Homework Help is Here – Start Your Trial Now!
Business
Accounting
If the excel spreadsheet looked like this how would you set it up?

If the excel spreadsheet looked like this how would you set it up?

Principles of Cost Accounting
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter7: The Master Budget And Flexible Budgeting
Section: Chapter Questions
Problem 5P: Selling and administrative expense budget and budgeted income statement Budgeted selling and...
See similar textbooks
icon
Related questions
Question
100%

If the excel spreadsheet looked like this how would you set it up?

3. Selling 5. Budgeted Balance Sheet Selling and Administrative Expense Budget Williams Company First Quarter Budgeted Balance Sheet Williams Company First Quarter End of January End of Febraury End of March Quarter 1 January February March Quarter 1 Assets Variable expenses Cash Accounts receivable Sales Finished goods inventory Raw materials inventory Selling and adminstrative expense percentage RAW PVC Total variable selling and administrative expense Fixed expenses Fixed selling and administrative expense Total selling and administrative expense RESIN Land Building and equipment Less: Accummulated depreciation Total assets Liabilities & Stockholders' Equity Accounts payable Common Stock 4. Cash Retained earnings Cash Budget Total liabilities & Stockholders' Equity $0 $0 $0 Williams Company First Quarter January February 6. Budgeted Income Statement March Beginning cash balance Add: Receipts Cash sales to customers Budgeted Income Statement Cash collected from accounts receivable Williams Company Total available cash First Quarter Less: Disursements Raw materials cash purchases January February March Quarter 1 Sales Raw materials accounts payable purchases Cost of goods sold (units sold*unit cost) Gross profit Direct labor Factory overhead Selling and administrative expense Selling and administration expenses Income from operations Interest expense Income tax expense Income before income taxes Total disbursements Income tax expense Excess (deficiency) of available cash $ - $ Net income $0 $0 $0 $0 over cash disbursements Notes: 1. 1400 finished PVC in inventory 12/31 balance sheet value of $64,400. Unit cost for these units $64,400/1400=$46. 2. COGS in January calculated 1400*$46 plus (7000-1400)*$46.4
Transcribed Image Text:3. Selling 5. Budgeted Balance Sheet Selling and Administrative Expense Budget Williams Company First Quarter Budgeted Balance Sheet Williams Company First Quarter End of January End of Febraury End of March Quarter 1 January February March Quarter 1 Assets Variable expenses Cash Accounts receivable Sales Finished goods inventory Raw materials inventory Selling and adminstrative expense percentage RAW PVC Total variable selling and administrative expense Fixed expenses Fixed selling and administrative expense Total selling and administrative expense RESIN Land Building and equipment Less: Accummulated depreciation Total assets Liabilities & Stockholders' Equity Accounts payable Common Stock 4. Cash Retained earnings Cash Budget Total liabilities & Stockholders' Equity $0 $0 $0 Williams Company First Quarter January February 6. Budgeted Income Statement March Beginning cash balance Add: Receipts Cash sales to customers Budgeted Income Statement Cash collected from accounts receivable Williams Company Total available cash First Quarter Less: Disursements Raw materials cash purchases January February March Quarter 1 Sales Raw materials accounts payable purchases Cost of goods sold (units sold*unit cost) Gross profit Direct labor Factory overhead Selling and administrative expense Selling and administration expenses Income from operations Interest expense Income tax expense Income before income taxes Total disbursements Income tax expense Excess (deficiency) of available cash $ - $ Net income $0 $0 $0 $0 over cash disbursements Notes: 1. 1400 finished PVC in inventory 12/31 balance sheet value of $64,400. Unit cost for these units $64,400/1400=$46. 2. COGS in January calculated 1400*$46 plus (7000-1400)*$46.4
Expert Solution
steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Stock Market Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS