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Posted on Jul 15, 2024

The blurry photo were the requirements. I have copied it onto word to update it and make it was more clear to read. REQUIREMENTS 12-31-19

The blurry photo were the requirements. I have copied it onto word to update it and make it was more clear to read. image text in transcribed

REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS The 2018 year and balance sheet formation can be found on the 12-11-19 BALANCE SHEET The can be found ASSUMPTIONS. Use your incess 11. What is the Pr i de Overhead Rate for the year? S ENANCES REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS ABC Company Balance Sheet December 31, 2019 Assets: Cash Accounts Receivable Raw Materials Inventory (5000 pounds) Finished Goods Inventory (2500 units) Equipment Accumulated Depreciation Total Assets 56.400 250.000 15.000 47.250 850.000 -212.500 1,006,150 Liabilities & Stockholders' Equity: Accounts Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity 165.000 402.000 439.150 1.005.150 REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS ABC Company Assumptions 2021 Sales: Estimated Unit Sales: 01 15,000 2020 02 40,000 03 18,000 04 24,000 Q1 12.000 Q2 38,000 Selling Price per Unit 30 Expected Cash Collections: All Sales are on Account Collections in Quarter of Sale Collections in Quarter Following Sale 70% 30% Production Budget Desired Ending Inventory 15% of following quarter's budgeted sales (units) Direct Materials Budget: Raw materials required to produce one unit Desired raw materials on hand Raw material costs 3 pounds 10% of following month's production needs 3 per pound Expected Cash Payments Payments in the Month of Purchase Payments in the Month Following Purchase 75% 25% Direct Labor Budget: Direct Labor Required per Unit Hourly Pay Rate 0.25 hours 20 Manufacturing OH Budget: Variable Manufacturing OH Rate Fixed Manufacturing OH Depreciation 3 per DLH 99.911 25 per quarter 10.000 per quarter Selling & Administrative Expense Budget Variable S&A Expense Rate Fixed S&A Expenses Depreciation 1 per unit sold 85,000 per quarter 5,000 per quarter 30,000 50,000 Cash Budget: Minimum cash balance Cash dividend each quarter Line of Credit: Quarterly Interest Rate Maximum Balance Borrowings occur on the first day of the quarter. Repayments occur on the last day of the quarter. 2.5% 150,000 REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS Bu SALES BUDGET PER CAN COLLECTIONS PRODUCTION BUDGET DIRECT LABOR BUDGET BELLING AND ADMINISTRATIVE EXPENSE BUDGET REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS ABC Company Budgeted Income Statement For the Year Ended December 31, 2020 Cost of goods sold Seling and administrative expenses Operating income Interest expense Netico ABC Company Budgeted Balance Sheet December 31, 2020 Accounts Receivable Raw Materials inventory Finished Goods Inventory Equipment Accumulated Depreciation Total Assets Liabilities & Stockholders' Equity Accounts Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity REQUIREMENTS ABC Company manufactures a single product and is in the process of creating a master budget for 2020. The 2019 year-end balance sheet information can be found on the "12-31-19 BALANCE SHEET" tab. The management team developed a set of assumptions that can be used to help create the 2020 budget. Assumptions can be found on the "ASSUMPTIONS" tab. Use your knowledge obtained in this class and the information provided to complete the requirements below. (Use formulas to prepare the budget and do not round intermediate calculations. Follow the Connect instructions for inputting your responses.) 1) Discuss the importance of understanding managerial accounting in all career fields and roles 2) Discuss the importance of budgeting and the ways the budget can be used by managers throughout the organization? 3) From the Master Budget worksheet, what is the budgeted Total Budgeted Sales for the year? (Round to the nearest whole number.) 4) From the Master Budget worksheet, what is the budgeted Total Cash Collections for the year? (Round to the nearest whole number.) 5) From the Master Budget worksheet, what is the budgeted Total Required Production for the year? (Round to the nearest whole number.) 6) From the Master Budget worksheet, what is the budgeted Total Cost of Raw Materials to be purchased for the year? (Round to the nearest whole number.) 7) From the Master Budget worksheet, what is the budgeted Total Cash Disbursements for the year from the Expected Cash Payments budget? (Round of 2 764 words Focus Palagi di TIL LUFTUTU www.MITUS TUI HI your Styles vur W LIU MUUTUUL WIIU TUTE 7) From the Master Budget worksheet, what is the budgeted Total Cash Disbursements for the year from the Expected Cash Payments budget? (Round to the nearest whole number. Additional Note - 150,000.50 will round up to 150,001.) 8) From the Master Budget worksheet, what is the budgeted Total Direct Labor Costs for the year? (Round to the nearest whole number.) 9) From the Master Budget worksheet, what is the budgeted Total Manufacturing Overhead Costs for the year (Note - Not Total Cash Disbursements for Mfg. OH)? (Round to the nearest whole number.) 10)From the Master Budget worksheet, what is the budgeted Total Selling and Administrative Expenses for the year (Note - Not Total Cash S&A Expenses)? (Round to the nearest whole number.) 11) From the Master Budget worksheet, what is the ending Cash Balance for Q1? (Round to the nearest whole number.) 12)From the Master Budget worksheet, what is the ending Cash Balance for Q2? (Round to the nearest whole number. Do not round intermediate calculations.) 13) From the Master Budget worksheet, what is the ending Cash Balance for the year? (Round to the nearest whole number. Do not round intermediate calculations.) 14)What is the Plantwide Overhead Rate for the Year? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 15) What is the Total Direct Materials Cost per Unit? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 16)What is the Total Direct Labor Cost per Unit? (Round to two decimal places For example, $6.103 should be input as 6.10.) 17)What is the Manufacturing Overhead per Unit? (Round to two decimal places For example, $6.103 should be input as 6.10.) 18)What is the budgeted Total Unit Product Cost for the year? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 19)From the Financials workshoot, what is the budgeted Gross Margin for the year? (Round to the nearest whole number) 20)From the Financials worksheet, what is the budgeted Net Income for the year? (Round to the nearest whole number.) 21)From the Financials worksheet, what is the budgeted year end Total Assets? (Round to the nearest whole number.) 22)From the Financials worksheet, what is the budgeted year end Retained Earnings balance? (Round to the nearest whole number.) 23)From the Financials worksheet, what is the budgeted year end Total Liabilities & Stockholders' Equity? (Round to the nearest whole number.) 24) Assume that the first quarter resulted in sales of 18,500 units. What would be a good way to analyze the actual results compared to the budgeted results? 25)What is the Total Fixed Cost for the year? (Round to the nearest whole number.) 26)What is the Variable Cost per unit Sold (include manufacturing and selling and administrative expenses)? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 27)What is the Contribution Margin per unit Sold? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 28)Calculate the Break-Even Point in unit sales 2(Round to nearest whole unit. Do not round intermediate calculations.) 29) Calculate the Break-Even Point in Dollar Sales? (Round final answer to nearest whole dollar. Do not round intermediate calculations.) REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS The 2018 year and balance sheet formation can be found on the 12-11-19 BALANCE SHEET The can be found ASSUMPTIONS. Use your incess 11. What is the Pr i de Overhead Rate for the year? S ENANCES REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS ABC Company Balance Sheet December 31, 2019 Assets: Cash Accounts Receivable Raw Materials Inventory (5000 pounds) Finished Goods Inventory (2500 units) Equipment Accumulated Depreciation Total Assets 56.400 250.000 15.000 47.250 850.000 -212.500 1,006,150 Liabilities & Stockholders' Equity: Accounts Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity 165.000 402.000 439.150 1.005.150 REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS ABC Company Assumptions 2021 Sales: Estimated Unit Sales: 01 15,000 2020 02 40,000 03 18,000 04 24,000 Q1 12.000 Q2 38,000 Selling Price per Unit 30 Expected Cash Collections: All Sales are on Account Collections in Quarter of Sale Collections in Quarter Following Sale 70% 30% Production Budget Desired Ending Inventory 15% of following quarter's budgeted sales (units) Direct Materials Budget: Raw materials required to produce one unit Desired raw materials on hand Raw material costs 3 pounds 10% of following month's production needs 3 per pound Expected Cash Payments Payments in the Month of Purchase Payments in the Month Following Purchase 75% 25% Direct Labor Budget: Direct Labor Required per Unit Hourly Pay Rate 0.25 hours 20 Manufacturing OH Budget: Variable Manufacturing OH Rate Fixed Manufacturing OH Depreciation 3 per DLH 99.911 25 per quarter 10.000 per quarter Selling & Administrative Expense Budget Variable S&A Expense Rate Fixed S&A Expenses Depreciation 1 per unit sold 85,000 per quarter 5,000 per quarter 30,000 50,000 Cash Budget: Minimum cash balance Cash dividend each quarter Line of Credit: Quarterly Interest Rate Maximum Balance Borrowings occur on the first day of the quarter. Repayments occur on the last day of the quarter. 2.5% 150,000 REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS Bu SALES BUDGET PER CAN COLLECTIONS PRODUCTION BUDGET DIRECT LABOR BUDGET BELLING AND ADMINISTRATIVE EXPENSE BUDGET REQUIREMENTS 12-31-19 BALANCE SHEET ASSUMPTIONS MASTER BUDGET FINANCIALS ABC Company Budgeted Income Statement For the Year Ended December 31, 2020 Cost of goods sold Seling and administrative expenses Operating income Interest expense Netico ABC Company Budgeted Balance Sheet December 31, 2020 Accounts Receivable Raw Materials inventory Finished Goods Inventory Equipment Accumulated Depreciation Total Assets Liabilities & Stockholders' Equity Accounts Payable Common Stock Retained Earnings Total Liabilities & Stockholders' Equity REQUIREMENTS ABC Company manufactures a single product and is in the process of creating a master budget for 2020. The 2019 year-end balance sheet information can be found on the "12-31-19 BALANCE SHEET" tab. The management team developed a set of assumptions that can be used to help create the 2020 budget. Assumptions can be found on the "ASSUMPTIONS" tab. Use your knowledge obtained in this class and the information provided to complete the requirements below. (Use formulas to prepare the budget and do not round intermediate calculations. Follow the Connect instructions for inputting your responses.) 1) Discuss the importance of understanding managerial accounting in all career fields and roles 2) Discuss the importance of budgeting and the ways the budget can be used by managers throughout the organization? 3) From the Master Budget worksheet, what is the budgeted Total Budgeted Sales for the year? (Round to the nearest whole number.) 4) From the Master Budget worksheet, what is the budgeted Total Cash Collections for the year? (Round to the nearest whole number.) 5) From the Master Budget worksheet, what is the budgeted Total Required Production for the year? (Round to the nearest whole number.) 6) From the Master Budget worksheet, what is the budgeted Total Cost of Raw Materials to be purchased for the year? (Round to the nearest whole number.) 7) From the Master Budget worksheet, what is the budgeted Total Cash Disbursements for the year from the Expected Cash Payments budget? (Round of 2 764 words Focus Palagi di TIL LUFTUTU www.MITUS TUI HI your Styles vur W LIU MUUTUUL WIIU TUTE 7) From the Master Budget worksheet, what is the budgeted Total Cash Disbursements for the year from the Expected Cash Payments budget? (Round to the nearest whole number. Additional Note - 150,000.50 will round up to 150,001.) 8) From the Master Budget worksheet, what is the budgeted Total Direct Labor Costs for the year? (Round to the nearest whole number.) 9) From the Master Budget worksheet, what is the budgeted Total Manufacturing Overhead Costs for the year (Note - Not Total Cash Disbursements for Mfg. OH)? (Round to the nearest whole number.) 10)From the Master Budget worksheet, what is the budgeted Total Selling and Administrative Expenses for the year (Note - Not Total Cash S&A Expenses)? (Round to the nearest whole number.) 11) From the Master Budget worksheet, what is the ending Cash Balance for Q1? (Round to the nearest whole number.) 12)From the Master Budget worksheet, what is the ending Cash Balance for Q2? (Round to the nearest whole number. Do not round intermediate calculations.) 13) From the Master Budget worksheet, what is the ending Cash Balance for the year? (Round to the nearest whole number. Do not round intermediate calculations.) 14)What is the Plantwide Overhead Rate for the Year? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 15) What is the Total Direct Materials Cost per Unit? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 16)What is the Total Direct Labor Cost per Unit? (Round to two decimal places For example, $6.103 should be input as 6.10.) 17)What is the Manufacturing Overhead per Unit? (Round to two decimal places For example, $6.103 should be input as 6.10.) 18)What is the budgeted Total Unit Product Cost for the year? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 19)From the Financials workshoot, what is the budgeted Gross Margin for the year? (Round to the nearest whole number) 20)From the Financials worksheet, what is the budgeted Net Income for the year? (Round to the nearest whole number.) 21)From the Financials worksheet, what is the budgeted year end Total Assets? (Round to the nearest whole number.) 22)From the Financials worksheet, what is the budgeted year end Retained Earnings balance? (Round to the nearest whole number.) 23)From the Financials worksheet, what is the budgeted year end Total Liabilities & Stockholders' Equity? (Round to the nearest whole number.) 24) Assume that the first quarter resulted in sales of 18,500 units. What would be a good way to analyze the actual results compared to the budgeted results? 25)What is the Total Fixed Cost for the year? (Round to the nearest whole number.) 26)What is the Variable Cost per unit Sold (include manufacturing and selling and administrative expenses)? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 27)What is the Contribution Margin per unit Sold? (Round to two decimal places. For example, $6.103 should be input as 6.10.) 28)Calculate the Break-Even Point in unit sales 2(Round to nearest whole unit. Do not round intermediate calculations.) 29) Calculate the Break-Even Point in Dollar Sales? (Round final answer to nearest whole dollar. Do not round intermediate calculations.)