how to calculate accounts payable in a master budget for the quarter?
Solution:
Accounts payable in master budget is calculated using = Beginning accounts payable + Budgeted purchases - Budgeted cash payment to supplier
how to calculate accounts payable in a master budget for the quarter?
Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,400 in accounts receivable; $3,900 in accounts payable; and a $4,400 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at...
Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Hamby Corporation Balance Sheet June 30 Assets Cash $ 76,000 Accounts receivable 137,000 Inventory 86,100 Plant and equipment, net of depreciation 230,000 Total assets $ 529,100 Liabilities and Stockholders’ Equity Accounts payable $ 91,000 Common stock 312,000 Retained earnings 126,100 Total liabilities and stockholders’ equity $ 529,100 The company...
In setting up the master budget for the first quarter of the year, Cool-U expected to produce 1,060 t-shirts. When the quarter had ended, Cool-U found that it had actually produced 1,200 t-shirts. The following information are available for the first quarter. Data from Master Budget Actual Data for Quarter Budgeted production for Production 1,200units Quarter 1: 1,060 Materials: Materials costs £4,830 1 Plain t-shirt @ £3.00 5 Ounces of ink @ £0.20 Labour: 0.12hrs @ £10.00 Labour costs ...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 82,000 Accounts receivable 129,000 Inventory 52,500 Plant and equipment, net of depreciation 217,000 Total assets $ 480,500 Liabilities and Stockholders’ Equity Accounts payable $ 78,000 Common stock 347,000 Retained earnings 55,500 Total liabilities and stockholders’ equity $ 480,500 Beech’s managers...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 86,000 Accounts receivable 138,000 Inventory 75,000 Plant and equipment, net of depreciation 229,000 Total assets $ 528,000 Liabilities and Stockholders’ Equity Accounts payable $ 90,000 Common stock 351,000 Retained earnings 87,000 Total liabilities and stockholders’ equity $ 528,000 Beech’s managers...
PLEASE HELP! The master budget must be completed using formulas. there must be a sales budget, production budget, Direct Materials budget, Direct labor budget, manufacturing overhead budget, selling and admin budget, budgeted income statement, Schedule of exp collections, sch of exp payments, sch of exp payments DM, cash budget, and budgeted balance sheet. please include the formulas you used. Purpose: The purpose of this project is to help you practice and reinforce the steps necessary to complete a Master Budget,...
Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Hamby Corporation Balance Sheet June 30 Assets Cash $ 74,000 Accounts receivable 143,000 Inventory 73,500 Plant and equipment, net of depreciation 224,000 Total assets $ 514,500 Liabilities and Stockholders' Equity Accounts payable $ 85,000 Common stock 310,000 Retained earnings 119,500 Total liabilities and stockholders' equity $ 514,500 The company...
Webster Corporation is preparing a master budget for the first quarter of the year. The company budgets production of 2,760 units in January, 2,640 units in February and 2,940 units in March. Each unit requires 0.5 hours of direct labor. The direct labor rate is $13 per hour. Compute the budgeted direct labor cost for the first quarter budget. Multiple Choice $51,480. $54,210. $108,420. $102,960. $41,700.
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