Question
I am looking for a tutor to help me with my accounting homework. I could not upload my word file, that include to question, so
- I am looking for a tutor to help me with my accounting homework.
- I could not upload my word file, that include to question, so i copy paste question as you can see below.
SET UP A NEW COMPANY. ASSUME YOU ARE MANUFACTURING ONLY ONE PRODUCT. DESCRIBE YOUR INDUSTRY AND YOUR PRODUCT. THEN FILL THE FOLLOWING TABLES AS YOUR MASTER BUDGET FOR YOUR COMPANY:
January
February
March
Quarter
Cash sales (...%)
Credit sales (...%)
Total collections
Production Budget
January
February
March
Quarter
Unit sales*
Plus: Desired ending inventory
Total needed
Less: Beginning inventory
Units to produce
Direct Materials Budget
January
February
March
Quarter
Units to be produced
Multiply by: Quantity of DM needed per unit
Quantity of DM needed for production
Plus: Desired ending inventory of DM
Total quantity of DM needed
Less: Beginning inventory of DM
Quantity of DM to purchase
Multiply by: Cost per pound
Total cost of DM purchases
Cash payments for Direct Material Purchases Budget
January
February
March
Quarter
December purchases(From AP)
January purchases
February purchases
March purchases
Total payments
Cash Payments for Direct Labor Budget
January
February
March
Quarter
Direct labor
Cash Payments for Manufacturing Overhead Costs
January
February
March
Quarter
Rent (fixed)
Other MOH (fixed)
Variable manufacturing overhead costs
Total disbursements
Cash Payments for Operating Expenses
January
February
March
Quarter
Variable operating expenses
Fixed operating expenses
Total disbursements
Combined Cash Budget
January
February
March
Quarter
Cash balance, beginning
Plus: cash collections (req. 1)
Total cash available
Less cash disbursements:
DM purchases (req 4)
Direct labor costs (req 5)
MOH costs (req 6)
Operating expenses (req 7)
Tax payment
Equipment purchases
Total Cash payments
Ending cash before financing
Financing:
Borrowings
Repayments
Interest
Total financing
Cash balance, ending
Budgeted Manufacturing Cost per Unit
Direct materials cost per unit
Direct labor cost per unit
Variable manufacturing overhead costs
Fixed MOH
Cost of manufacturing each unit
.........
Budgeted Income Statement
For the Quarter Ended March 31
Sales
Less: Cost of goods sold
Gross profit
Less: Operating expenses
Less: Depreciation expense
Operating income
Less: interest expense
Less: pincome tax expense @ 30%
Net income
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Accounting Information Systems
Authors: George H Bodnar, William S Hopwood
10th Edition
013609712X, 978-0136097129
