Requirement: (In completing all the budgets and financial statements use formulas only- except for the inputs tab and the four items specified in the budgeting project lecture.) (1) Prepare the following budgets for April, May, and June (and second quarter totals):
(a) Sales Budget (b) Production Budget (c) Direct Materials Budget (d) Direct Labor Budget (e) Manufacturing Overhead Budget (f) Ending Finished Goods Inventory Budget (g) Selling and Administrative Expense Budget (h) Cash Budget
(2) Prepare a budgeted income statement for the quarter ending June 30, 2024, and a budgeted balance statement as of June 30, 2024.
Forte Company, Inc. Balance Sheet March 31,2024
Assets
Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets
Land Property, plant, and equipment: Buildings and equipment Less: Accumulated depreciation Property, plant and equipment, net Total assets
Liabilities and stockholders equity
Current liabilities:
Accounts payable
Stockholders' equity: Common stock Retained earnings Total stockholders Total liabilities and stockholder's equity
$ 10,600.00
$ $ $
36,400.00 3,850.00 14,200.00
1,296,150 (550,000)
230,000 869,300
65,050 300,000
746,150
1,111,200
11,900
1,099,300
1,111,200
W Content usca0-my.sharepoint.com Bb https://learn-us-east-1-prod-fle... Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Search (Option + Q) Search (Option + Q) Mail - Bryce Thomas Bulls - Ou... Excel | Microsoft 365 Excel BADM 226-PC- Budget ProjectSUMMER2023 (1) 1 Review View Automate Help B85 fx10600 A ab Custom Comments ^. Catch up Editing v Share 10v B C D E G H Collumn B: Inputs Budgeted Sales Units: April May June July 9 August 10 11 12 Sales Price per Unit $ 10.10 13 14 15 16 Expected Cash Collections: Month of sale following sale 18 Uncollectible 19 20 March 31 Estimated A/R Balance $36,400.00 21 Production: 22 23 Percentage of next month's production 24 25 Expected March 31 balance in units 26 27 Raw Materials: 28 29 30 Required Quantity: 31 Material (Pounds) 6 32 Cost: Export Summary Inputs Operating Budget IS\&BS Notes + Calculation Mode: Automatic Workbook Statistics h0 W Content usca0-my.sharepoint.com Bb https://learn-us-east-1-prod-fle... Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Search (Option + Q) Home Insert Draw Page Layout Formulas Data Review View Automate Help cab Custom B85 Mail - Bryce Thomas Bulls - Ou... Excel | Microsoft 365 hD W Content usca0-my.sharepoint.com Bb https://learn-us-east-1-prod-fle... Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Search (Option + Q) Forte Inc. is preparing budgets... BADM 226-PC- Budget ProjectSUMMER2023 (1) 1 Mail - Bryce Thomas Bulls - Ou... Excel | Microsoft 365 Excel BADM 226-PC- Budget ProjectSUMMER2023 (1) File Home Insert Draw Page Layout Formulas Data Review View Automate Help Comments N. Catch up cab Custom ZA B85 fx10600 Calculation Mode: Automatic Workbook Statistics h D W Content usca0-my.sharepoint.com Bb https://learn-us-east-1-prod-fle... Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Search (Option + Q) Mail - Bryce Thomas Bulls - Ou... Excel | Microsoft 365 Excel | Microsoft 365 (BB B85 fx10600 h (1) usca0-my.sharepoint.com Forte Inc. is preparing budgets... W Content Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Mail - Bryce Thomas Bulls - Ou... Excel | Microsoft 365 Excel BADM 226-PC- Budget ProjectSUMMER2023 (1) 1 Search (Option + Q) B21 fx A \begin{tabular}{l|l|l} B & C & D \end{tabular} 2 Use formulas only in this tab- see notes tab for more explanations and BS tab. Please see Notes tab for details. h D usca0-my.sharepoint.com Forte Inc. is preparing budgets... W Content Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Mail - Bryce Thomas Bulls - Ou... Excel BADM 226-PC- Budget ProjectSUMMER2023 (1) 1 Search (Option + Q) B21 fx h D usca0-my.sharepoint.com Forte Inc. is preparing budgets... W Content Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Mail - Bryce Thomas Bulls - Ou... () [ Excel BADM 226-PC- Budget ProjectSUMMER2023 (1) 1 Search (Option + Q) B21 h D usca0-my.sharepoint.com Forte Inc. is preparing budgets... W Content Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Mail - Bryce Thomas Bulls - Ou... Excel BADM 226-PC- Budget ProjectSUMMER2023 (1) 1 Search (Option + Q) B21 fx A Selling and Administrative Budget Variable SG\&A Expenses Budgeted sales (units) Variable SG\&A expense per unit Total budget variable SG\&A expenses Fixed SG\&A Expenses Fixed SG\&A Expenses(excluding depreciation) Add Depreciation, SG\&A Total Fixed SG\&A Expenses Total SG\&A Expenses Less Depreciation Cash Disbursements for SG\&A expenses 91 92 Cash Budget 93 Cash balance, beginning 94 Collections from customers 95 Total cash available before financing 96 Less disbursements: 97 Direct material 98 Direct labor 99 100 101 Equipment purchases 102 Dividends 103 Total disbursements 104 Excess/ Deficit 105 Financing: Export Summary Inputs Operating Budget IS\&BS Notes + Calculation Mode: Automatic Workbook Statistics Give Feedback to Microsoft 100%+ h0 W Content usca0-my.sharepoint.com Bb https://learn-us-east-1-prod-fle... Bb https://learn-us-east-1-prod-fle... BADM 226-PC- Budget Project... Search (Option + Q) Search (Option + Q) File Home Insert Draw Page Layout Formulas Data Review View Automate Help Arial B C (4) + Excel | Microsoft 365 B21 A 87 Total Fixed SG\&A Expenses 88 Total SG\&A Expenses 89 Less Depreciation 90 Cash Disbursements for SG\&A expenses 91 92 Cash Budget 93 Cash balance, beginning 94 Collections from customers 95 Total cash available before financing 96 Less disbursements: 97 Direct material 98 Direct labor 99 100 101 102 103 Total disbursements 104 Excess/ Deficit 105 Financing: 106 Borrowings 107 Repayments 108 Interest 109 Total financing 110 Cash Balance, ending 111 112 113 G H Comments Catch up Comments Ha v Ha ZA Editing Share J \begin{tabular}{l|l} K & L \end{tabular} M N O P \begin{tabular}{|l|l|l|l|} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Calculation Mode: Automatic Workbook Statistics Operating Budget IS\&BS Notes + Give Feedback to Microsoft 100%+
