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C151 1 Chapter 9 Waterways Continuing Problem 2 3 5 6 2 Waterway Corporation Sales budget For the First Quarter of 20xx 9 10 Expected unit les 11 Title 12 Title 12 First Quarter January February Value Value Value Cell Reference Formula Formula March Value Cell Reference Formula Quarter Formula Cell Reference Formula 15 15 12 Waterway Corporation Production Budget For the First Quarter of 2x First Quarter January February Cell Reference Cell Reference Value Formula Formula Formula Cell Reference Formula Formula March Call Reference Value Formula Call Reference Formula TE 19 20 Title 21 Title 22 Total required units 23 Title 24 Title 25 26 27 23 25 30 31 32 Quarter Formula Cell Reference Formula Cell Reference Formula 35 Unit to be produced 36 Tube 37 Toto pounds needed for production March Call Reference Value Waterway Corporation Direct Materialet For the First Quarter of 2004 First Quarter January February Call Reference Clarence Value Value Formula Formula Vale Valve Formula Formula Value Clarence Formula Formula Value Value Formula Formule 39 Total materials required 40 Title 41 The 42 Title 43 Total Cost of direct mails purchase Formula Value Formula Call Reference Formula Value Formula Quarter Formula Value Formula Cell Reference Formula Cell Reference Formula Value Formula 45 46 47 43 49 50 51 52 Waterww Corporation Director budget For the water of Template 0151 E 50 51 52 53 54 55 Title 56 Title 57 Total required direct labor-hours 58 Title 59 Total direct labor costs 60 61 62 63 Waterway Corporation Direct Labor Budget For the First Quarter of 20 x First Quarter January February Cell Reference Cell Reference Value Value Formula Formula Value Value Formula Formula March Cell Reference Value Formula Value Formula Quarter Formula Value Formula Value Formula Waterway Corporation Manufacturing Overhead Budget For the First Quarter of 20 x First Quarter February March Quarter 65 66 Variable Costs 67 Title 58 Title Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Formula Value Value Value Value Value Formula Formula Cell Reference Cell Reference Cell Reference Call Reference cell Reference Formula Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula Formula Formula Formula Formula Formula Formula Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula 70 Title 71 Title 72 Fixed Costs 73 Title 74 Title 75 Title 75 Title 77 Title 78 Fixed manufacturing overhead 79 Title 30 81 Total manufacturing overhead 22 Direct labor hours 33 Predetermined overhead rate for the quarter 54 05 86 87 88 89 90 Budget sales in units 91 Title 92 Title 93 Fixed expenses 94 Title 95 Title 96 Title 97 Title 98 Title 99 Title 100 Total SA expenses Waterway Corporation Selling and Administrative Expense Budget For the First Quarter of 20xx First Quarter January February Call Reference Cell Reference Value Cell Reference Formula Formula March Cell Reference Cell Reference Formula Quarter Formula Call Reference Formula Value Value Value Value Value Formula Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula Cell Reference Cell Reference Cell Reference Cell Reference Cell Reference Formula Formula Formula Formula Formula Formula Formula Formula Formula Template C151 D Formula Formula Formula Formula March 100 Total S&A expenses 101 102 103 104 Accounts Receivable, 12/31/13 105 Title 106 Title 107 Title 108 Total cash collections 109 110 111 112 Schedule of Expected Collections from Customers January February Value Formula Formula Formula Formula Formula Formula Formula Formula March Schedule of Expected Payment for Direct Materials January February Value Formula Formula Formula Formula Formula Formula Quarter Formula Formula Formula Formula Formula Formula Formula Waterway Corporation Cash Budget For the First Quarter of 2010 First Quarter January February Value Cell Reference March Call Reference Quarter Cell Reference Call Reference Formula Cell Reference Formula Cell Reference Formula Formula Formula 114 215 Accounts Payable, 12/31/13 126 Title 117 Title 118 Title 119 Total payments 120 121 122 123 124 125 126 127 128 Beginning cash balance 129 Add: Receipts 130 Title 131 Total available cash 132 Less: Disbursements 133 Title 134 Title 135 Title 136 Title 137 Equipment Purchase 138 Title 119 Total disbursements 140 Excess deficiency of available cash over cash disbursements 142 Financing 143 Title 144 Title 145 Interest 146 Ending cash balance 147 145 149 150 151 Formula Call Reference Formula Formula Formula Cell Reference Formula Formula Value Cell Reference Formula Formula Cell Reference Formula Formula Formula Formula Formula Formula Formula Formula Formula Value Formula Cell Reference Formula Formula Formula Formula Formula Value Cell Reference Formula Formula Formula Formula Formula Formula Formula Formula Continuing Problem Waterways Continuing Problem (This is a continuation of the Waterways Problem from Chapters 1 through 8.) WCP9 Waterways Corporation is preparing its budget for the coming year, 2014. The first step is to plan for the first quarter of that coming year. Waterways gathered the fol- lowing information from the managers. Sales Unit sales for November 2013 112,500 Unit sales for December 2013 102,100 Expected unit sales for January 2014 113,000 Expected unit sales for February 2014 112,500 Expected unit sales for March 2014 116,000 Expected unit sales for April 2014 125,000 Expected unit sales for May 2014 137,500 Unit selling price $12 Waterways likes to keep 10% of the next month's unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receiv- able on December 31, 2013, totaled $183,780. Direct Materials able on December 31, 2013, totaled $183,780. Direct Materials Item Amount Used per Unit Inventory, Dec. 31 Metal 1 lb @ 58 per lb. 5,177.5 lbs Plastic 12 oz @ 64 per oz 3,883.125 lbs Rubber 4 oz @ 5 per oz 1,294.375 lbs 2 lbs per unit 10,355.0 Ibs Metal, plastic, and rubber together are 75 per pound per unit. Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2013, totaled $120,595. Raw Materials on December 31, 2013, totaled 11,295 pounds. Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $8 per hour. Manufacturing Overhead Indirect materials 304 per labor hour Indirect labor 50 per labor hour Utilities 45 per labor hour Maintenance 25 per labor hour Salaries $42,000 per month Depreciation $16,800 per month Property taxes $ 2,675 per month Insurance $ 1,200 per month Janitorial $ 1,300 per month Selling and Administrative Variable selling and administrative cost per unit is $1.60. Advertising $15,000 a month Insurance $ 1,400 a month Salaries $72,000 a month Depreciation $ 2,500 a month Other fixed costs $ 3,000 a month 11 Waterways Continuing Problem Other Information The Cash balance on December 31, 2013, totaled $100,500, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31, 2014. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $500,000 equipment purchase is planned for February Turninginn Other Information The Cash balance on December 31, 2013, totaled $100,500, but management has decided it would like to maintain a cash balance of at least $800,000 beginning on January 31, 2014. Dividends are paid each month at the rate of $2.50 per share for 5,000 shares outstanding. The company has an open line of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 8% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $500,000 equipment purchase is planned for February Instructions For the first quarter of 2014, do the following. (a) Prepare a sales budget. (b) Prepare a production budget. (c) Prepare a direct materials budget. (Round to nearest dollar) (d) Prepare a direct labor budget. (For calculations, round to the nearest hour) (e) Prepare a manufacturing overhead budget. (Round amounts to the nearest dollar) (1) Prepare a selling and administrative budget. (g) Prepare a schedule for expected cash collections from customers. (h) Prepare a schedule for expected payments for materials purchases. (Round totals to nearest dollar) (i) Prepare a cash budget