homework --accounting

7/29/2019 Homework --Accounting

1/13

1.

1st

Raw Materials needed to meet the production schedule 5000

Raw Materials Needed per Unit 8

Raw Material Needs per Unit 40000

Add: Desired Ending Inventory of raw materials 16000

Total Raw Material Needs 56000

Less: Beginning Inventory of Raw Materials 6000

Raw Materials to be purchased 50000

Cost of Raw Materials per gram 1.20

Cost of Raw Materials toi be purchased 60,000$

Schedule of Expected Cas

1st

Accounts Payable, beginning balance 2,880

First quarter purchases 36000

Second Quarter Purchases

Third quarter purchaseFourth quarter purchases

Total Cash Disbursements for materials 38,880$

2.

1st

Required Production 5000

DirectLabor Hours needs per unit 0.2

Total Direct Labor Hours needed 1000

Direct Labor cost per hour 11.50

Total Direct Labor cost 11,500$


2/13

3.


3/13

2nd 3rd 4th Year

8000 7000 6000 26000

8 8 8 8

64000 56000 48000 208000

14000 12000 8000 8000

78000 68000 56000 216000

16000 14000 12000 6000

62000 54000 44000 210000

1.20 1.20 1.20 1.20

74,400$ 64,800$ 52,800$ 252,000$

Disbursements

2nd 3rd 4th Year

2,880

24000 60000

44640 29760 74400

38880 25920 6480031680 31680

68,640$ 68,640$ 57,600$ 233,760$

2nd 3rd 4th Year

8000 7000 6000 26000

0.2 0.2 0.2 0.2

1600 1400 1200 5200

11.50 11.50 11.50 11.50

18,400$ 16,100$ 13,800$ 59,800$

Quarter

For the year ended December 31, XXXX

Direct Materials Budget

Zan Corporation

Quarter

Zan Corporation

Direct Labor Budget

For the year ended December 31, XXXX

Quarter


4/13

1.

Schedule

Cash Balance, Beginning

Add: Total Collections 1

Total Cash Available

Less: Disbursement

Merchandise Purchases 2

Selling & Administrative Expenses

Equipment Purchases

Excess (Deficiency) of Cash available over disbursement

Total Financing:

Borrowing

Repayments

Interest

Cash Balance,end

1

Cash Sales

Collection from Credit Sales

Collection Previous Accounts Receivable

Total Collections

2

Inventory to be purchased

Payment to previous Accounts Payable

Total Budgeted Disbursments for Merchandise Purchases

2.

Sales

Less: Cost of Sales

Inventory, Beginning

Add: Purchases

Total Goods Available for Sale

Less: Inventory, Ending

Schedule of Expected Cash Collections

Schedule of Expected Cash Disbursement


5/13

Gross Margin

Less: Operating Expenses

Selling and Administration Expense

Depreciation Expense

Net Operating Income

Other Expense:

Interest ExpenseNet Income

3.

Assets

Cash

Accounts Receivable

Inventory

Building and equipment, net of depreciation

Total Assets

Liabilities and Shareholders' Equity

Accounts Payable

Notes Payable

Capital Stock, no par

Retained Earnings

Total Liabilities and Shareholders' Equity


6/13

Minden Corporation

Direct Materials Budget

For the Month ended May 31, XXXX

9,000$

184,000

193,000

111,000

72,000

6,500 189,500

3,500

20,000

(14,500)

(100) 5,400

8,900$

60,000

70,000

54,000

184,000$

48,000

63,000

111,000$

Minden Corporation

Budgeted Income Statement-Absorption


200,000$

30,000

120,000

150,000

40,000 110,000

s


7/13

90,000

72,000

2,000 74,000

16,000

10015,900$

Minden Corporation

BudgetedBalance Sheet


8,900

70000

40,000

211,500

330,400$

72000

20,000

180000

58,400

330,400$


8/13

1.

a.

April

Projected Sales 65,000

Unit Selling Price 10

Budgeted Sales 650,000

b.

From Accounts Receivable as of: April

February 26,000

March 280,000

April 130,000

May

June

Total 436,000

c.

April

Projected Sales 65,000

Add: Ending Inventory 40,000

Total Merchandise Needed 105,000

Less: Inventory, Beginning 26,000

Merchandise to be Purchased 79,000

Cost per pair of earrings 4

Total Cost of Merchandise to be purchased 316,000

d.

F

Fo

Schedul


9/13

April

From Accounts Payable of:

Beginning balance 100000

April purchases 158000

May purchases

June purchases

Total 258000

2. April

Cash, beginning $74,000

Add: Total Cash collections 436,000

Total 510,000

Less: Disbursements

Disbursement from purchases 258,000

Commissions 26,000

Advertising 200,000

Rent 18,000

Salaries 106,000

Utilities 7,000

Purchase of equipment

Dividends paid 15,000

Total disbursements 630,000

Balance (120,000)

Loan borrowing 170,000

Loan repaymentInterest

Cash, Ending balance $50,000

3.

Sales

Less: Variable Cost of Sales

Cost of Goods sold

Total Contribution Margin

Less: Variable Expenses

Commissions

Contribution margin

Fixed expenses

Advertising 600,000

Forq

Bud


10/13

Rent 54,000

Salaries 318,000

Utilities 21,000

Insurance 9,000

Depreciation 42,000

Net operating income

Interest expenseNet income

4.

Assets

Cash $94,700

Accounts Receivable 500,000

Inventory 48,000

Prepaid insurance 12,000

Property and equipment (net) 964,000

Total Assets $1,618,700

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts Payable $84,000Dividends Payable 15,000

Capital Stock 800,000

Retained Earnings 719,700

Total Liabilities and stockholders' equity $1,618,700

June 3

Earrings

Budgeted B


11/13

May June 2nd Quarter

100,000 50,000 215,000

10 10 10

1,000,000 500,000 2,150,000

Schedule of Expected Cash Collections from Sales


26,000

40,000 320,000

455,000 65,000 650,000

200,000 700,000 900,000

100,000 100,000

695,000 865,000 1,996,000


100,000 50,000 215,000

20,000 12,000 12,000

120,000 62,000 227,000

40,000 20,000 26,000

80,000 42,000 201,000

4 4 4

320,000 168,000 804,000

Earrings Unlimited

Earrings Unlimited

Merchandise Purchase Budget

r the Second quarter Ended June 30, xxxx

r the Second Quarter ended June 30, xxxxSales Budget

le of Expected Cash Disbursement for Materials


12/13

May June Quarter

100000

158000 316000

160000 160000 320000

84000 84000

318000 244000 820000

May June Quarter

$50,000 $50,000 $174,000

695,000 865,000 1,996,000

745,000 915,000 2,170,000

318,000 244,000 820,000

40,000 20,000 86,000

200,000 200,000 600,000

18,000 18,000 54,000

106,000 106,000 318,000

7,000 7,000 21,000

16,000 40,000 56,000

15,000

705,000 635,000 1,970,000

40,000 280,000 200,000

10,000 180,000

(180,000) (180,000)(5,300) (5,300)

$50,000 $94,700 $194,700

$2,150,000

$860,000

$1,290,000

86,000

1,204,000

arter ended June 30, xxxx

Earrings Unlimited

geted Income Statement


13/13

1,044,000

160,000

(5,300)$154,700

0, xxxx

nlimited

lance Sheet

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