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 budget
b) Sales budget
c) Direct materials purchases budget
d) Selling and administrative expense budget
e) Budgeted balance sheet
f) Manufacturing overhead budget
g) Direct labor budget
h) Budgeted income statement
i) Production budget
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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.
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...
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.
Problem 7-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of...
Problem 7-4A 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 S 48,e00 438,750 87,980 383,760 958,410 616,000 158,000 458,800 S 1,416,410 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note...
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...
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...
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...
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 2019. 10 points eBook Print ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities ong-term note payable Total liabilities Common stock Retained earnings Total...
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...
Which of the following represents the correct order in which the indicated budget documents for a...
Which of the following represents the correct order in which the indicated budget documents for a manufacturing company would be prepared? Multiple Choice o Sales budget, cash budget direct materials budget direct labor budget O Production budget, sales budget direct materials budget direct labor budget C) Sales budget cash budget production budget direct materials budget Selling and administrative expense budget. Cash budget, budgeted income statement, budgeted balance sheet
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...
Problem 7-4A 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 S 48,e00 438,750 87,980 383,760 958,410 616,000 158,000 458,800 S 1,416,410 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note...
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...
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...
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 2019. 10 points eBook Print ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities ong-term note payable Total liabilities Common stock Retained earnings Total...
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...
Which of the following represents the correct order in which the indicated budget documents for a manufacturing company would be prepared? Multiple Choice o Sales budget, cash budget direct materials budget direct labor budget O Production budget, sales budget direct materials budget direct labor budget C) Sales budget cash budget production budget direct materials budget Selling and administrative expense budget. Cash budget, budgeted income statement, budgeted balance sheet
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