Return to Blackboard 20 H Weygandt, Managerial Accounting, se Help System Announcements CALCULATOR PRINTER VERSION HOS Waterways Continuing Problem 09 Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered Information from its managers in preparation of the budgeting process Sales Unit sales for November 2019 Unit sales for December 2019 Expected unit sales for January 2020 Expected unit sales for February 2020 Expected unit sales for March 2020 Expected unit sales for April 2020 Expected unit sales for May 2020 Unit selling price 114,000 102,000 114,000 113,000 117,000 126,000 138,000 512 dy Waterways likes to keep 10% of the next month's unit sales in anding Inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2019, totulad 1182.600 Direct Materials Direct materials cast 80 cents per pound. Two pounds of direct materials are required to produce each unit Waterways was to keep of the materials needed for the next month in its ending inventory, Raw Materials on December 3, 2011 materials is made within 15 days. So is paid in the month of purchase, and 50paid in the month after purchase Account December 11, 2012, 5103,735 Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. 50C Manufacturing Overhead Indirect materials 304 Indirect labor Utilities 50 Maintenance 304 Salaries $41,000 Depreciation $18,300 Property taxes $2,400 Insurance $1,300 Maintenance $1,400 per labor hour per labor hour per labor hour per labor hour per month per month per month per month per month =dy Selling and Administrative Variable selling and administrative cost per unit is $1.50. Advertising $14,000 a month Insurance $1,600 a month Salaries $71,000 a month Depreciation $2,600 a month Other fixed costs $3,200 a month Other Information here to search . o e L Grace Return to Blackboard Home - MADU Weygandt, Managerial Accounting, Se Help System Announcements Other Information CALCULATOR PRINTER VERSION NEX The Cash balance on December 31, 2019, totaled $101,000, but management has decided it would like to maintain a cash balance of at least 800,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.40 per share for 4,890 shares outstanding. The company has an open Nine of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 9% Interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $490.000 equipment purchase is planned for February For the first quarter of 2020, prepare a sales budget. WATERWAYS CORPORATION Sales Budget For the First Quarter of 2020 First Quarter January February Expected Unit Sales 114000 113000 March Quarter 117000 344000 Unit Selling Price 12 12 12 5 12 $ 1368000 4120000 1404000 Total Sales 1356000 For the first quarter of 2020, prepare a production budget. WATERWAYS CORPORATION Bonduction. Budet more to search M 0 ago Citrix Recew Home MyADU Return to Blackboard Weygandt, Managerial Accounting, se Help System Announcements CALCULATOR PRINTER VERSION TRACK NEX For the first quarter of 2020, prepare a manufacturing overhead budget. (Round overhead rate to 2 decimal places, e.g., 5.25 and all other answers to decimal places, e.g. 2,520. List Variable costs first.) WATERWAYS CORPORATION Manufacturing Overhead Budget For the First Quarter of 2020 First Quarter January February March Quarter Variable costs Indirect Materials 6834 6804 7074 20712 AY Indirect Labor 11390 11340 11790 Utilities 11390 11340 11790 34520 6534 6804 7074 30712 Maintenance 36440 36200 110464 Total Variable Cost $ $ Fixed Costs 41000 41000 41000 123000 Salaries 1300 1300 5000 CALCULATOR PRI: que l uzu, prepare a selling and administrative budget (Enter per unit expenses rounded to 2 decimal places. E.g. 1. WATERWAYS CORPORATION Selling and Administrative Expense Budget For the First Quarter of 2020 First Quarter January February March Quarter Budget Sales in Units 114000 113000 117000 344000 Variable Expenses Per Unit 1.50 1.50 $ 1.50 $ 1.50 Total Variable 5 & A Expense tudy 171000 169500 $ 175500 Fixed Expenses $ 516000 Advertising 14000 $ 14000 14000 42000 Insurance 1600 1600 1600 4000 Salaries 71000 71000 71000 213000 Depreciation 2600 > > 2600 2000 7800 Other 3200 3200 3200 ype here to search CALCULATOR PRINTER VERSION BACK WATERWAYS CORPORATION Cash Budget For the First Quarter of 2020 First Quarter January Beginning Cash Balance February March Quarter 101000 Add Receipts 809096 $ BJ 1992 $ 101000 Collections From Customers 1346400 1357800 Total Available Cash 195000 4501000 1447400 2166396 Less 3228792 Disbursements 202000 Direct Materials 132300 181300 129354 5533 Direct Labor 205020 204120 Manufacturing Overhead Selling and Administrative 2000 259300 26100 2500 Equipment Purchase 490000 10000 mere to search 1 D D o + $ ( 9 > 0 2 5 3 T 5 6 OD 1 V 7 P: Dividends CALCULATOR PRINTER VERSION Total Disbursements 11736 11736 Excess (Deficiency) of Available Cash Over Cash Disbursements 11736 742304 35 1229344 762468 Financing 705096 937552 1466324 Add Borrowings 14678 Less 104000 104000 Repayments Interest - 104000 -104000 Ending Cash Balance -1560 B09096 Click if you would like to Show Work for this question: Open Show Work 831992 1465 Question Attempts of wed are to search . - L 3 & 7 4 5 6 8 A 0 Return to Blackboard 20 H Weygandt, Managerial Accounting, se Help System Announcements CALCULATOR PRINTER VERSION HOS Waterways Continuing Problem 09 Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered Information from its managers in preparation of the budgeting process Sales Unit sales for November 2019 Unit sales for December 2019 Expected unit sales for January 2020 Expected unit sales for February 2020 Expected unit sales for March 2020 Expected unit sales for April 2020 Expected unit sales for May 2020 Unit selling price 114,000 102,000 114,000 113,000 117,000 126,000 138,000 512 dy Waterways likes to keep 10% of the next month's unit sales in anding Inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2019, totulad 1182.600 Direct Materials Direct materials cast 80 cents per pound. Two pounds of direct materials are required to produce each unit Waterways was to keep of the materials needed for the next month in its ending inventory, Raw Materials on December 3, 2011 materials is made within 15 days. So is paid in the month of purchase, and 50paid in the month after purchase Account December 11, 2012, 5103,735 Direct Labor Labor requires 12 minutes per unit for completion and is paid at a rate of $9 per hour. 50C Manufacturing Overhead Indirect materials 304 Indirect labor Utilities 50 Maintenance 304 Salaries $41,000 Depreciation $18,300 Property taxes $2,400 Insurance $1,300 Maintenance $1,400 per labor hour per labor hour per labor hour per labor hour per month per month per month per month per month =dy Selling and Administrative Variable selling and administrative cost per unit is $1.50. Advertising $14,000 a month Insurance $1,600 a month Salaries $71,000 a month Depreciation $2,600 a month Other fixed costs $3,200 a month Other Information here to search . o e L Grace Return to Blackboard Home - MADU Weygandt, Managerial Accounting, Se Help System Announcements Other Information CALCULATOR PRINTER VERSION NEX The Cash balance on December 31, 2019, totaled $101,000, but management has decided it would like to maintain a cash balance of at least 800,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.40 per share for 4,890 shares outstanding. The company has an open Nine of credit with Romney's Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 9% Interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $490.000 equipment purchase is planned for February For the first quarter of 2020, prepare a sales budget. WATERWAYS CORPORATION Sales Budget For the First Quarter of 2020 First Quarter January February Expected Unit Sales 114000 113000 March Quarter 117000 344000 Unit Selling Price 12 12 12 5 12 $ 1368000 4120000 1404000 Total Sales 1356000 For the first quarter of 2020, prepare a production budget. WATERWAYS CORPORATION Bonduction. Budet more to search M 0 ago Citrix Recew Home MyADU Return to Blackboard Weygandt, Managerial Accounting, se Help System Announcements CALCULATOR PRINTER VERSION TRACK NEX For the first quarter of 2020, prepare a manufacturing overhead budget. (Round overhead rate to 2 decimal places, e.g., 5.25 and all other answers to decimal places, e.g. 2,520. List Variable costs first.) WATERWAYS CORPORATION Manufacturing Overhead Budget For the First Quarter of 2020 First Quarter January February March Quarter Variable costs Indirect Materials 6834 6804 7074 20712 AY Indirect Labor 11390 11340 11790 Utilities 11390 11340 11790 34520 6534 6804 7074 30712 Maintenance 36440 36200 110464 Total Variable Cost $ $ Fixed Costs 41000 41000 41000 123000 Salaries 1300 1300 5000 CALCULATOR PRI: que l uzu, prepare a selling and administrative budget (Enter per unit expenses rounded to 2 decimal places. E.g. 1. WATERWAYS CORPORATION Selling and Administrative Expense Budget For the First Quarter of 2020 First Quarter January February March Quarter Budget Sales in Units 114000 113000 117000 344000 Variable Expenses Per Unit 1.50 1.50 $ 1.50 $ 1.50 Total Variable 5 & A Expense tudy 171000 169500 $ 175500 Fixed Expenses $ 516000 Advertising 14000 $ 14000 14000 42000 Insurance 1600 1600 1600 4000 Salaries 71000 71000 71000 213000 Depreciation 2600 > > 2600 2000 7800 Other 3200 3200 3200 ype here to search CALCULATOR PRINTER VERSION BACK WATERWAYS CORPORATION Cash Budget For the First Quarter of 2020 First Quarter January Beginning Cash Balance February March Quarter 101000 Add Receipts 809096 $ BJ 1992 $ 101000 Collections From Customers 1346400 1357800 Total Available Cash 195000 4501000 1447400 2166396 Less 3228792 Disbursements 202000 Direct Materials 132300 181300 129354 5533 Direct Labor 205020 204120 Manufacturing Overhead Selling and Administrative 2000 259300 26100 2500 Equipment Purchase 490000 10000 mere to search 1 D D o + $ ( 9 > 0 2 5 3 T 5 6 OD 1 V 7 P: Dividends CALCULATOR PRINTER VERSION Total Disbursements 11736 11736 Excess (Deficiency) of Available Cash Over Cash Disbursements 11736 742304 35 1229344 762468 Financing 705096 937552 1466324 Add Borrowings 14678 Less 104000 104000 Repayments Interest - 104000 -104000 Ending Cash Balance -1560 B09096 Click if you would like to Show Work for this question: Open Show Work 831992 1465 Question Attempts of wed are to search . - L 3 & 7 4 5 6 8 A 0