Safarl File Edit View History Bookmarks Window Help Autosowe BETUBADM 226-PC- Budget ProjectSpring 2017 Home Insert Draw Page Layout Formulas Data Review View Tell me Open recovered workbooks? Your recent changes were saved. Do you want to continue working where you left of fx Sales AE D Company Name Budgeted Income Statement Date Source Sales ludget DM, Olea End Fun Budget SOLA Budget Cashbudger Source 6 Salos Less cost of goods sold Gross margin Less selling and administrative expenses 10 Operating income Les interest expense 12 Net income 13 14 15 16 17 Company Name 18 Budgeted Balance Sheet 10 Date 20 21 Assets 22. Current asse 23 Cash 24 Accounts receivable 25 Raw materials inventory 26 Finished goods inventory 27 Total current assets 20 plant and equipment 20 Land 30 Buildings and equipment 31 Accumulated depreciation 32 Plant and equipment met 39 Total assets 34 36 Labies and Stockholders'Equity 30 Current abilities 37 Accounts payable Note Payable (LOC) 30 Total current liabilities 40 Stockholders equity 41 Common stock 42 Retained earnings Total stockholders' equity 4 Total babies and stockholders' equity Cash Budget Saath Collections Materials Budget End Gin Budget Begance sheet Bep B+Can Budget Beges. MOHSIA Budget Maletas Budget Cash Budget Blanca check Beg Balance Sheet Beg BS18 Gash Budget Notes Inputo Oporting Budget IS&BS Select destination and press ENTER or choose Paste Average: 0 Count: 80 Sumo Ha! 2 900 112 JO https://learn-us-east-1-prod-Heel02-xythos.content.bl.. Oplan TOSTE OVER Summer Company, Inc. is preparing budgets for the second quarter ending June 30, 2021 SALES BUDGET Budgeted sales of the company's only product for the next five months are: 18,300 units May 25,200 units June 25,000 units 23,500 units August..... 17,000 units April... July The selling price is $10.10 per unit. SCHEDULE OF EXPECTED CASH COLLECTIONS Additional data: All sales are on account. The company collects 63% of these credit sales in the month of the sale, 35% are collected in the month following sale, and the remaining 2% are uncollectible. The accounts receivable balance on March 31 was $36,400 All of this balance was collectible PRODUCTION BUDGET Additional data: The company desires to have inventory on hand at the end of each month equal to 15% of the following month's budgeted unit sales. On March 31, 2,635 units were on hand. DIRECT MATERIALS BUDGET Additional data: 6 pounds of material are required per unit of product. Management desires to have materials on hand at the end of each month equal to 10% of the following month's production needs. The beginning materials inventory was 13,750 pounds. The material costs $0.28 per pound. SCHEDULE OF EXPECTED CASH DISBURSEMENTS FOR MATERIAL Additional data: Fifty five percent of a month's purchases are paid for in the month of purchase; 45% is paid for in the following month No discounts are given for carly payment. otv X W https://learn-us-east-1-prod-fleet02-xythos.contentbl. Operating fudget Template for Sm Bia - Overvie The accounts payable balance on March 31 was $11,900 DIRECTBUDGET Additional data: Each unit produced requires 0.05 hour of direct labor. Each hour of direct labor costs the company S20.00 Management fully adjusts the workforce to the workload each month. MANUFACTURING OVERHEAD BUDGET Additional data: Variable manufacturing overhead is $22 per direct labor-hour. Fixed manufacturing overhead is $39.400 per month. This amount includes $18,000 in depreciation, which is not a cash outflow. ENDING FINISHED GOODS INVENTORY BUDGET Additional data: The Company uses absorption costing in its budgeted income statement and balance sheet. Manufacturing overhead is applied to units of product on the basis of direct labor- hours, The company has no work in process inventories. SELLING AND ADMINISTRATIVE EXPENSE BUDGET Additional data Variable selling and administrative expenses are $0.44 per unit sold. Fixed selling and administrative expenses are $45,000 per month and includes $7,500 in depreciation CASH BUDGET Additional data: 1. A line of credit is available at a local bank that allows the company to borrow up to $75,000 in one-thousand dollar increments All borrowing occurs at the beginning of the month, and all repayments occur at the end of the month. h. The company does not have to make any payments until the end of the quarter. The interest rate is 10% annually 2 Summer desires a cash balance of at least $20,000 at the end of each month. The cash balance at the beginning of April was $10,600 Cash dividends of $13,000 are to be paid to stockholders in April a So ta Operating Budget Template for Sma Biz - Overvie https://learn-us-east-1-prod-fleetO2-xythos.content.bl... Equipment purchases of $102,000 are scheduled for May and $34,000 for June. This equipment will be installed and tested during the second quarter and will not become operational until July, when depreciation charges will commence. Requirement: (in completing all the budgets and financial statements se 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 (6) Production Budget (e) Direct Materials Budget (d) Direct Labor Budget (e) Manufacturing Overhead Budget Ending Finished Goods Inventory Budget (8) Selling and Administrative Expense Budget (h) Cash Budget (2) Prepare a budgeted income statement for the quarter ending June 30, 2021, and a budgeted balance statement as of June 30, 2021, Summer Company, Inc. Balance Sheet March 31,2021 Assets Cash S 10,600,00 Accounts receivable $ 36,400.00 Raw materials inventory $ 3,850.00 Finished goods inventory S 14,200.00 Total current assets 65.050 300,000 Land Property, plant, and equipment: Buildings and equipment Less: Accumulated depreciation Property plant and equipment, nel Total assets 1,296,150 (550.000) 746, 150 1,111,200 11.900 Liabilities and stockholders' equiry Current liabilities: Accounts payable Stockholders' equity Common stock Retained.comings Total stockholders Total liabilities and stockholder's equity 230.000 869.300 1.099 300 1.111,200