 are as follows: Month Unit Sales Month Unit Sales January 130,000 April 215,000 Februar y 160,000 May 180,000 March 200,000 June 240,000 Beginning inventory for 2014 is 30,000 units. The budgeted inventory at the end of a month is 40 percent of units to be sold the following month. Purchase price per unit is $5. Prepare a purchases budget in units and dollars for each month, January through May. The Music Shop Purchases Budget January - May, 2014 January Purchase units: Purchase dollars: Question 2 Not complete Points out of 12.00 Answer February Answer 0 $Answer 0 March Answer 0 $Answer 0 April May Answer Answer 0 $Answer 0 0 0 $Answer $Answer 0 0 Question text Cash Budget Wilson's Retail Company is planning a cash budget for the next three months. Estimated sales revenue is as follows: Month Sales Revenue Month Sales Revenue January $300,000 March $200,000 Februar y 205,000 April 190,000 All sales are on credit; 60 percent is collected during the month of sale, and 40 percent is collected during the next month. Cost of goods sold is 70 percent of sales. Payments for merchandise sold are made in the month following the month of sale. Operating expenses total $44,000 per month and are paid during the month incurred. The cash balance on February 1 is estimated to be $40,000. Prepare monthly cash budgets for February, March, and April. Use negative signs only with beginning and ending cash balances, when appropriate. Do not use negative signs with disbursement answers. Wilson's Retail Company Cash Budgets February, March, and April February March $Answer Cash balance, beginning April $Answer $Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Total Cash receipts Cash available Total disbursements $Answer Cash balance, ending $Answer $Answer Check Question 3 Not complete Points out of 12.00 Flag question Question text Production and Purchases Budgets in Units At the end of business on June 30, 2009, the Wooly Rug Company had 100,000 square yards of rugs and 400,000 pounds of raw materials on hand. Budgeted sales for the third quarter of 2009 are: Month Sales July 220,000 sq. yards August 160,000 sq. yards September 150,000 sq. yards October 160,000 sq. yards The Wooly Rug Company wants to have sufficient square yards of finished product on hand at the end of each month to meet 40 percent of the following month's budgeted sales and sufficient pounds of raw materials to meet 30 percent of the following month's production requirements. Five pounds of raw materials are required to produce one square yard of carpeting. Prepare a production budget for the months of July, August, and September and a purchases budget in units for the months of July and August. Wooly Rug Company Production Budget For the Months of July, August, & September, 2009 July Budgeted production - sq. yards Answer August Answer September Answer Wooly Rug Company Purchases Budget For the Months of July & August, 2009 July Purchases in pounds August Answer Answer Check Next Question 4 Not complete Points out of 14.00 Flag question Question text Cash Receipts The sales budget for Perrier Inc. is forecasted as follows: Month Sales Revenue May $140,000 June 140,000 July 180,000 August 120,000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales: 60 percent in the month of sale. 20 percent in the month following sale. 15 percent in the second month following sale. 5 percent uncollectible. The company gives a 1 percent cash discount for payments made by customers during the month of sale. The accounts receivable balance on April 30 is $25,000, of which $6,000 represents uncollected March sales and $19,000 represents uncollected April sales. Prepare a schedule of budgeted cash collections from sales for May, June, and July. Include a threemonth summary of estimated cash collections. Perrier, Inc. Schedule of Budgeted Cash Collections Quarterly by Months May $Answer June $Answer July $Answer Total $Answer Total Cash receipts: Check Next Question 5 Not complete Points out of 12.00 Flag question Question text Cash Disbursements Assume that Waycross Manufacturing manages its cash flow from its home office. Waycross controls cash disbursements by category and month. In setting its budget for the next six months, beginning in July, it used the following managerial guidelines: Category Guidelines Purchases Pay half in current and half in following month. Payroll Pay 90 percent in current month and 10 percent in following month. Loan Payments Pay total amount due each month. Predicted activity for selected months follow: Category May June July August Purchases $30,000 $48,000 $52,000 $54,000 Payroll Purchases 100,000 130,000 140,000 100,000 10,000 10,000 12,000 12,000 Prepare a schedule showing cash disbursements by account for July and August. Waycross Manufacturing Schedule of Cash Disbursements For the Months of July and August July August $Answer $Answer Answer Answer Accounts payable Payroll Answer Answer Loan payments $Answer Total $Answer Check Next Question 6 Not complete Points out of 14.00 Flag question Question text Cash Budget The Peoria Supply Company sells for $30 one product that it purchases for $20. Budgeted sales in total dollars for next year are $720,000. The sales information needed for preparing the July budget follows: Month Sales Revenue May $30,000 June 44,000 July 49,000 August 50,000 Account balances at July 1 include these: Cash $20,000 Merchandise inventory Accounts receivable (sales) 24,000 Accounts payable (purchases) 15,000 13,000 The company pays for onehalf of its purchases in the month of purchase and the remainder in the following month. Endofmonth inventory must be 50 percent of the budgeted sales in units for the next month. A 2 percent cash discount on sales is allowed if payment is made during the month of sale. Experience indicates that 50 percent of the billings will be collected during the month of sale, 40 percent in the following month, 6 percent in the second following month, and 4 percent will be uncollectible. Total budgeted selling and administrative expenses (excluding bad debts) for the fiscal year are estimated at $174,000, of which onehalf is fixed expense (inclusive of a $20,000 annual depreciation charge). Fixed expenses are incurred evenly during the year. The other selling and administrative expenses vary with sales. Expenses are paid during the month incurred. (Round your answers to the nearest whole number.) (a) Prepare a schedule of estimated cash collections for July. Peoria Supply Company Schedule of Cash Collections For the Month of July $Answer Current month's sales $Answer Previous month's sales $Answer Two months' prior sales $Answer Total cash collections (b) Prepare a schedule of estimated July cash payments for purchases. Peoria Supply Company Schedule of Cash Payments for Purchases For the Month of July $Answer Current month's purchases Answer Beginning accounts payable Peoria Supply Company Schedule of Cash Payments for Purchases For the Month of July $Answer Total cash payments (c) Prepare schedules of July selling and administrative expenses, separately identifying those requiring cash disbursements. Peoria Supply Company Schedule of Selling and Administrative Expenses and Cash Disbursements For the Month of July Total Cash Selling and administrative expenses: $Answer Fixed $Answer Cash payment Answer Answer $Answer $Answer Variable Total expenses and cash disbursements (d) Prepare a cash budget in summary form for July. Peoria Supply Company Cash Budget For the Month of July $Answer Cash receipts Cash disbursements: Peoria Supply Company Cash Budget For the Month of July $Answer Merchandise Answer Answer Selling and administrative $Answer Excess receipts (disbursements) Check Next Question 7 Not complete Points out of 12.00 Flag question Question text Product and Department Budgets Using ActivityBased Approach The following data are from the general records of the Loading Department of Bowman Freight Company for November. Cleaning incoming trucks, 20 minutes. Obtaining and reviewing shipping documents for loading truck and instructing loaders, 30 minutes. Loading truck, 1 hour and 30 minutes. Cleaning shipping dock and storage area after each loading, 10 minutes. Employees perform both cleaning and loading tasks and are currently averaging $20 per hour in wages and benefits. The supervisor spends 10 percent of her time overseeing the cleaning activities; 60 percent overseeing various loading activities; and the remainder of her time making general plans and managing the department. Her current salary is $3,000 per month. Other overhead of the department amounts to $10,000 per month, 20 percent for cleaning and 80 percent for loading. Prepare an activities budget for cleaning and loading in the Loading Department for November, assuming 20 working days and the loading of an average of 14 trucks per day. (Round your answers to two decimal places.) Bowman Freight Loading Department Activity-Based Budget For the Month of November Activities: Cleaning: Answer hour Trucks s Answer hour Docks s Answer hours Answer hours Answer hours Answer Total cleaning time hours Loading: Instructions Loading trucks Total loading time Budget: Cleaning: Labor $Answer Bowman Freight Loading Department Activity-Based Budget For the Month of November Overhead Supervision Answer Answer $Answer Loading: Labor Overhead Supervision Answer Answer Answer Answer $Answer Total Check Next Question 8 Not complete Points out of 12.00 Flag question Question text Developing a Master Budget for a Manufacturing Organization Jacobs Incorporated manufactures a product with a selling price of $50 per unit. Units and monthly cost data follow: Variable: Selling and administrative $5 per unit sold Direct materials 10 per unit manufactured Direct labor 10 per unit manufactured Variable: Variable manufacturing overhead 5 per unit manufactured Fixed: Selling and administrative $20,000 per month Manufacturing (including depreciation of $10,000) 30,000 per month Jacobs pays all bills in the month incurred. All sales are on account with 50 percent collected the month of sale and the balance collected the following month. There are no sales discounts or bad debts. Jacobs desires to maintain an ending finished goods inventory equal to 20 percent of the following month's sales and a raw materials inventory equal to 10 percent of the following month's production. January 1, 2011, inventories are in line with these policies. Actual unit sales for December and budgeted unit sales for January, February, and March of 2011 are as follows: JACOBS INCORPORATED Sales Budget For the Months of January, February, and March 2011 Month Sales - Units Sales Dollars December January 5,750 Februar y 3,000 $287,500 $150,000 10,000 March 7,000 $500,000 $350,000 Additional information: The January 1 beginning cash is projected as $7,000. For the purpose of operational budgeting, units in the January 1 inventory of finished goods are valued at variable manufacturing cost. Each unit of finished product requires one unit of raw materials. Jacobs intends to pay a cash dividend of $6,000 in January. NOTE: For the entire problem do not use any negative signs with your answers unless appropriate for net income(loss) or ending balance. (a) A production budget for January and February. JACOBS INCORPORATED Production Budget For the Months of January and February 2011 January Requirements for current sales Answer 0 February Answer 0 March Answer 0 JACOBS INCORPORATED Production Budget For the Months of January and February 2011 January February 0 Desired ending inventory Total requirements Less beginning inventory Production requirements 0 Answer 0 Answer 0 0 Answer Answer 0 0 Answer Answer 0 0 Answer Answer 0 0 (b) A purchases budget in units for January. JACOBS INCORPORATED Purchases Budget For the Month of January 2011 January Current requirements (units) Desired ending inventory Total requirements Less beginning inventory Purchases (units) Purchases (dollars at $10 each) February Answer Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 $Answer 0 (c) A manufacturing cost budget for January. JACOBS INCORPORATED Manufacturing Cost Budget For the Month of January 2011 Variable costs March 0 JACOBS INCORPORATED Manufacturing Cost Budget For the Month of January 2011 $Answer Direct materials 0 Answer Direct labor 0 Variable manufacturing overhead Answer 0 Answer Total variable costs 0 Fixed manufacturing overhead Answer 0 $Answer Total manufacturing overhead 0 (d) A cash budget for January. JACOBS INCORPORATED Cash Budget For the Month of January 2011 $Answer Beginning balance 0 Receipts: December sales January sales $Answer 0 Answer Answer 0 Answer Total cash available 0 Disbursements: Purchases Direct labor Variable manufacturing overhead Fixed manufacturing overhead (exclude depreciation) 0 Answer 0 Answer 0 Answer 0 Answer 0 JACOBS INCORPORATED Cash Budget For the Month of January 2011 Answer Variable selling and administrative 0 Answer Fixed selling and administrative 0 Answer Dividend Answer 0 0 $Answer Ending Balance 0 (e) A budgeted contribution income statement for January. JACOBS INCORPORATED Budgeted Contribution Income Statement For the Month of January 2011 $Answer Sales 0 Less variable costs: Cost of goods sold Selling and administrative $Answer 0 Answer Answer 0 0 Answer Contribution 0 Less fixed costs: Manufacturing overhead Selling and administrative Net income Answer 0 Answer Answer 0 0 $Answer 0 (f) Prepare a cash budget for January assuming management plans to increase the January end raw materials inventory to 100 percent of February's production needs. JACOBS INCORPORATED Cash Budget with Additional Purchases of Raw Materials For the Month of January 2011 $Answer Beginning balance 0 Receipts: $Answer December sales January sales 0 Answer Answer 0 0 Answer Total cash available 0 Disbursements: Purchases Direct labor Variable manufacturing overhead Fixed manufacturing overhead (exclude depreciation) Variable selling and administrative Fixed selling and administrative Dividend Ending Balance Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer 0 Answer Answer 0 0 $Answer 0 (g) Actions management might consider to resolve the problem indicated in the revised cash budget in part (f) include: Delaying the cash dividend. If possible, pay for fifty percent of each month's purchases in during the month and pay for the other fifty percent in the following month, an average of fifteen to sixteen days after receipt. Obtain a line of credit with a financial institution. All of the above. Check Next