Accounting Pro

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Each assignment needs their own separate excel document.

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HORNGREN'S ACCOUNTING - Eleventh Edition E22-24 Prepare a sales budget and a production budget for Gorman for April, May, and June. Solution: Use Excel to do your calculations. GORMAN COMPANY Sales Budget For the Three Months Ended June 30 April May GORMAN COMPANY Production Budget For the Three Months Ended June 30 April May Budgeted packages to be sold Plus: Desired packages in ending inventory Total packages needed Less: Packages in beginning inventory Budgeted packages to be produced Month April May June 10% 10% 10% 10% × × × × Chapter 22: Master Budgets Next month’s sales packages packages packages = = = = June June - Desired packages in ending inventory Page 1 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition May, and June. Work needs to follow the formats outlined in the textbook with everything properly labeled. Total Total - This line will be calculated below and should pull in automatically if cell references are not re Desired packages in ending inventory Chapter 22: Master Budgets Page 2 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition if cell references are not removed from F23, G23, and H23. Chapter 22: Master Budgets Page 3 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition E22-27 Requirements 1. Prepare a schedule of cash receipts for Armand for January, February, and March. What is the balance in Accounts Receivable on March 31? 2. Prepare a revised schedule of cash receipts if receipts from sales on account are 60% in the month of the sale, 30% in the month following the sale, and 10% in the second month following the sale. What is the balance in Accounts Receivable on March 31? Chapter 22: Master Budgets Page 4 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition Solution: Use Excel to do your calculations. Requirement 1 Schedule of Cash Receipts from Customers January February March Total Total sales Chapter 22: Master Budgets Page 5 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition Requirement 2 Revised Schedule of Cash Receipts from Customers January February March Total Accounts Receivable balance, March 31: February—Credit sales (40%), 10% collected in April March— March— Total Chapter 22: Master Budgets Page 6 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition E22A-34 Prepare a selling and administrative expense budget for each of the three quarters of 2016 and totals for the nine-month period. Solution: Use Excel to do your calculations. STEWART, INC. Selling and Administrative Expense Budget Nine Months Ended September 30, 2016 Quarter Ended Mar. 31 Jun. 30 Sep. 30 Variable expenses: Commissions Expense Miscellaneous Expenses Total variable expenses Fixed expenses: Rent Expense Salaries Expense Depreciation Expense Total fixed expenses Total S&A expenses Chapter 22: Master Budgets Page 7 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition e three quarters of et Nine-Month Total Chapter 22: Master Budgets Page 8 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition P22-57 Requirements 1. Prepare Daniels Consulting’s cash budget for January and February 2013. 2. How much cash will Daniels borrow in February if cash receipts from customers that month total $30,000 instead of $55,000? Solution: Use Excel to do your calculations. Requirement 1 DANIELS CONSULTING, INC. Cash Budget For the Two Months Ended February 28, 2018 January February Chapter 22: Master Budgets Total Page 9 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition Requirement 2 February Revised How much cash will Daniels borrow in February if cash receipts from customers that month total $30,000 instead of $55,000? Chapter 22: Master Budgets Page 10 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition Chapter 22: Master Budgets Page 11 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition Remember, college level answers always substantiate any opinion/statement. Chapter 22: Master Budgets Page 12 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition Chapter 22: Master Budgets Page 13 of 14 HORNGREN'S ACCOUNTING - Eleventh Edition n/statement. Chapter 22: Master Budgets Page 14 of 14

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Robertmariasi
School: Duke University

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