Homework Answers
The general and administrative expense budget focuses on operating expenses like administrative salaries, depreciation, and office expenses.
The answer is e)
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A budget that plans the types and amounts of operating expenses expected that are not included...
1. Use the following data to find the total direct labor cost variance if the company...
1. Use the following data to find the total direct labor cost variance if the company produced 3,500 units during the period. Direct labor standard (4 hrs. @ $7/hr.) $ 28 per unit Actual hours worked 12,250 Actual rate per hour $ 7.50 Multiple Choice $6,125 unfavorable. $7,000 unfavorable. $7,000 favorable. $12,250 favorable. $6,125 favorable. 2. Ratchet Manufacturing anticipates total sales for August, September, and October of $200,000, $210,000, and $220,500 respectively. Cash sales are normally 25% of total sales...
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget....
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2020, the following data are available. 1. Sales: 20,700 units quarter 1; 22,500 units quarter 2. 2. Variable costs per dollar of sales: sales commissions 5%, delivery expense 2%, and advertising 3%. 3. Fixed costs per quarter: sales salaries $10,300, office salaries $6,310, depreciation $4,350, insurance $1,650, utilities $890, and repairs expense $710. 4. Unit selling price: $24....
12) 12) Gardner Company expects sales for October of $248,000. Experience suggests that 45% of sales...
12) 12) Gardner Company expects sales for October of $248,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $67,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet? A) $111,600. B) $68,200. C) $136,400. D) $67,000. E) $124,000 13) 13) A sporting...
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget....
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2020, the following data are available. 1. Sales: 20,500 units quarter 1; 22,600 units quarter 2. 2. Variable costs per dollar of sales: sales commissions 5%, delivery expense 2%, and advertising 3%. 3. Fixed costs per quarter: sales salaries $10,100, office salaries $6,230, depreciation $4,730, insurance $1,680, utilities $840, and repairs expense $690. 4. Unit selling price: $25....
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production a...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales $ 3,150,000 Cost of goods sold Direct materials $ 900,000 Direct labor 210,000 Machinery repairs (variable cost) 60,000 Depreciation—Plant equipment (straight-line) 300,000 Utilities ($45,000 is variable) 195,000 Plant management salaries 190,000 1,855,000 Gross profit 1,295,000 Selling expenses Packaging 75,000 Shipping 90,000 Sales salary (fixed...
Johnson Company combines its operating expenses for budget purposes in a selling and administrative expense budget....
Johnson Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2020, the following data are available. 1. Sales: 20,800 units quarter 1; 22,100 units quarter 2. 2. Variable costs per dollar of sales: sales commissions 5%, delivery expense 2%, and advertising 3%. 3. Fixed costs per quarter: sales salaries $10,900, office salaries $6,480, depreciation $4,400, insurance $1,910, utilities $830, and repairs expense $640 4. Unit selling price: $21...
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget....
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2020, the following data are available. 1. Sales: 20,700 units quarter 1; 22,000 units quarter 2. 2. Variable costs per dollar of sales: sales commissions 5%, delivery expense 2%, and advertising 3%. 3. Fixed costs per quarter: sales salaries $11,000, office salaries $6,140, depreciation $4,430, insurance $2,060, utilities $910, and repairs expense $710. 4. Unit selling price: $22....
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production a...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales $ 3,000,000 Cost of goods sold Direct materials $ 945,000 Direct labor 240,000 Machinery repairs (variable cost) 60,000 Depreciation—Plant equipment (straight-line) 315,000 Utilities ($30,000 is variable) 195,000 Plant management salaries 220,000 1,975,000 Gross profit 1,025,000 Selling expenses Packaging 90,000 Shipping 105,000 Sales salary (fixed...
January budgeted selling and administrative expenses for the retail shoe store that Craig Shea plans to...
January budgeted selling and administrative expenses for the
retail shoe store that Craig Shea plans to open on January 1, 2018,
are as follows: sales commissions, $24,000; rent, $17,500;
utilities, $4,100; depreciation, $3,900; and miscellaneous, $1,500.
Utilities are paid in the month after incurrence. Other expenses
are expected to be paid in cash in the month in which they are
incurred.
Required
Determine the amount of budgeted cash payments for January
selling and administrative expenses.
Determine the amount of utilities...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production a...
Phoenix Company’s 2017 master budget included the following fixed budget report. It is based on an expected production and sales volume of 15,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2017 Sales $ 3,150,000 Cost of goods sold Direct materials $ 900,000 Direct labor 210,000 Machinery repairs (variable cost) 60,000 Depreciation—Plant equipment (straight-line) 300,000 Utilities ($45,000 is variable) 195,000 Plant management salaries 190,000 1,855,000 Gross profit 1,295,000 Selling expenses Packaging 75,000 Shipping 90,000 Sales salary (fixed...
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2020, the following data are available. 1. Sales: 20,700 units quarter 1; 22,500 units quarter 2. 2. Variable costs per dollar of sales: sales commissions 5%, delivery expense 2%, and advertising 3%. 3. Fixed costs per quarter: sales salaries $10,300, office salaries $6,310, depreciation $4,350, insurance $1,650, utilities $890, and repairs expense $710. 4. Unit selling price: $24....
12) 12) Gardner Company expects sales for October of $248,000. Experience suggests that 45% of sales are for cash and 55% are on credit. The company collects 50% of its credit sales in the month of sale and 50% in the month following sale. Budgeted Accounts Receivable on September 30 is $67,000. What is the amount of Accounts Receivable on the October 31 budgeted balance sheet? A) $111,600. B) $68,200. C) $136,400. D) $67,000. E) $124,000 13) 13) A sporting...
January budgeted selling and administrative expenses for the
retail shoe store that Craig Shea plans to open on January 1, 2018,
are as follows: sales commissions, $24,000; rent, $17,500;
utilities, $4,100; depreciation, $3,900; and miscellaneous, $1,500.
Utilities are paid in the month after incurrence. Other expenses
are expected to be paid in cash in the month in which they are
incurred.
Required
Determine the amount of budgeted cash payments for January
selling and administrative expenses.
Determine the amount of utilities...
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