Homework Answers
| Option D is the answer | |
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The correct order in which the indicated budget documents for a manufacturing company Selling and administrative expense budget - - - cash budget, budgeted income statement - - - budgeted balance sheet |
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Which of the following represents the correct order in which the indicated budget documents for a...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The...
Which of the following statements is NOT correct concerning the Manufacturing Overhead Budget? Multiple Choice The Manufacturing Overhead Budget provides a schedule of all costs of production other than direct materials and labor costs. The Manufacturing Overhead Budget shows only the variable portion of manufacturing overhead. The Manufacturing Overhead Budget shows the expected cash disbursements for manufacturing overhead. The Manufacturing Overhead Budget is prepared after the Sales Budget. The basic idea underlying responsibility accounting is that a manager should be...
M8-4 (Static) Classifying Components of Master Budget [LO 8-2]
Classify each of the following budgets as an operating (O) or financial (F) budget:a) Cash budgetb) Sales budgetc) Direct materials purchases budgetd) Selling and administrative expense budgete) Budgeted balance sheetf) Manufacturing overhead budgetg) Direct labor budgeth) Budgeted income statementi) Production budget
E8-3 (Static) Classifying, Ordering Components of the Master Budget [LO 8-2]
Organize the following budgets in order of preparation as presented in the book.Order of preparation has numbers 1-10 to choose from.IMG_5290.jpgBudget
Cash budget.
Selling and administrative expense budget.
Manufacturing overhead budget.
Raw materials purchases budget.
Budgeted balance sheet.
Sales budget.
Direct labor budget.
Budgeted income statement.
Budgeted cost of goods sold.
Considering the budgets of a manufacturing firm, which of the following statements is false? The sales...
Considering the budgets of a manufacturing firm, which of the following statements is false? The sales budget must be prepared before the cash budget. The budgeted balance sheet must be prepared before the cash budget. The budgeted income statement must be prepared before the budgeted balance sheet. The production budget must be prepared before direct materials purchase budget.
create the initial documents for the master budget: • sales budget • production budget • direct...
create the initial documents for the master budget:
• sales budget
• production budget
• direct materials purchases budget
• direct labor budget
• overhead budget
• selling and administrative expense budget
• cash budget include a schedule of cash collections and
payments
• finished goods inventory calculation
Then, Create the following schedules, financial statements, and
calculations
A) Pro forma cost of goods manufactured
B) Pro forma Cost of goods sold- both financial and variable
cost basis
C) Pro forma...
Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of...
Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash 99,000 Accounts receivable 500, 250 101,000 402,500 Raw materials inventory Finished goods inventory Total current assets 1,102,750 618,000 (159,000) 459,000 Equipment Accumulated depreciation Equipment, net $ 1,561,750 Total assets Liabilities and Equity Accounts payable Short-term notes payable 209,700 21,000 230,700 Total current liabilities...
Give an example of how the capital expenditures budget affects other operating budgets. What information, if...
Give an example of how the capital expenditures budget affects other operating budgets. What information, if any, will be shown on the budgeted income statement, from the following: sales budget, cash budget, and cost of goods sold budget? What information, if any, will be shown on the budgeted balance sheet, from the following: sales budget, cash budget, and cost of goods sold budget? Place the following budgets in their proper order of preparing the master budget: Cost of goods sold...
Explanation not necessary Which budget evaluates the results of operations at the actual level of activity? A. stat...
Explanation not necessary Which budget evaluates the results of operations at the actual level of activity? A. static budget B. flexible budget C. cash budget D. capital budget Which is not a section of the cash budget? A cash disbursements B. allowance for uncollectible accounts C. financing needs D. cash receipts The direct materials budget is prepared using which budget's information? A. cash receipts budget B. raw materials budget C. production budget D. cash payments budget Which budget is the...
PLEASE HELP! The master budget must be completed using formulas. there must be a sales budget,...
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,...
The budgeted income statement is a combination of: All the operating budgets. All the operating budgets...
The budgeted income statement is a combination of: All the operating budgets. All the operating budgets plus the budgeted balance sheet. The direct materials budget, the direct labor budget, and the manufacturing overhead budget. The production budget, the cost of goods sold budget, and the selling and administrative expense budget.
create the initial documents for the master budget:
• sales budget
• production budget
• direct materials purchases budget
• direct labor budget
• overhead budget
• selling and administrative expense budget
• cash budget include a schedule of cash collections and
payments
• finished goods inventory calculation
Then, Create the following schedules, financial statements, and
calculations
A) Pro forma cost of goods manufactured
B) Pro forma Cost of goods sold- both financial and variable
cost basis
C) Pro forma...
Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash 99,000 Accounts receivable 500, 250 101,000 402,500 Raw materials inventory Finished goods inventory Total current assets 1,102,750 618,000 (159,000) 459,000 Equipment Accumulated depreciation Equipment, net $ 1,561,750 Total assets Liabilities and Equity Accounts payable Short-term notes payable 209,700 21,000 230,700 Total current liabilities...
Explanation not necessary Which budget evaluates the results of operations at the actual level of activity? A. static budget B. flexible budget C. cash budget D. capital budget Which is not a section of the cash budget? A cash disbursements B. allowance for uncollectible accounts C. financing needs D. cash receipts The direct materials budget is prepared using which budget's information? A. cash receipts budget B. raw materials budget C. production budget D. cash payments budget Which budget is the...
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,...
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