Required: Prepare the company's budgeted income statement for the year.
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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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- Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 600 $ 2,020 $ 1,670 $ 55 $ 107,000 $ 18,000Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement Check my workGig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 500 Selling price per unit $ 1,970 Cost per unit $ 1,460 Variable selling and administrative expense (per unit) $ 50 Fixed selling and administrative expense (per year) $ 196,000 Interest expense for the year $ 13,000 Required: Prepare the company’s budgeted income statement for the year.
- Gig Harbor Boating is the wholesale distributor of a small recreatlonal catamaran sallboat. Management has prepared the following summary data to use In its annual budgeting process: Budgeted unit sales 500 Selling price per unit Cost per unit 24 1,970 1,460 Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year 50 $ 196,e00 $ 13,00e Requlred: Prepare the company's budgeted Income statement for the year. Gig Harbor Boating Budgeted Income StatementHelen is working on her department's budgeted annual income statement. In the process, she needs to determine the budgeted amount for selling, general, and administrative (SG&A) expenses in order to complete her budget. Sales Variable SG&A cost 11500 units $0.20 per unit Advertising expense $6200 per year Depreciation on office equipment $8600 per year Other fixed SG&A costs $24800 On the basis of the given data, what are total budgeted selling, general, and administrative (SG&A) expenses of the department? ○ $35700 O $33300 O $17100 O $41900Bolden Company prepared the following budgeted income statement for 2025: 1(Click the icon to view the budgeted income statement.) Read the requirements2. Requirement 1. Prepare a budgeted income statement with columns for 1,300 units, 1,400 units, and 1,900 units sold. Bolden Company Budgeted Income Statement For the Year Ended December 31, 2025 Unit sales 1,300 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income 1,400 1,900 Requirement 2. How might managers use this type of budgeted income statement? The budgeted income statement prepared in Requirement 1 is a (1) budget. It allows Bolden's managers to plan for (2) sales level(s). Requirement 3. How might spreadsheet software such as Excel assist in this type of…
- Gina Lakes Boating is the wholesale distributor of small recreational catamaran sailboats. Management has prepared the following summary data to use in its annual budgeting process: Budgeted sales (in units) 500 Selling price per unit $ 2,000 Cost per unit $ 1,600 Variable selling and administrative expenses (per unit) $ 75 Fixed selling and administrative expenses (per year) $ 105,500 Interest expense for the year $ 14,000 Required: Prepare the company’s budgeted income statement.Please help me with the functions for this ! Thank you! Jay Corporation has decided to prepare contribution income statements for internal planning. Budgeted information for Quarter 1 of 2024: Sales in units 17,000 Sales price per unit $48.00 After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) $29.00 Sales Commissions (per dollar of sales) 9.50% Administrative Salaries (per quarter) $45,000 Rent Expense (per quarter) $27,000 Depreciation Expense (per quarter) $36,000 Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Total Cost Units Quarter 1 $67,000 12,500 Quarter2 $94,000 21,000 Quarter 3 $89,800 13,800 Quarter 4 $92,600 20,000 2023 Quarter 1 $72,500 13,700 Quarter2 $80,000 14,000 Quarter 3 $84,000 14,300 Quarter…The Budget Committee is now ready with the budget estimates for the preparation of the Operating Budget of YAKANG-YAKA Company for the year 2022. The following data were preseted below: Finished Product Model B 8,000 P 140 Model M 5,000 P 170 Budget sales-units Selling price per unit Inventory, Beginning in units Expected inventory end in units 850 600 700 500 Inventory, Beginning in units Expected inventory end in units Material MI 5,000 5,500 Material M2 4,000 5,000 Material M3 3,000 3,600 Model B Model M 4 units 3 units 3 units 15 hours Material Content of each unit: Material M1 Material M2 Material M3 Direct labor hours per unit 6 units 4 units 2 units 10 hours Overhead is applied based on 100% of direct labor hours. Budgeted unit costs: Material M1 Material M2 per unit Material M3 2.50 per unit Direct labor P2.00 Р.00 per uniti 3.00 per hour Other budgeted data based on production are shown below: Factory Overhead: Indirect labor Factory supplies Repairs and maintenance Other…
- Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process:Budgeted Income Statement Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Required: Using Schedule 9 as your guide, prepare the company’s budgeted income statement for the year.Integrated Excel: Preparing a Contribution Format Income Statement Using the High-Low Method Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Budgeted information for Quarter 1 of 2024: Sales in units Sales price per unit After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) Sales Commissions (per dollar of sales). Administrative Salaries (per quarter) Rent Expense (per quarter) Depreciation Expense (per quarter) Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Quarter 1 Quarter 2 Quarter 3 Quarter 4 2023 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Cost $ 67,000 $ 94,000 $ 89,800 $ 92,600 $ 72,500 $80,000 $ 84,000 $ 100,000 17,000 $ 48.00 Units 12,500 21,000 13,800 20,000 13,700 14,000 14,300 22,500 $29.00 9.50€ $ 45,000 $ 27,000 $ 36,000 Required: Use the data to answer the…