Problem 10-50: Budgeting for a Merchandising Firm Student and Exercise 9-33: CVP Analysis Student
Question # 00114164
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Updated on: 10/07/2015 02:03 PM Due on: 10/12/2015
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| Problem 10-50: Budgeting for a Merchandising Firm Student Template | ||||||
| Background | 0 | |||||
| Budgeted sales: | ||||||
| December | $2,20,000 | |||||
| January | $2,00,000 | |||||
| Collections of A/R: | ||||||
| Collected in month of sale | 60.00% | |||||
| Collected following month | 38.00% | REMEMBER: You MUST input your work. | ||||
| Est B/D expense | 2.00% | Use formulas to indicate your understanding. | ||||
| Discount for early payment | 1.00% | |||||
| Gross margin % | 25% | |||||
| Target End Inv, as % of following month's sales | 80.00% | |||||
| Merchandise payments: | ||||||
| % paid in month following month of purchase | 100.00% | |||||
| Other operating expenses (cash) = | $22,600 | |||||
| Annual depreciation expense = | $2,16,000 | |||||
| Kelly Company's statement of financial position at the close of business on November 30th follows: | ||||||
| KELLY COMPANY | ||||||
| Statement of Financial Position | ||||||
| November 30, 2013 | ||||||
| Assets | ||||||
| Cash | $22,000 | |||||
| Accounts receivable (net of $4,000 allowance for doubtful accounts) | $76,000 | |||||
| Inventory | $1,32,000 | |||||
| Property, plant, and equipment (net of $680,000 accumulated depreciation) | $8,70,000 | |||||
| Total assets | $11,00,000 | |||||
| Liabilities and Stockholders' Equity | ||||||
| Accounts payable | $1,62,000 | |||||
| Common stock | $8,00,000 | |||||
| Retained earnings | $1,38,000 | |||||
| Total liabilities and equity | $11,00,000 | |||||
| Requirements | ||||||
| 1. What is the total of budgeted cash collections for December? | ||||||
| 2. How much is the book value of accounts receivable at the end of December? | ||||||
| 3. How much is the income (loss) before income taxes for December? | ||||||
| 4. What is the projected balance in inventory on December 31, 2013? | ||||||
| 5. What are budgeted purchases for December? | ||||||
| 6. What is the projected balance in accounts payable on December 31, 2013? |
| Exercise 9-33: CVP Analysis Student Template | |||||||||
| Problem Information | Your Name ===> | NOTE: Be sure that you add your NAME to the filename when you save & submit it to your dropbox. | |||||||
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| Sales | $ 460,00,000 | ||||||||
| Operating expenses: | |||||||||
| Variable expenses | 322,00,000 | ||||||||
| Fixed expenses | 75,00,000 | ||||||||
| Total expenses | 397,00,000 | ||||||||
| Operating income | $ 63,00,000 | ||||||||
| Targeted operating income = | $ 80,00,000 | ||||||||
| Increase in variable cost = | 12.00% | ||||||||
| Requirements | |||||||||
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Solution: new unit 3 assignment