Prepare a Sales Budget Determine production volume
Q: Sales budget is primarily concerned with forecasting of what products will be sold in quantities and…
A: The sales budget represents the financial plan that fixes the forecasted sales so that the resources…
Q: Sales budget formula
A: Sales budget depends on the expected demand of sales units and the standard price of unit. Sales…
Q: Why is the sales budget considered the cornerstone of the master budget?
A: Master budget is the sum total of all lower level budgets of the organisation various functions like…
Q: Explain direct labour budget.
A: Definition: Operating budget: Operating budget which projects the budgeted amounts of operational…
Q: Prepare a sales budget, production budget, direct materials budget for silicon and solution, and a…
A: Answer:-
Q: The Production Budget depends upon information provided by the Revenues Budget. TRUE FALSE
A: Meaning of Production Budget The production budget considers the units in the sales budget and the…
Q: What is a standard cost? Group of answer choices The total number of units times the budgeted…
A: There are several type of costs that is being incurred in the business. Costs are the expenses and…
Q: Before a direct materials purchases budget can be prepared, you should firsta. prepare a sales…
A: The budgets are prepared to estimate the number of units to be sold, number of units to be produced…
Q: A budget: A.is used to determine if a product should be continued or discontinued B.complies…
A: The budget is prepared by the business organizations so as to know the expected revenue and expenses…
Q: _________________is an operating budget
A: The Answer :
Q: Prepare Sales Budget,Production Budget,Material usageand purchase budget and Direct Labour Budget.
A: Budgets are prepared in order to forecast the sales and the cost to produce the products.
Q: Discuss why the production quantities that are prescribed in the production budget should be…
A: The sales budget is prepared to ascertain the projected sales during the coming period, on the basis…
Q: Which budget is prepared first? Which budget is last? Multiple Choice Production Budget and Income…
A: Budget is prepared by the management on the basis of past experience. On the basis of the budget, It…
Q: The "Budget" column of a flexible budget report reflects: budgeted costs at the budgeted level of…
A: Solution Concept Flexible budget Flexible budget is a budget which is prepared by changing the…
Q: When generating a master budget, what schedule created first? A. Production Budget B. Sales…
A: Master Budget is summation of all budgets at lower functional level of organization.
Q: Which of the following equations is used to prepare a direct labor budget? Multiple Choice Required…
A: While preparing the direct labor budget we should not consider the estimated sales in finished…
Q: The sales budget is based on assumptions about the ______? A. No. of units to be sold and selling…
A: Budget is the estimation or forecast of future course of actions. For example, Sales budget tells…
Q: i. Production budget in units i. Purchasing budget in units and cost of purchase for the period i.…
A:
Q: Prepare Revenues Budget Prepare production budget in units Direct Material Usage Budgets
A: Budget means the expected value of future. Budget is not affected by the actual value as it is…
Q: Explain cost of goods sold budget.
A: Budgeting is a process to prepare the financial statement by the manager to estimate the…
Q: Sales and Production Budgets
A: Solution;- 1)Prepare a sales budget for each quarter and for the year in total. Show sales by…
Q: What budgets are included in the financial budget for a merchandising company?
A: Budgets included in the financial budget for a merchandising company: Cash budget Budgeted Income…
Q: The direct labor budget and the manufacturing overhead budget are prepared directly from the a.…
A: Budgets are the forecasts or estimates to be made for future period of time. These are the…
Q: what are total budgeted costs
A: Budgets are the estimates or forecasts to be made for future period. Budgeted costs means forecasted…
Q: a. Explain your understanding about the budget cycleb. Please give an example of budget cycle's…
A: The budget is a process of planning the things in advance, estimating the future outcomes and…
Q: Define direct material budget.
A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…
Q: Explain briefly how a budget can be used in costing products.
A: Product cost refers to the costs incurred to create a product. These costs include direct labor,…
Q: Define the term sales budget.
A: A sales budget provides an estimate of the volume of goods and services that a company proposes to…
Q: What is Avery's budgeted cost of goods sold?
A: The direct expenses incurred by the company in producing the goods it sells are referred to as the…
Q: BUDGETED GROSS MARGIN FORMULA Please give me the formula method for find the Budgeted Gross Margin.
A: Gross margin shows the revenues of company which are left over after paying all the direct expenses.
Q: Which of the following is true? a) The direct materials purchases budget is determined from the…
A: The budget is prepared by the management to estimate future revenue and expenditure. It is helpful…
Q: Why should the production requirements set forth in the production budget be carefully coordinated…
A: The production requirements are efficiently coordinated with the sales budget to ensure smooth…
Q: Direct Labor Cost Budgets
A: Budget: budget is an estimate prepared by the company to know its future goals and actions required…
Q: master-budget
A: following budgets is based on many other master-budget components.
Q: When developing a budget we focus first on sales. Why do be begin with sales? What are some of the…
A: Budgeting is the process of estimating the revenues, expenses and profitability of the business for…
Q: What are the benefits of preparing a production and direct materials budget?
A: The estimated financial statement being at the beginning of the accounting year based upon past…
Q: a) Analyze the sales budget (in unit and value). b) Analyze the production budget of the Bobo Co. c)…
A: The question is related to Budgetory Control. The Sales budget and Production Budget are…
Q: What is a selling expense budget? What is a capital expenditures budget?
A: A Budget is a Financial Plan made for Future period of time. There are many types of Budgets such as…
Q: Production budget
A: [Note: Since you have posted a multi-part question, we will solve the first 3 parts for you. For the…
Q: Please make the production budget in units and materials purchases budget
A: Production budget in the business shows how much units are expected to be produced in coming period.…
Q: A budget that adjusts to the changes in volume of production or output is called production budget.
A: FALSE.
Q: Give the period cost budgets - select all that apply a. Direct Labour Budget O b. Selling and…
A: Period costs are those that are not added to the cost of goods. Period costs are taken as a whole…
Q: A plan that reports the units of merchandise to be produced by a manufacturing company during the…
A: Following is the answer to the given question
Q: Explained how the use of an activity-based costing system could change the results of the budget if…
A: Activity based costing is the type of costing in which the costs are estimated according to the…
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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Prepare a Sales Budget
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Determine production volume
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- XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g. 52.75.): Current Ratio ? times…Below are the financial statements for the financial year 2020 and 2021. Statement of Financial Position as at January 31, 2019 and 2020 2021 2020 Current Assets Cash and cash balane:es 33,500 2,550 Account rocoivable 110.100 108,150 Inventories 17.000 7,140 Olher Teceivubles and prepaid experises 83,700 176.320 228.500 167,240 461,400 Fixod doposits with licenscd banks Total current assets 472,800 Properly, plant and cxquiprnenl 1,860,000 619,500 Total Assets 2,332,800 1,080,900 Current Liabilities Account Payables 60,400 27.410 Other payables and accriies expenses 65.600 56,390 Notes payables 27.800 46,800 Total current liabilities 153,800 130,600 Long term Liabilities Long term barrowings 490.500 144,700 Conveitible bonds 342.980 Hire purchase payables 106.920 76,600 Total long term liabilities 940,400 221,300 Shareholders' equity: Issued capital 253.500 201,000 Sharo promium 541.800 425.000 Retaincd carnings 443.300 103,000 Total liabilities and owners' equity 2,332,800 1,080,900Use the table for the questions below. Consider the following balance sheets: PharmPic DosageDoc Reported Dec. 31, 2020 2021 2020 2021 Assets Cash 224,224 200,400 301,540 230,876 Accounts Receivable 129,000 118,125 130,316 110,345 Inventories 154,890 171,147 184,717 186,000 Total Current Assets 508,114 489,672 616,573 527,221 Net Property Plant & Equipt. 421,162 431,795 456,462 460,000 Patents and Trademarks 212,770 210,110 201,348 199,990 Total Assets 1,142,046 1,131,577 1,274,383 1,187,211 Liabilities and Stockholders' Equity: Short Term Borrowings (Bank) 257,000 264,023 302,453 270,000 Accounts Payable 212,900 209,000 267,004 225,000 Current Portion of LTD (Interest Bearing Debt) 39,532 29,081 32,611 46,048 Total Current Liabilities 509,432 502,104 602,068…
- Comparative balance sheet accounts of Flounder Inc. are presented below. FLOUNDER INC.COMPARATIVE BALANCE SHEET ACCOUNTSAS OF DECEMBER 31, 2020 AND 2019December 31Debit Accounts 2020 2019Cash $42,300 $34,000Accounts Receivable 70,600 59,600Inventory 30,000 23,900Equity investments 22,500 38,700Machinery 29,700 18,600Buildings 67,900 56,600Land 7,500 7,500 $270,500 $238,900Credit Accounts Allowance for Doubtful Accounts $2,200 $1,500Accumulated Depreciation—Machinery 5,700 2,300Accumulated Depreciation—Buildings 13,600 8,900Accounts Payable 34,800 24,500Accrued Payables 3,300 2,700Long-Term Notes Payable 21,200 31,200Common Stock, no-par 150,000 125,000Retained Earnings 39,700 42,800 $270,500 $238,900 Additional data (ignoring taxes): 1. Net income for the year was $43,100.2. Cash dividends declared and paid during the year were $21,200.3. A 20% stock dividend was declared during the…Current Attempt in Progress XYZ provided the following financial information: XYZBalance SheetAs of 12/31/19 Assets: Liabilities and Equity: Cash and marketable securities $27,476 Accounts payable and accruals $154,860 Accounts receivable $143,519 Short-term notes payable $21,255 Inventory $212,379 Total current liabilities $176,115 Total current assets $383,374 Long term debt $155,510 Net plant and equipment $602,704 Total liabilities $331,625 Goodwill and other assets $42,422 Common stock $312,719 Retained earnings $384,156 Total assets $1,028,500 Total liabilities and equity $1,028,500 In addition, it was reported that the firm had a net income of: $158,402 and net sales of: $4,272,431 Calculate the following ratios for this firm (Use 365 days for calculation. Round answers to 2 decimal places, e.g.…Choose the correct letter of answer: Company F Statement of Financial Positions at December 31, 2020 shows the following: Cash P4,000.00, Marketable Securities P8,000.00, Accounts Receivable P100,000.00, Inventories P120,000.00, Prepaid Expenses P1,000.00, Notes Payable (short term) P5,000.00, Accounts Payable P150,000.00, Accrued Expenses P20,000.00, Income taxes payable P1,000.00, and long-term liabilities P340,000.00. Determine the following: current ratio and quick ratio. a. 1.32 and 0.64b. 1.52 and 0.82c. 1.82 and 0.86d. 1.98 and 1.54e. 2.2 and 2.1
- An extract from a computer company's 2021 financial statements follows: Balance sheet As of December 31, 2021 As of December 31, 2020 Total assets 57,699 54,013 Total liabilities 37,682 37,919 Total stockholders' equity 20,017 16,096 What was the company's debt-to- equity ratio for 2021? OA. 2.5 OB. 1.6 O C. 0.9 O D. 1.9Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,180 $1,836Accounts receivable, net 3,600 3,180Inventories 2,738 3,019Other current assets 1,932 1,590Total current assets $11,450 $9,625Current liabilities $4,830 $5,887 Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million Link to TextJust Dew It Corporation reports the following balance sheet information for 2020 and 2021. Assets Current assets Cash Accounts receivable Inventory Total Total assets 2020 Net plant and equipment $240,750 $310,600 a. Current ratio b. Quick ratio c. Cash ratio d. NWC ratio e. Debt-equity ratio e. Equity multiplier f. Total debt ratio f. Long-term debt ratio $8,850 $14,200 15,750 23,000 34,650 52,200 $ 59,250 $89,400 JUST DEW IT CORPORATION 2020 and 2021 Balance Sheets 2021 300,000 400,000 2020 times times times % times times times times Liabilities and Owners' Equity Current liabilities 2021 Accounts payable Notes payable Based on the balance sheets given for Just Dew It: a. Calculate the current ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) b. Calculate the quick ratio for each year. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.) c. Calculate the cash ratio for…
- The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:Dec. 31, 20Y9 Dec. 31, 20Y8AssetsCash $70,720 $47,940Accounts receivable (net) 207,230 188,190Inventories 298,520 289,850Investments 0 102,000Land 295,800 0Equipment 438,600 358,020Accumulated depreciation—equipment (99,110) (84,320)Total assets $1,211,760 $901,680Liabilities and Stockholders' EquityAccounts payable (merchandise creditors) $205,700 $194,140Accrued expenses payable (operating expenses) 30,600 26,860Dividends payable 25,500 20,400Common stock, $1 par 202,000 102,000Paid-in capital: Excess of issue price over par—common stock 354,000 204,000Retained earnings 393,960 354,280Total liabilities and stockholders' equity $1,211,760 $901,680The income statement for the year ended December 31, 20Y9, is as follows:Sales $2,023,898Cost of goods sold 1,245,476Gross profit $778,422Operating expenses:Depreciation expense $14,790Other operating expenses 517,299Total operating expenses 532,089Operating…Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019Current assets Cash and cash equivalents $3,200 $1,845Accounts receivable, net 3,450 3,180Inventories 2,639 3,042Other current assets 1,872 1,549Total current assets $11,161 $9,616Current liabilities $4,853 $5,893 (a)Calculate the current ratio and working capital for 3M for 2019 and 2020. (Round current ratio to 2 decimal places, e.g. 1.25 : 1. Enter working capital answers to million.) Current ratio 2019 :12020 :1 Working capital 2019 $ million2020 $ million (b)The parts of this question must be completed in order. This part will be available when you complete the part above.Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions). 3M CompanyBalance Sheets (partial) 2020 2019 Current assets Cash and cash equivalents $3,040 $1,908 Accounts receivable, net 3,370 3,180 Inventories 2,774 3,016 Other current assets 1,956 1,628 Total current assets $11,140 $9,732 Current liabilities $4,882 $5,875 Calculate the current ratio and working capital for 3M for 2019 and 2020.