Input

Selling, General, and Administrative Budget

Cash Budget

Forecasted Income Statement

Forecasted Balance Sheet

Can you help me to fill out these sheets?

Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Fix the Format of All Yellow Cells Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Sales Budget Sales in Units Average Selling Price per Unit Cash Collection Pattern for Sales in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10,000 units $30 per unit 60% 18,000 units $34 per unit 12,000 units $28 per unit 10% 40% 18,000 units $34 per unit Remainder Remainder 70% Remainder 80% Remainder 3,000 units Production Budget Finished Units in Inventory - as of 12/31/2020 (the prior year) Forecasted Sales in Units - 1st Quarter of 2022 (next year) % of the Next Qtr.'s Sales in Units to Have in This Qtr.'s Ending Inventory 16,000 units 30% 10 oz 20% 30% 30% 20% 15,000 oz Raw Materials Budget Ounces of Plastic Steel Powder (PSP) Required per Finished Unit % of Next Qtr.'s "Ounces of Psp Required to have in This atr's Ending Inventory Ounces of Psp in Raw Materials Inventory - as of 12/31/2020 (the prior year) Forecasted Ounces of PsP Required in the 1st Qtr of 2022 (next year) Cost of Psp per Ounce Cash Payment Pattern for Psp Purchased in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 130,000 oz $1.20 per az 40% $1.20 per oz $1.10 per oz 30% 50% $1.10 per oz Remainder 30% 80% Remainder Remainder 70% Remainder Direct Labor Budget Direct Labor Hours (hrs) per Finished Unit Average Cost of a Direct Labor Hour 0.20 hrs $18 per hour $18 per hour $20 per hour $20 per hour Manufacturing Overhead Budget Variable Overhead Cost Rate per Direct Labor Hour (DLH) Total Fixed Manufacturing Overhead Cost per Quarter Depreciation per Quarter Included in Fixed Manufacturing Overhead $8 per DLH $50,000 $ $9,000 Finished Goods Inventory Budget No Required Input Data Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Fix the Format of All Yellow Cells Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Cost of Goods Sold Budget Only Required Input Data is on the Prior Year Balance Sheet below $6 per unit Selling, General and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fixed Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost Utilities Fixed Cost Property Taxes Depreciation $5,000 $40,000 $1,000 $1,000 $0 $12,000 $5,000 $40,000 $1,000 $1,000 $12,000 $12,000 $15,000 $45,000 $2.000 $2,000 $0 $13,000 $15,000 $45,000 $2,000 $2,000 $12,000 $14,000 $0 $0 $10,000 $10,000 Cash Budget Equipment Purchases Dividends per Quarter Annual Interest Rate Charged by the Bank on the Bank Loan $15,000 6% Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $ $24,000 $125,000 $18,000 $60.000 $723,000 (S260,000) $690,000 Accounts Payable Bank Loan Common Stock Retained Earnings Total Liabilities & Equity $28,000 $60,000 $160,000 $442,000 $690.000 Selling, General, and Administrative (SG&A) Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 My Armor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th SG&A Variable Cost Sales in Units (from Sales Budget) times Variable SG&A Cost per Unit Sold Total SG&A Variable Cost SG&A Fixed Costs Advertising Cost Salary Cost Mall Kiosk Rental Cost Utilities Cost Property Taxes Depreciation Total SG&A Fixed Cost Total SG&A Cost Check Amounts $143.000 $198.000 Fix the Format of All White Cells Full Year Total 3rd Otr 4th Otr. Calculation of Cash Payments - for the Cash Budget 1st Otr. 2nd Otr. Total SG&A Cost (per above) less Depreciation Included in Total SG&A Cost() Total Cash Payments for SG&A Check Amounts $131,000 $172,000 Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 2 of the SG&A Budget.pdf document, what would be Total SG&A Cost if Variable SG&A Cost per Unit Sold was $2 rather than $3? A. $450 B. $350 C. $250 D. $150 Answer: 2. Which one of the following statements is correct? A. Total SG&A Variable Cost changes based on the level of activity. B. Total SG&A Fixed Cost changes based on the level of activity. C. Total SG&A Cost is an input to the Cash Budget. D. None of the above statements are correct. Cash Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Full Year Total 4th IMPORTANT Before using the Check Amounts, you must complete all 4 quarters of the Cash Budget and the Quarter in the 2021 Planning Year Loan Schedule located below the Cash Budget. 1st 2nd 3rd Beginning Cash Balance plus Cash Collections (from Sales Budget) less Payments for PsP (Raw Materials) (from Raw Materials Budget) less Payments for Direct Labor (from Direct Labor Budget) less Payments for Manufacturing Overhead (from Manufacturing OH Budget) () less Payments for SG&A (from SG&A Budget) () less Payments for Equipment Purchases () less Payments for Dividends () Excess Cash or (Deficiency of Cash) before Borrowings, Repayments, Interest plus Additional Borrowings from the Bank during the quarter 0 0 0 less Repayments Made to the Bank during the quarter() 0 0 0 Cash Balance before Paying Interest less Interest Paid on the Bank Loan at the End of the Quarter () 0 0 0 Ending Cash Balance $24, 167 Check Amounts See IMPORTANT box above Fix the Format of All White Cells and Restore the Formulas in the Gray Cells Loan Schedule -- Calculation of the Bank Loan Balance for the Interest Calculation and for the Balance Sheet 1st Otc. 2nd Qtr. 3rd Otr Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings less Repayments Ending Loan Balance After Additional Borrowings and Repayments 0 OB 0 $23,895 4th Qtr. Check Amount $12, 108 Answer: Multiple Choice Questions 1. Using the 1st Qtr. data in the simple example on Pg. 2 of the Cash Budget.pdf document, what would be 1st Qtr. Interest Paid on the Bank Loan if 1st Qtr. Cash Collections were $300 rather than $500? A $12 B. $14 C. $16 D. $18 2. Which one of the following statements is correct? A Ending Cash Balance on the Cash Budget is an input to the SG&A Budget. B. Ending Cash Balance on the Cash Budget is an input to the Forecasted Income Statement C. Ending Cash Balance on the Cash Budget is an input to the Sales Budget. D. None of the above statements are correct. Answer: Forecasted Income Statement for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget 2021 Dollars % v 0.00% Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) () Gross Profit 0.00% 0.00% less SG&A Cost (from SG&A Budget) () 0.00% Operating Income 0.00% 0.00% less Interest Expense (from Cash Budget) () Net Income (Net Loss) Check Amount 0.00% $66,019 Forecasted Income Statement for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget 2021 Dollars % v 0.00% Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) () Gross Profit 0.00% 0.00% less SG&A Cost (from SG&A Budget) () 0.00% Operating Income 0.00% 0.00% less Interest Expense (from Cash Budget) () Net Income (Net Loss) Check Amount 0.00% $66,019 Forecasted Balance Sheet for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget as of December 31, 2021 Dollars % 0.00% 0.00% Assets Current Assets Cash (from Cash Budget) Accounts Receivable (from Sales Budget) Raw Materials Inventory (FIFO) (from Raw Materials Budget) Finished Goods Inventory (FIFO) (from Finished Goods Budget) Total Current Assets Property, Plant, and Equipment, gross (from schedule below) less Accumulated Depreciation () (from schedule below) Property, Plant, and Equipment, net Total Assets Check Amount 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $673,335 0.00% 0.00% 0.00% Liabilities and Stockholders' Equity Current Liabilities Accounts Payable (from Raw Materials Budget) Bank Loan (from Cash Budget) Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings (from schedule below) Total Stockholders' Equity Total Liabilities and Stockholders' Equity Check Amount 0.00% 0.00% 0.00% 0.00% $673,335 Fix the Format of All White Cells Amounts (not calculated on other Budgets) Needed for the Balance Sheet Property. Plant, and Equipment. gross Property, Plant, and Equipment, gross as of Dec. 31, 2020 plus Equipment Purchases - Full Year Total (from Cash Budget) Property, Plant, and Equipment, gross as of Dec. 31, 2021 Accumulated Depreciation Accumulated Depreciation as of Dec. 31, 2020 () add Depreciation - Full Year Total (from Manufacturing Overhead Budget) add Depreciation - Full Year Total (from SG&A Budget) Accumulated Depreciation as of Dec. 31, 2021 () Retained Eaminas Retained Earnings as of Dec. 31, 2020 plus Net Income (Net Loss) (from Income Statement) less Dividends - Full Year Total (from Cash Budget) Retained Earnings as of Dec. 31, 2021 Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Fix the Format of All Yellow Cells Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Sales Budget Sales in Units Average Selling Price per Unit Cash Collection Pattern for Sales in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 10,000 units $30 per unit 60% 18,000 units $34 per unit 12,000 units $28 per unit 10% 40% 18,000 units $34 per unit Remainder Remainder 70% Remainder 80% Remainder 3,000 units Production Budget Finished Units in Inventory - as of 12/31/2020 (the prior year) Forecasted Sales in Units - 1st Quarter of 2022 (next year) % of the Next Qtr.'s Sales in Units to Have in This Qtr.'s Ending Inventory 16,000 units 30% 10 oz 20% 30% 30% 20% 15,000 oz Raw Materials Budget Ounces of Plastic Steel Powder (PSP) Required per Finished Unit % of Next Qtr.'s "Ounces of Psp Required to have in This atr's Ending Inventory Ounces of Psp in Raw Materials Inventory - as of 12/31/2020 (the prior year) Forecasted Ounces of PsP Required in the 1st Qtr of 2022 (next year) Cost of Psp per Ounce Cash Payment Pattern for Psp Purchased in the 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 130,000 oz $1.20 per az 40% $1.20 per oz $1.10 per oz 30% 50% $1.10 per oz Remainder 30% 80% Remainder Remainder 70% Remainder Direct Labor Budget Direct Labor Hours (hrs) per Finished Unit Average Cost of a Direct Labor Hour 0.20 hrs $18 per hour $18 per hour $20 per hour $20 per hour Manufacturing Overhead Budget Variable Overhead Cost Rate per Direct Labor Hour (DLH) Total Fixed Manufacturing Overhead Cost per Quarter Depreciation per Quarter Included in Fixed Manufacturing Overhead $8 per DLH $50,000 $ $9,000 Finished Goods Inventory Budget No Required Input Data Inputs (Assumptions) for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Set Input Values Back to Original Amounts As of Dec. 31 2020 Applies to All Qtrs. in 2021 Fix the Format of All Yellow Cells Quarter in the 2021 Planning Year 2nd 3rd 1st Quarter of 2022 1st 4th Cost of Goods Sold Budget Only Required Input Data is on the Prior Year Balance Sheet below $6 per unit Selling, General and Administrative (SG&A) Budget Variable SG&A Cost per Unit Sold Advertising Fixed Cost Salary Fixed Cost Mall Kiosk Rental Fixed Cost Utilities Fixed Cost Property Taxes Depreciation $5,000 $40,000 $1,000 $1,000 $0 $12,000 $5,000 $40,000 $1,000 $1,000 $12,000 $12,000 $15,000 $45,000 $2.000 $2,000 $0 $13,000 $15,000 $45,000 $2,000 $2,000 $12,000 $14,000 $0 $0 $10,000 $10,000 Cash Budget Equipment Purchases Dividends per Quarter Annual Interest Rate Charged by the Bank on the Bank Loan $15,000 6% Income Statement No Required Input Data Prior Year Balance Sheet as of Dec. 31, 2020 Cash Accounts Receivable Raw Material Inventory Finished Goods Inventory Property, Plant & Equipment, gross Accumulated Depreciation Total Assets $ $24,000 $125,000 $18,000 $60.000 $723,000 (S260,000) $690,000 Accounts Payable Bank Loan Common Stock Retained Earnings Total Liabilities & Equity $28,000 $60,000 $160,000 $442,000 $690.000 Selling, General, and Administrative (SG&A) Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 My Armor, Inc. Test My Budget Quarter in the 2021 Planning Year 2nd 3rd Full Year Total 1st 4th SG&A Variable Cost Sales in Units (from Sales Budget) times Variable SG&A Cost per Unit Sold Total SG&A Variable Cost SG&A Fixed Costs Advertising Cost Salary Cost Mall Kiosk Rental Cost Utilities Cost Property Taxes Depreciation Total SG&A Fixed Cost Total SG&A Cost Check Amounts $143.000 $198.000 Fix the Format of All White Cells Full Year Total 3rd Otr 4th Otr. Calculation of Cash Payments - for the Cash Budget 1st Otr. 2nd Otr. Total SG&A Cost (per above) less Depreciation Included in Total SG&A Cost() Total Cash Payments for SG&A Check Amounts $131,000 $172,000 Multiple Choice Questions Answer: 1. Using the data in the simple example on Pg. 2 of the SG&A Budget.pdf document, what would be Total SG&A Cost if Variable SG&A Cost per Unit Sold was $2 rather than $3? A. $450 B. $350 C. $250 D. $150 Answer: 2. Which one of the following statements is correct? A. Total SG&A Variable Cost changes based on the level of activity. B. Total SG&A Fixed Cost changes based on the level of activity. C. Total SG&A Cost is an input to the Cash Budget. D. None of the above statements are correct. Cash Budget - for the Profit Planning Year Jan. 1 to Dec. 31, 2021 MyArmor, Inc. Test My Budget Full Year Total 4th IMPORTANT Before using the Check Amounts, you must complete all 4 quarters of the Cash Budget and the Quarter in the 2021 Planning Year Loan Schedule located below the Cash Budget. 1st 2nd 3rd Beginning Cash Balance plus Cash Collections (from Sales Budget) less Payments for PsP (Raw Materials) (from Raw Materials Budget) less Payments for Direct Labor (from Direct Labor Budget) less Payments for Manufacturing Overhead (from Manufacturing OH Budget) () less Payments for SG&A (from SG&A Budget) () less Payments for Equipment Purchases () less Payments for Dividends () Excess Cash or (Deficiency of Cash) before Borrowings, Repayments, Interest plus Additional Borrowings from the Bank during the quarter 0 0 0 less Repayments Made to the Bank during the quarter() 0 0 0 Cash Balance before Paying Interest less Interest Paid on the Bank Loan at the End of the Quarter () 0 0 0 Ending Cash Balance $24, 167 Check Amounts See IMPORTANT box above Fix the Format of All White Cells and Restore the Formulas in the Gray Cells Loan Schedule -- Calculation of the Bank Loan Balance for the Interest Calculation and for the Balance Sheet 1st Otc. 2nd Qtr. 3rd Otr Beginning Loan Balance Before Additional Borrowings and Repayments plus Additional Borrowings less Repayments Ending Loan Balance After Additional Borrowings and Repayments 0 OB 0 $23,895 4th Qtr. Check Amount $12, 108 Answer: Multiple Choice Questions 1. Using the 1st Qtr. data in the simple example on Pg. 2 of the Cash Budget.pdf document, what would be 1st Qtr. Interest Paid on the Bank Loan if 1st Qtr. Cash Collections were $300 rather than $500? A $12 B. $14 C. $16 D. $18 2. Which one of the following statements is correct? A Ending Cash Balance on the Cash Budget is an input to the SG&A Budget. B. Ending Cash Balance on the Cash Budget is an input to the Forecasted Income Statement C. Ending Cash Balance on the Cash Budget is an input to the Sales Budget. D. None of the above statements are correct. Answer: Forecasted Income Statement for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget 2021 Dollars % v 0.00% Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) () Gross Profit 0.00% 0.00% less SG&A Cost (from SG&A Budget) () 0.00% Operating Income 0.00% 0.00% less Interest Expense (from Cash Budget) () Net Income (Net Loss) Check Amount 0.00% $66,019 Forecasted Income Statement for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget 2021 Dollars % v 0.00% Sales (from Sales Budget) less Cost of Goods Sold (from Cost of Goods Sold Budget) () Gross Profit 0.00% 0.00% less SG&A Cost (from SG&A Budget) () 0.00% Operating Income 0.00% 0.00% less Interest Expense (from Cash Budget) () Net Income (Net Loss) Check Amount 0.00% $66,019 Forecasted Balance Sheet for the Profit Planning Year Ending December 31, 2021 MyArmor, Inc. Test My Budget as of December 31, 2021 Dollars % 0.00% 0.00% Assets Current Assets Cash (from Cash Budget) Accounts Receivable (from Sales Budget) Raw Materials Inventory (FIFO) (from Raw Materials Budget) Finished Goods Inventory (FIFO) (from Finished Goods Budget) Total Current Assets Property, Plant, and Equipment, gross (from schedule below) less Accumulated Depreciation () (from schedule below) Property, Plant, and Equipment, net Total Assets Check Amount 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $673,335 0.00% 0.00% 0.00% Liabilities and Stockholders' Equity Current Liabilities Accounts Payable (from Raw Materials Budget) Bank Loan (from Cash Budget) Total Current Liabilities Stockholders' Equity Common Stock Retained Earnings (from schedule below) Total Stockholders' Equity Total Liabilities and Stockholders' Equity Check Amount 0.00% 0.00% 0.00% 0.00% $673,335 Fix the Format of All White Cells Amounts (not calculated on other Budgets) Needed for the Balance Sheet Property. Plant, and Equipment. gross Property, Plant, and Equipment, gross as of Dec. 31, 2020 plus Equipment Purchases - Full Year Total (from Cash Budget) Property, Plant, and Equipment, gross as of Dec. 31, 2021 Accumulated Depreciation Accumulated Depreciation as of Dec. 31, 2020 () add Depreciation - Full Year Total (from Manufacturing Overhead Budget) add Depreciation - Full Year Total (from SG&A Budget) Accumulated Depreciation as of Dec. 31, 2021 () Retained Eaminas Retained Earnings as of Dec. 31, 2020 plus Net Income (Net Loss) (from Income Statement) less Dividends - Full Year Total (from Cash Budget) Retained Earnings as of Dec. 31, 2021