Hi i started with some budgets i need help with remaining parts can i get help please?
i need help with of schedule cash receipts schedule of cash payments and cash budget etc
ray Other for at Tire Company tres for each Gadis Gray's balance sheet for The Grady Time Company manufactures racing for bicycle planning for the next year by developing a master budget by December 31, 2018. follows Cick the icon to view the balance sheet) de reduction budget direct budget director chedule of sh orts and cash budget andet Requirement 1. Prepare Grady's operating budget and cash budget for 2019 by Quarter Required schedules and budget manufacturing overhead budget, cost of goods sold budget, sing and admini sperse budget scheef cash re allocated based on direct labor hours Round all al ons to the newest dollar Begin by preparing the sales budget Grady Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter 2.000 2.200 Salesproeperunt 4000 157000 1 204000 S 153000 5170 000 he production budget budget, direc hts, and cash UI al Grady Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Data Table Cash $ 50,000 Accounts Receivable 25,000 Raw Materials Inventory 3,900 7,800 Finished Goods Inventory $ Total Current Assets Property, Plant, and Equipment: 183,000 Equipment (77,000) Less: Accumulated Depreciation mil 86,700 106,000 192,700 Total Assets Liabilities More Info t materia budget. (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,800 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 300 tires at $26 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2020 are expected be 2,600 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 600 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $6.50 per pound. f. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 600 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.50 hours of direct labor; direct labor costs average $25 per hour. h. Variable manufacturing overhead is $1 per tire. 1. Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $45,485 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $11,000 per quarter for salaries: $3,000 per quarter for rent; $750 per quarter for insurance; and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. Fourth Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 2,080 2,280 Quarter Total 9,140 2.480 Budgeted tires to be produced 2,300 2,300 2,080 $ $ 2,200 $ $ 2,480 9.140 VOH cost per tire Budgeted VOH Budgeted FOH Depreciation 10,000 181,940 Utilities, insurance, property taxes 2,500 45,485 47,985 50,285 2,500 45,485 47,985 50,065 2,500 45,485 47,985 50,265 2,500 45,485 47,985 50,465 $ 191,940 Total budgeted FOH $ $ 201,080 Budgeted manufacturing overhead costs Fourth Quarter Total Grady Tire Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Salaries Expense $ 11,000 $ 11,000 $ 11,000 Rent Expense 3,000 3,000 3,000 Insurance Expense 750 750 750 Depreciation Expense 1,500 1,500 1,500 Supplies Expense 3,060 3,400 3,740 19,310 Total budgeted selling and administrative expense $ 19,650 $ 19,990 $ 11,000 $ 3,000 750 1,500 4,080 20,330 44,000 12,000 3,000 6,000 14,280 79,280 Read the real 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr.--Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr. --Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr. --Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr. ---Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: M ILLIY Uvnad budget you prepared above. les, collection of First es Second Quarter Third Quarter Fourth Quarter Quarter Total ales, collection of is from customers Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes ivable balance, Dec sales, collection of Total payments for manufacturing overhead 11 then rick Check Answer OUR W icon to view the balance sheet.) Wo icon to view the other data) Read the resuirements os, collection of es, collection of First Quarter Second Fourth Quarter Third Quarter Quarter Total as, collection of Income Taxes: from customers Total payments for income taxes Capital Expenditures: able balance, Dec les, collection of Total payments for capital expenditures bar in the edit fields and then click Check Answer Grady Tire Company Direct Materials Budget For the Year Ended December 31, 2019 Second Quarter Quarter 2,300 First Third Quarter 2,280 Fourth Quarter 2,480 Total Budgeted tires to be produced 2,080 9,140 2 4,160 4,600 416 4,960 600 5,560 18,280 600 4,560 496 5,056 456 5,016 Direct materials per tire Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per pound 18,880 4,616 416 600 496 600 4,200 4,600 5,064 4,416 6.50 18,280 6.50 $ 6.50 6.50 6.50 $ mhar in the edit fields and then click Check Answer. read the requirements. (Click the icon to view the balance sheet.) Direct materials cost per pound . 28,704 $ 27,300 $ 29,900 32,916 $ 118,820 Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nea Review the production budget you prepared above. Total Grady Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted tires to be produced 2,080 2.280 2,480 Direct labor hours per unit 0.50 0.50 0.50 I Direct labor hours needed for production 1,150 1,000 1,150 1.240 S 25 S 25 S Direct labor cost per hour 25 s 9,140 2,300 0.50 4,570 25 S mumhor in the edit fields and then click Check Answer. The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $85 each. Grady is planning for the next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Budgeted direct labor cost www. Other data for Grady Tire Compa (Click the icon to view the oth Read the requirements Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhe Review the production budget you prepared above. Review the direct labor budget you prepared above. Grady Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 2,300 2,080 2,280 Fourth Quarter Total Budgeted tires to be produced 2,480 9,140 2,080 S 2,280 $ 2,480 $ 9,140 VOH cost per tire Budgeted VOH 2,300 $ Budgeted FOH Nannaristinn 2.500 tomu number in the erlit fields and then click Check Answer. 2.500 2.500 2.500 | 10 000 he Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $85 each. Grady is lanning for the next year by developing a master budget by quarters. Grady's balance sheet for lecember 31, 2018, follows: : (Click the icon to view the balance sheet.) Other data for Grady Tire Con (Click the icon to view the Read the requirements. Depreciation 2,500 45,485 2,500 45,485 10,000 181,940 Utilities, insurance, property taxes 2,500 45,485 47,985 50,285 2,500 45,485 47,985 50,065 S 191,940 Total budgeted FOH 47,985 50,265 47,985 50,465 $ $ $ 201,080 Budgeted manufacturing overhead costs Direct labor hours 1,150 1,040 1,140 1,240 4,570 $ 201,080 Budgeted manufacturing overhead costs Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the near Direct materials cost per tire 13.00 Direct labor cost per tire 12.50 22.00 Manufacturing overhead cost per tire J U UwJU TEVIOUY anning for the next year by developing a master budget by quarters. Grady's balance sheet for ecember 31, 2018, follows: (Click the icon to view the balance sheet.) we watator urady Tre (Click the icon to vie Read the requirements ptal budgeted selling and administrative expense www repare the cash receipts budget. (If a box is not used in the table leave the box empty, do not enter a zero.) eview the sales budget you prepared above. Cash Receipts from Customers First Quarter $ 153,000 First Quarter Second Quarter $ 170,000 Second Quarter Total sales Third Quarter $ 187,000 Third Quarter Fourth Quarter $ 204,000 Total $ 714,000 Fourth Quarter Total $ Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qur.-Cash sales 1st Qtr. ---Credit sales, collection of Qtr. 1 sales in Qtr. 1 25,000 15,300 ray Other for at Tire Company tres for each Gadis Gray's balance sheet for The Grady Time Company manufactures racing for bicycle planning for the next year by developing a master budget by December 31, 2018. follows Cick the icon to view the balance sheet) de reduction budget direct budget director chedule of sh orts and cash budget andet Requirement 1. Prepare Grady's operating budget and cash budget for 2019 by Quarter Required schedules and budget manufacturing overhead budget, cost of goods sold budget, sing and admini sperse budget scheef cash re allocated based on direct labor hours Round all al ons to the newest dollar Begin by preparing the sales budget Grady Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter 2.000 2.200 Salesproeperunt 4000 157000 1 204000 S 153000 5170 000 he production budget budget, direc hts, and cash UI al Grady Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Data Table Cash $ 50,000 Accounts Receivable 25,000 Raw Materials Inventory 3,900 7,800 Finished Goods Inventory $ Total Current Assets Property, Plant, and Equipment: 183,000 Equipment (77,000) Less: Accumulated Depreciation mil 86,700 106,000 192,700 Total Assets Liabilities More Info t materia budget. (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,800 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 300 tires at $26 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2020 are expected be 2,600 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 600 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $6.50 per pound. f. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 600 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.50 hours of direct labor; direct labor costs average $25 per hour. h. Variable manufacturing overhead is $1 per tire. 1. Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $45,485 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $11,000 per quarter for salaries: $3,000 per quarter for rent; $750 per quarter for insurance; and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 2% of sales. Fourth Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 2,080 2,280 Quarter Total 9,140 2.480 Budgeted tires to be produced 2,300 2,300 2,080 $ $ 2,200 $ $ 2,480 9.140 VOH cost per tire Budgeted VOH Budgeted FOH Depreciation 10,000 181,940 Utilities, insurance, property taxes 2,500 45,485 47,985 50,285 2,500 45,485 47,985 50,065 2,500 45,485 47,985 50,265 2,500 45,485 47,985 50,465 $ 191,940 Total budgeted FOH $ $ 201,080 Budgeted manufacturing overhead costs Fourth Quarter Total Grady Tire Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Salaries Expense $ 11,000 $ 11,000 $ 11,000 Rent Expense 3,000 3,000 3,000 Insurance Expense 750 750 750 Depreciation Expense 1,500 1,500 1,500 Supplies Expense 3,060 3,400 3,740 19,310 Total budgeted selling and administrative expense $ 19,650 $ 19,990 $ 11,000 $ 3,000 750 1,500 4,080 20,330 44,000 12,000 3,000 6,000 14,280 79,280 Read the real 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr.--Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr. --Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr. --Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr. ---Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: M ILLIY Uvnad budget you prepared above. les, collection of First es Second Quarter Third Quarter Fourth Quarter Quarter Total ales, collection of is from customers Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes ivable balance, Dec sales, collection of Total payments for manufacturing overhead 11 then rick Check Answer OUR W icon to view the balance sheet.) Wo icon to view the other data) Read the resuirements os, collection of es, collection of First Quarter Second Fourth Quarter Third Quarter Quarter Total as, collection of Income Taxes: from customers Total payments for income taxes Capital Expenditures: able balance, Dec les, collection of Total payments for capital expenditures bar in the edit fields and then click Check Answer Grady Tire Company Direct Materials Budget For the Year Ended December 31, 2019 Second Quarter Quarter 2,300 First Third Quarter 2,280 Fourth Quarter 2,480 Total Budgeted tires to be produced 2,080 9,140 2 4,160 4,600 416 4,960 600 5,560 18,280 600 4,560 496 5,056 456 5,016 Direct materials per tire Direct materials needed for production Plus: Desired direct materials in ending inventory Total direct materials needed Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per pound 18,880 4,616 416 600 496 600 4,200 4,600 5,064 4,416 6.50 18,280 6.50 $ 6.50 6.50 6.50 $ mhar in the edit fields and then click Check Answer. read the requirements. (Click the icon to view the balance sheet.) Direct materials cost per pound . 28,704 $ 27,300 $ 29,900 32,916 $ 118,820 Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nea Review the production budget you prepared above. Total Grady Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted tires to be produced 2,080 2.280 2,480 Direct labor hours per unit 0.50 0.50 0.50 I Direct labor hours needed for production 1,150 1,000 1,150 1.240 S 25 S 25 S Direct labor cost per hour 25 s 9,140 2,300 0.50 4,570 25 S mumhor in the edit fields and then click Check Answer. The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $85 each. Grady is planning for the next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Budgeted direct labor cost www. Other data for Grady Tire Compa (Click the icon to view the oth Read the requirements Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhe Review the production budget you prepared above. Review the direct labor budget you prepared above. Grady Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 2,300 2,080 2,280 Fourth Quarter Total Budgeted tires to be produced 2,480 9,140 2,080 S 2,280 $ 2,480 $ 9,140 VOH cost per tire Budgeted VOH 2,300 $ Budgeted FOH Nannaristinn 2.500 tomu number in the erlit fields and then click Check Answer. 2.500 2.500 2.500 | 10 000 he Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $85 each. Grady is lanning for the next year by developing a master budget by quarters. Grady's balance sheet for lecember 31, 2018, follows: : (Click the icon to view the balance sheet.) Other data for Grady Tire Con (Click the icon to view the Read the requirements. Depreciation 2,500 45,485 2,500 45,485 10,000 181,940 Utilities, insurance, property taxes 2,500 45,485 47,985 50,285 2,500 45,485 47,985 50,065 S 191,940 Total budgeted FOH 47,985 50,265 47,985 50,465 $ $ $ 201,080 Budgeted manufacturing overhead costs Direct labor hours 1,150 1,040 1,140 1,240 4,570 $ 201,080 Budgeted manufacturing overhead costs Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the near Direct materials cost per tire 13.00 Direct labor cost per tire 12.50 22.00 Manufacturing overhead cost per tire J U UwJU TEVIOUY anning for the next year by developing a master budget by quarters. Grady's balance sheet for ecember 31, 2018, follows: (Click the icon to view the balance sheet.) we watator urady Tre (Click the icon to vie Read the requirements ptal budgeted selling and administrative expense www repare the cash receipts budget. (If a box is not used in the table leave the box empty, do not enter a zero.) eview the sales budget you prepared above. Cash Receipts from Customers First Quarter $ 153,000 First Quarter Second Quarter $ 170,000 Second Quarter Total sales Third Quarter $ 187,000 Third Quarter Fourth Quarter $ 204,000 Total $ 714,000 Fourth Quarter Total $ Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qur.-Cash sales 1st Qtr. ---Credit sales, collection of Qtr. 1 sales in Qtr. 1 25,000 15,300
