The requirements are to correctly budget the following (this is
all the directions and information given). THIS IS ALL THE
INFORMATION I WAS GIVEN.
Homework Answers
| Perky Turkey Jerky, LLC | ||||
| Sales Budget | ||||
| For the Quarter Ending June 30, 2018 | ||||
| Month | Quarter Total | |||
| April | May | June | ||
| Budgeted Sales (in units) (a) | 10,000 | 12,000 | 15,000 | 37,000 |
| Selling price per unit (b) | $9.00 | $9.00 | $9.00 | $9.00 |
| Total Sales (a * b) | $90,000 | $108,000 | $135,000 | $333,000 |
| Schedule of Expected Cash Collections | ||||
| Month | Quarter Total | |||
| April | May | June | ||
| Beginning Accounts Receivable | $9,000 | $9,000 | ||
| April Sales ($90,000*90/100); ($90,000*10/100) | $81,000 | $9,000 | $90,000 | |
| May Sales ($108,000*90/100); ($108,000*10/100) | $97,200 | $10,800 | $108,000 | |
| June Sales ($135,000*90/100); | $121,500 | $121,500 | ||
| Total Cash Collections | $90,000 | $106,200 | $132,300 | $328,500 |
| Perky Turkey Jerky, LLC | ||||
| Production Budget | ||||
| For the Quarter Ending June 30, 2018 | ||||
| Month | Quarter Total | |||
| April | May | June | ||
| Budget Sales in Units | 10,000 | 12,000 | 15,000 | 37,000 |
| Add: Desired Ending Inventory (12,000*20/100); (15,000*25/100); (15,000*30/100) | 2,400 | 3,750 | 4,500 | 10,650 |
| Total units needed | 12,400 | 15,750 | 19,500 | 47,650 |
| Less: Units of beginning finished goods (10,000*20/100) (last month's ending inventory will be the current month's beginning inventory) | 2,000 | 2,400 | 3,750 | 8,150 |
| Required production in units | 10,400 | 13,350 | 15,750 | 39,500 |
Note: The third one is wrongly given as Sales Budget but it is Production Budget as the first one is the Sales Budget.
Add Answer to:
The requirements are to correctly budget the following (this is
all the directions and information given)....
Use the following table to complete the budget sheet. Please help me solve this question, thank...
Use the following table to complete the budget sheet. Please
help me solve this question, thank you!!!
Balance Sheet March 31, 2018 Assets 52,000.00 9,000.00 2,750.00 14,300.00 Current Assets Cash Accounts Receivable Raw Materials Inventory (1,100 pounds) Finished Goods Inventory (2,000 units) Total Current Assets Plant and Equipment Equipment Accumulated Depreciation Plant and Equipment, Net Total Assets 78,050.00 930,000.00 (63,000.00) 867,000.00 945,050.00 7,500.00 100,000.00 Liabilities and Stockholders' Equity Liabilities Accounts Payable Bonds Payable Stockholders' Equity Common Stock 800,000.00 Retained Earnings...
Please use the beginning balance sheet and Budgeting Assumptions to complete the cash budget and budgeted...
Please use the beginning balance sheet and Budgeting Assumptions
to complete the cash budget and budgeted income statement. Thank
you!
Balance Sheet March 31, 2018 Assets Current Assets Cash 52,000.00 Accounts Receivable 9,000.00 Raw Materials Inventory (1,100 pounds) Finished Goods Inventory (2,000 units) 2,750.00 14,300.00 Total Current Assets 78,050.00 Plant and Equipment Equipment 930,000.00 Accumulated Depreciation Plant and Equipment, Net (63,000.00) 867,000.00 Total Assets 945,050.00 Liabilities and Stockholders' Equity Liabilities Accounts Payable 7,500.00 Bonds Payable 100,000.00 Stockholders' Equity Common Stock...
Prepare a production budget and a direct manufacturing labor cost budget for PetersonPeterson Company by month...
Prepare a production budget and a direct manufacturing labor cost budget for PetersonPeterson Company by month and for the first quarter of 20182018. You may combine both budgets in one schedule. The direct manufacturing labor cost budget should include labor-hours and show the details for each labor cost category. Start the schedule by preparing the production budget and calculating the total hours of direct manufacturing labor time needed for the three months in the quarter, then calculate the values for...
Please prepare a production budget with the following master budget information: Projected unit sales for each...
Please prepare a production budget with the following master budget information: Projected unit sales for each quarter for 2013 are as follows: Quarter 1 60,000 Quarter 2 70,000 Quarter 3 80,000 Quarter 4 65,000 The selling price is $500 per unit. All sales are on credit (no cash sales). 70% of all sales are collected within the quarter they are sold. The other 30% are collected in the following quarter. There are no bad debts. There is no beginning inventory...
Prepare a production budget and a direct manufacturing labor cost budget for PetersonPeterson Company by month...
Prepare a production budget and a direct manufacturing labor cost budget for PetersonPeterson Company by month and for the first quarter of 20182018. You may combine both budgets in one schedule. The direct manufacturing labor cost budget should include labor-hours and show the details for each labor cost category. Start the schedule by preparing the production budget and calculating the total hours of direct manufacturing labor time needed for the three months in the quarter, then calculate the values for...
Required information [The following information applies to the questions displayed below.] The management of Zigby Manufacturing...
Required information
[The following information applies to the questions
displayed below.]
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March, 2013:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2013
Assets
Cash
$
48,000
Accounts receivable
438,750
Raw
materials inventory
87,900
Finished goods inventory
383,760
Total current assets
958,410
Equipment, gross
616,000
Accumulated depreciation
(158,000)
Equipment, net
458,000
Total assets
$
1,416,410
Liabilities and Equity
Accounts payable
187,200
Short-term notes...
Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of...
Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2017
Assets
Cash
$
53,000
Accounts receivable
392,400
Raw materials inventory
96,600
Finished goods inventory
313,920
Total current assets
855,920
Equipment, gross
626,000
Accumulated depreciation
(163,000
)
Equipment, net
463,000
Total assets
$
1,318,920
Liabilities and Equity
Accounts payable
$
204,800
Short-term notes payable
25,000
Total current liabilities
229,800
Long-term note payable
520,000
Total liabilities
749,800
Common stock
348,000...
Problem 22-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of...
Problem 22-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets $ Cash 46,000 Accounts receivable 386,925 96,290 327,831 Raw materials inventory Finished goods inventory Total current assets 857,046 Equipment, gross Accumulated depreciation Equipment, net 612,000 (156,000) 456,000 $1,313,046 Total assets Liabilities and Equity 196,190 18,000 214,190 Accounts payable Short-term notes payable $ Total current...
company is preparing its budget for 2019. the company has collected the following information from the...
company is preparing its budget for 2019. the company has collected the following information from the managers. 1. sales: sales for November 2018 112,500 units sales for the December 2018 102,100 units Expected sales for January 2019 113,000 units Expected sales for February 2019 112,500 units Expected sales for March 2019 116,000 units Expected sales for April 2019 125,000 units Expected sales for May 2019 137,500 units Selling price unit $12 The company likes to keep 15% of next months...
Use the following table to complete the budget sheet. Please
help me solve this question, thank you!!!
Balance Sheet March 31, 2018 Assets 52,000.00 9,000.00 2,750.00 14,300.00 Current Assets Cash Accounts Receivable Raw Materials Inventory (1,100 pounds) Finished Goods Inventory (2,000 units) Total Current Assets Plant and Equipment Equipment Accumulated Depreciation Plant and Equipment, Net Total Assets 78,050.00 930,000.00 (63,000.00) 867,000.00 945,050.00 7,500.00 100,000.00 Liabilities and Stockholders' Equity Liabilities Accounts Payable Bonds Payable Stockholders' Equity Common Stock 800,000.00 Retained Earnings...
Please use the beginning balance sheet and Budgeting Assumptions
to complete the cash budget and budgeted income statement. Thank
you!
Balance Sheet March 31, 2018 Assets Current Assets Cash 52,000.00 Accounts Receivable 9,000.00 Raw Materials Inventory (1,100 pounds) Finished Goods Inventory (2,000 units) 2,750.00 14,300.00 Total Current Assets 78,050.00 Plant and Equipment Equipment 930,000.00 Accumulated Depreciation Plant and Equipment, Net (63,000.00) 867,000.00 Total Assets 945,050.00 Liabilities and Stockholders' Equity Liabilities Accounts Payable 7,500.00 Bonds Payable 100,000.00 Stockholders' Equity Common Stock...
Required information
[The following information applies to the questions
displayed below.]
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March, 2013:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2013
Assets
Cash
$
48,000
Accounts receivable
438,750
Raw
materials inventory
87,900
Finished goods inventory
383,760
Total current assets
958,410
Equipment, gross
616,000
Accumulated depreciation
(158,000)
Equipment, net
458,000
Total assets
$
1,416,410
Liabilities and Equity
Accounts payable
187,200
Short-term notes...
Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2017
Assets
Cash
$
53,000
Accounts receivable
392,400
Raw materials inventory
96,600
Finished goods inventory
313,920
Total current assets
855,920
Equipment, gross
626,000
Accumulated depreciation
(163,000
)
Equipment, net
463,000
Total assets
$
1,318,920
Liabilities and Equity
Accounts payable
$
204,800
Short-term notes payable
25,000
Total current liabilities
229,800
Long-term note payable
520,000
Total liabilities
749,800
Common stock
348,000...
Problem 22-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets $ Cash 46,000 Accounts receivable 386,925 96,290 327,831 Raw materials inventory Finished goods inventory Total current assets 857,046 Equipment, gross Accumulated depreciation Equipment, net 612,000 (156,000) 456,000 $1,313,046 Total assets Liabilities and Equity 196,190 18,000 214,190 Accounts payable Short-term notes payable $ Total current...
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