1.
award:
4.28 out of
4.28 points
Kayak
Co. budgeted the following cash receipts (excluding cash receipts from loans
received) and cash disbursements (excluding cash disbursements for loan
principal and interest payments) for the first three months of next
year.
Cash
Receipts
Cash
Disbursements
January
$
518,000
$
471,000
February
403,000
366,000
March
471,000
525,000
According
to a credit agreement with the companyΓ’ΒΒs bank, Kayak promises to have a
minimum cash balance of $40,000 at each month-end. In return, the bank has
agreed that the company can borrow up to $160,000 at an annual interest rate
of 12%, paid on the last day of each month. The interest is computed based on
the beginning balance of the loan for the month. The company repays principal
on the loan with available cash on the last day of each month. The company
has a cash balance of $40,000 and a loan balance of $80,000 at January 1.
Prepare
monthly cash budgets for each of the first three months of next year. (Amounts to be deducted should be indicated by a minus
sign.)
2.
award:
4.28 out of
4.28 points
Walker
Company prepares monthly budgets. The current budget plans for a September
ending inventory of 40,000 units. Company policy is to end each month with
merchandise inventory equal to a specified percent of budgeted sales for the
following month. Budgeted sales and merchandise purchases for the next three
months follow.
Sales (Units)
Purchases (Units)
July
220,000
236,000
August
300,000
298,000
September
290,000
272,000
3.
award:
4.10 out of
4.28 points
Use the
following information to prepare the July cash budget for Acco Co. It should
show expected cash receipts and cash disbursements for the month and the cash
balance expected on July 31.
a.
Beginning
cash balance on July 1: $74,000.
b.
Cash
receipts from sales: 10% is collected in the month of sale, 50% in the next
month, and 40% in the second month after sale (uncollectible accounts are
negligible and can be ignored). Sales amounts are: May (actual), $1,800,000;
June (actual), $1,240,000; and July (budgeted), $1,420,000.
c.
Payments
on merchandise purchases: 75% in the month of purchase and 25% in the month
following purchase. Purchases amounts are: June (actual), $510,000; and July
(budgeted), $470,000.
d.
Budgeted
cash disbursements for salaries in July: $230,000.
e.
Budgeted
depreciation expense for July: $14,000.
f.
Other
cash expenses budgeted for July: $250,000.
g.
Accrued
income taxes due in July: $90,000.
h.
Bank
loan interest due in July: $7,000.
4.
award:
4.28 out of
4.28 points
Following
information relates to Acco Co.
a.
Beginning
cash balance on July 1: $35,000.
b.
Cash
receipts from sales: 24% is collected in the month of sale, 50% in the next
month, and 26% in the second month after sale (uncollectible accounts are
negligible and can be ignored). Sales amounts are: May (actual), $1,204,000;
June (actual), $840,000; and July (budgeted), $980,000.
c.
Payments
on merchandise purchases: 48% in the month of purchase and 52% in the month
following purchase. Purchases amounts are: June (actual), $301,000; and July
(budgeted), $600,000.
d.
Budgeted
cash disbursements for salaries in July: $147,700.
e.
Budgeted
depreciation expense for July: $8,400.
f.
Other
cash expenses budgeted for July: $105,000.
g.
Accrued
income taxes due in July: $80,000 (related to June).
h.
Bank
loan interest paid July 31: $4,620.
Additional
Information:
a.
Cost of
goods sold is 35% of sales.
b.
Inventory
at the end of June is $56,000 and at the end of July is $313,000.
c.
Salaries
payable on June 30 are $35,000 and are expected to be $28,000 on July 31.
d.
The
equipment account balance is $1,120,000 on July 31. On June 30, the
accumulated depreciation on equipment is $196,000.
e.
The
$4,620 cash payment of interest represents the 1% monthly expense on a bank
loan of $462,000.
f.
Income
taxes payable on July 31 are $132,398, and the income tax rate applicable to
the company is 35%.
g.
The
only other balance sheet accounts are: Common Stock, with a balance of
$482,520 on June 30; and Retained Earnings, with a balance of $750,400 on
June 30.
Prepare
a budgeted income statement for the month of July and a budgeted balance
sheet for July 31.
5.
award:
4.28 out of
4.28 points
Tempo
Company’s fixed budget for the first quarter of calendar year 2013 reveals
the following.
Sales
(10,000 units)
$
2,020,000
Cost
of goods sold
Direct
materials
$
236,700
Direct
labor
434,700
Production
supplies
266,200
Plant
manager salary
36,700
974,300
Gross
profit
1,045,700
Selling
expenses
Sales
commissions
77,200
Packaging
146,700
Advertising
100,000
323,900
Administrative
expenses
Administrative
salaries
86,700
DepreciationΓ’ΒΒoffice
equip.
56,700
Insurance
26,700
Office
rent
36,700
206,800
Income
from operations
$
515,000
Prepare
flexible budgets that show variable costs per unit, fixed costs, and three
different flexible budgets for sales volumes of 8,000, 10,000, and 12,000
units. (Round cost per unit to 2 decimal
places.)
6.
award:
4.28 out of
4.28 points
Solitaire
CompanyΓ’ΒΒs fixed budget performance report for June follows. The $630,000
budgeted expenses include $592,200 variable expenses and $37,800 fixed
expenses. Actual expenses include $49,800 fixed expenses.
Fixed Budget
Actual Results
Variances
Sales
(in units)
8,400
10,800
Sales
(in dollars)
$
840,000
$
1,080,000
$
240,000
F
Total
expenses
630,000
756,000
126,000
U
Income
from operations
$
210,000
$
324,000
$
114,000
F
Prepare
a flexible budget performance report showing any variances between budgeted
and actual results. List fixed and variable expenses separately. (Do not round intermediate calculations.)
7.
award:
4.15 out of
4.32 points
Bay
City CompanyΓ’ΒΒs fixed budget performance report for July follows. The $367,000
budgeted expenses include $280,000 variable expenses and $87,000 fixed
expenses. Actual expenses include $77,000 fixed expenses.
Fixed Budget
Actual Results
Variances
Sales
(in units)
5,000
3,900
Sales
(in dollars)
$
400,000
$
347,100
$
52,900
U
Total
expenses
367,000
337,000
30,000
F
Income
from operations
$
33,000
$
10,100
$
22,900
U
Prepare
a flexible budget performance report that shows any variances between
budgeted results and actual results. List fixed and variable expenses
separately. (Do not round intermediate
calculations.)
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