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Describe a decision you've made that closely aligns with the assumptions of perfect rationality. Compare this decision with the process you used to select your college. Did you depart from the rational model in your college decisions? If so, explain why. Worth 5 points. Due: midnight on Thursday (2/12).
Note: Failing to cite the textbook will result in 1 point deduction.
the answer should be 1-2 paragraph
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Managerial Accounting 6691, Business & Finance Homework Help
ACT 6691
Managerial Accounting
Budget Project and Basis for Presentation
In this case a full set of budgets w ...
Managerial Accounting 6691, Business & Finance Homework Help
ACT 6691
Managerial Accounting
Budget Project and Basis for Presentation
In this case a full set of budgets will be prepared and
presented in appropriate format. Reports
will be prepared to explain how budget numbers were determined. The following are general requirements for
this budget case. Specific requirements
are listed after the relevant case data.
·
Read the case and analyze the information.
·
Prepare an operating budget in standard “income
statement” format.
·
Prepare a narrative report (or notes to the
income statement) addressing why/how quantitative items were selected. The following items must be explained:
1.
Sales Forecast
2.
Purchases budget (raw materials, labor, all
resources)
3.
Operating Expenses
·
Prepare a cash budget using any acceptable
format. The following items must be
explained or shown on the budget:
1.
The process by which cash inflows were
projected.
2.
The process by which cash outflows were
projected.
3.
The process by which financing, if applicable,
was determined.
4.
How interest and other financing charges were
calculated.
·
Prepare a capital budget using any acceptable
format.
You will be graded on your understanding of the underlying
concepts related to determining budget amounts (for example, how purchases are
determined) as well as your ability to prepare and explain standard business
reports. The rubric attached as the last
page of this document will be used to grade the case.
Harvey’s
Budget1
Harvey Manufacturing manufactures and sells two industrial
products: a self-balancing screw driver
and a self-balancing saw. Both products
are manufactured in a single plant.
Harvey’s general manager, Mr. Lipscomb, and president, Mr.
Owens, want a budget prepared for each quarter of the fiscal year 2013. They have asked various employees to gather
information that they believe will be necessary for preparation of a
budget. The information is presented
below.
Neither Mr. Lipscomb nor Mr. Owens is skilled in budget
preparation. Both executives have used
budgets and have participated to some degree in budget preparation in prior
years, but neither has prepared a full budget.
Sales in units and selling price (SP) in dollars per unit
Historical sales for 2012 for each of the two products are
shown below.
Harvey’s sales typically peak in the summer months,
beginning with May. Harvey’s general
manager, Mr. Lipscomb, recommends that the budget be prepared with the units
sold in the high sales months of May, June, and July be used as the bases for
determining the annual forecast. Mr.
Lipscomb’s recommendation is that annual sales be budgeted at 64,000 units per
month for screwdrivers and 42,000 units per month for saws.
Mr. Lipscomb also believes that the budgeted selling price
per unit should be equal to the highest selling price that could be achieved in
2012. He would like to budget $102 per
unit for screwdrivers and $130 per unit for saws. Mr. Lipscomb states that his management team experimented
with pricing in the prior year, beginning with the first month of the year.
You review the unit sales and unit selling price information
for 2012 and recommend a budget based on 60,000 units of screwdrivers at $100
each and 40,000 units of saws at $125 each.
Mr. Lipscomb challenges your conclusion. Likewise Mr. Owens, the company president,
would like to hear an explanation of the budget numbers and how or why you
calculated those numbers.
Production Requirements
Each unit produced requires the following materials, labor,
and overhead, all of which is variable.
The company applies variable overhead on the basis of direct labor
hours.
Inventories
Inventories are listed below. The beginning inventories are the actual
amounts on hand at the beginning of the year.
The ending inventories shown are the amounts that the operations manager
has determined to be necessary to ensure smooth production processes in the
following quarter.
Other information
Fixed manufacturing overhead
Fixed manufacturing overhead is
$214,000, including $156,000 of non-cash expenditures.
Fixed manufacturing overhead is
allocated on total units produced.
Beginning cash is $1,800,000.
Sales are on credit. Sales are collected 50 percent in the current
period and the remainder in the next period.
There are no bad debts.
Sales for the last quarter were
$8,400,000.
Purchases for direct materials and
labor costs are paid for in the quarter acquired.
Manufacturing overhead expenses are
paid in the quarter incurred.
Selling and administrative expenses
are all fixed and are paid in the quarter incurred.
Estimated selling and
administrative expenses for the next period are $340,000 per quarter, including
$90,000 of depreciation.
REQUIREMENTS:
FOR THE FIRST QUARTER OF 2013:
1. Prepare a sales budget in good form.
2. Prepare a narrative report explaining how your sales budget was
determined. Use the table above in your
analysis. (Hint: Many companies would develop their budgets
using average sales and average unit costs.)
Whatever budget determination
method you use should be explained. In
your explanation, you should include a discussion of why you believe sales and
selling prices fluctuated last year.
3. Prepare a production budget in units.
4. Prepare
a purchases budget. Remember that you
will need to purchase enough materials to have the required ending inventories
shown. You will also need to purchase
enough to manufacture and sell the products on your sales forecast. Do not forget that you have beginning inventories.
5. Prepare a narrative report explaining how you prepared the purchases
budget. Be as detailed as necessary to
be sure that the president and general manager will understand the calculations
and costs.
6. Prepare
a manufacturing cost budget.
Optional: Prepare a budgeted
income statement.
7. Prepare a contribution margin income
statement.
8. Prepare a narrative report explaining how the expenses on the income
statement were determined.
9. Prepare a cash budget. Be sure that you show all cash inflows and
outflows.
10. Prepare a narrative report explaining your cash budget process.
11. If necessary, prepare a capital
expenditure budget. Explain your entries. Use
only the facts in this case to prepare the budget.
Summary:
Your finished case
will consist of six or seven budgets (a sales budget, a production budget in
units, a purchases budget, a budgeted income statement, a contribution margin
income statement, a cash budget, and, if necessary, a capital expenditure
budget.)
You will also have four or five narrative reports (a sales
budget report, a purchases budget report, an income statement report, a cash
budget report, and an explanation of your capital budget, if necessary).
Narrative reports are reports that are in the form or a
white paper that clearly explains the numeric entries on your budgets. The length of the narrative reports will
depend on the particular report. In
general, you should be able to prepare the sales budget report on one or two
pages, the purchases budget report on one or two pages, the income statement
report on one page, and the cash budget report on one page. In this case, the capital budget report would
be less than one page. You should not
worry if one of your reports is more or less than the recommendation given
here—just be sure you cover all of the important points and satisfactorily
explain the numeric entries in your budget.
Also, be sure you explain the process of “how” your numbers were determined. In this regard, it is not necessary or
desirable to explain the exact calculations.
Consider your audience and prepare a report that would be suitable for
executives making plans and decisions for the upcoming year.
1Harvey’s budget is adapted
from a published case.
MGT 498 University of Phoenix Verifying Caterpillars Strategic Effectiveness Essay
Please look at the attachements for reference. Assignment ContentReview the Strategic Management Project Background docume ...
MGT 498 University of Phoenix Verifying Caterpillars Strategic Effectiveness Essay
Please look at the attachements for reference. Assignment ContentReview the Strategic Management Project Background document.Review the following terms and concepts discussed this week to prepare for this assignment:organizational structureorganizational cultureinertiaHolacracyPESTEL modelCreate a Word doc and title it Strategic Management Research Journal Part 3.Write a 525- to 700-word response to the following prompts in your journal entry:Assess whether Caterpillar Inc. is using the appropriate measures to verify its strategic effectiveness. Summarize Caterpillar Inc.’s organizational structure.Determine whether Caterpillar Inc.’s organizational structure is considered a traditional organizational structure or a Holacracy. Justify why it’s important for Caterpillar Inc.’s leadership team to study and understand the company’s internal and external environments.Evaluate Caterpillar Inc.’s competitive position and how they have responded to shifts in the external and internal environments.Recommend strategies in operational changes to support Caterpillar’s strategic plan, future business decisions, and improvement in business performance.Note: You will use information from this entry in your presentation due in Week 5.Submit your assignment.
4 pages
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ACC 300 Colorado State Global Campus Week 4 Financial Accounting Discussion
Module 4: Discussion ForumGenerally Accepted Accounting Principles (GAAP) allow companies to choose any inventory costing ...
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Module 4: Discussion ForumGenerally Accepted Accounting Principles (GAAP) allow companies to choose any inventory costing method, although the consistency principle requires that they not switch between methods on a regular basis. However, many companies still change methods from one year to the next. Perform research on this topic in order to address the below questions. Make sure to cite your sources:Why is consistency important in the first place?What are some valid reasons companies may decide to switch methods?How does the company's choice of financial accounting inventory method impact their tax reporting?What financial statements does the inventory choice impact and how may a change impact those statements?Be sure to post an initial, substantive response by Thursday at 11:59 p.m. MST and respond to 2 or more peers with substantive responses by Sunday at 11:59 p.m. MST. A substantive initial post should be 250-500 words and answers the question presented completely and/or asks a thoughtful question pertaining to the topic. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answer a question (in detail) posted by another student or the instructor.
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Knowing the distinctions between reasonable suspicion and probable cause are essential, foundational aspects of criminal justice, just as mens rea and actus reus were in your studies last week. Reasonable suspicion is an objective belief by an officer that an investigation needs to be conducted into a potential crime. Probable cause is the standard required for arrest. Keep these distinctions clear in this week’s presentations and in your criminal justice career. Support your claims with examples from the required materials and/or other scholarly resources, and properly cite any references. Your initial post must be at least 300 words in length. Two commonly confused concepts in criminal law are reasonable suspicion and probable cause. In your post, Define and evaluate both of these significant legal terms, and utilize pertinent U.S. Supreme Court opinions to justify your answers. Address what happens in court to a criminal case when an officer does not possess reasonable suspicion or probable cause.
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Managerial Accounting 6691, Business & Finance Homework Help
ACT 6691
Managerial Accounting
Budget Project and Basis for Presentation
In this case a full set of budgets w ...
Managerial Accounting 6691, Business & Finance Homework Help
ACT 6691
Managerial Accounting
Budget Project and Basis for Presentation
In this case a full set of budgets will be prepared and
presented in appropriate format. Reports
will be prepared to explain how budget numbers were determined. The following are general requirements for
this budget case. Specific requirements
are listed after the relevant case data.
·
Read the case and analyze the information.
·
Prepare an operating budget in standard “income
statement” format.
·
Prepare a narrative report (or notes to the
income statement) addressing why/how quantitative items were selected. The following items must be explained:
1.
Sales Forecast
2.
Purchases budget (raw materials, labor, all
resources)
3.
Operating Expenses
·
Prepare a cash budget using any acceptable
format. The following items must be
explained or shown on the budget:
1.
The process by which cash inflows were
projected.
2.
The process by which cash outflows were
projected.
3.
The process by which financing, if applicable,
was determined.
4.
How interest and other financing charges were
calculated.
·
Prepare a capital budget using any acceptable
format.
You will be graded on your understanding of the underlying
concepts related to determining budget amounts (for example, how purchases are
determined) as well as your ability to prepare and explain standard business
reports. The rubric attached as the last
page of this document will be used to grade the case.
Harvey’s
Budget1
Harvey Manufacturing manufactures and sells two industrial
products: a self-balancing screw driver
and a self-balancing saw. Both products
are manufactured in a single plant.
Harvey’s general manager, Mr. Lipscomb, and president, Mr.
Owens, want a budget prepared for each quarter of the fiscal year 2013. They have asked various employees to gather
information that they believe will be necessary for preparation of a
budget. The information is presented
below.
Neither Mr. Lipscomb nor Mr. Owens is skilled in budget
preparation. Both executives have used
budgets and have participated to some degree in budget preparation in prior
years, but neither has prepared a full budget.
Sales in units and selling price (SP) in dollars per unit
Historical sales for 2012 for each of the two products are
shown below.
Harvey’s sales typically peak in the summer months,
beginning with May. Harvey’s general
manager, Mr. Lipscomb, recommends that the budget be prepared with the units
sold in the high sales months of May, June, and July be used as the bases for
determining the annual forecast. Mr.
Lipscomb’s recommendation is that annual sales be budgeted at 64,000 units per
month for screwdrivers and 42,000 units per month for saws.
Mr. Lipscomb also believes that the budgeted selling price
per unit should be equal to the highest selling price that could be achieved in
2012. He would like to budget $102 per
unit for screwdrivers and $130 per unit for saws. Mr. Lipscomb states that his management team experimented
with pricing in the prior year, beginning with the first month of the year.
You review the unit sales and unit selling price information
for 2012 and recommend a budget based on 60,000 units of screwdrivers at $100
each and 40,000 units of saws at $125 each.
Mr. Lipscomb challenges your conclusion. Likewise Mr. Owens, the company president,
would like to hear an explanation of the budget numbers and how or why you
calculated those numbers.
Production Requirements
Each unit produced requires the following materials, labor,
and overhead, all of which is variable.
The company applies variable overhead on the basis of direct labor
hours.
Inventories
Inventories are listed below. The beginning inventories are the actual
amounts on hand at the beginning of the year.
The ending inventories shown are the amounts that the operations manager
has determined to be necessary to ensure smooth production processes in the
following quarter.
Other information
Fixed manufacturing overhead
Fixed manufacturing overhead is
$214,000, including $156,000 of non-cash expenditures.
Fixed manufacturing overhead is
allocated on total units produced.
Beginning cash is $1,800,000.
Sales are on credit. Sales are collected 50 percent in the current
period and the remainder in the next period.
There are no bad debts.
Sales for the last quarter were
$8,400,000.
Purchases for direct materials and
labor costs are paid for in the quarter acquired.
Manufacturing overhead expenses are
paid in the quarter incurred.
Selling and administrative expenses
are all fixed and are paid in the quarter incurred.
Estimated selling and
administrative expenses for the next period are $340,000 per quarter, including
$90,000 of depreciation.
REQUIREMENTS:
FOR THE FIRST QUARTER OF 2013:
1. Prepare a sales budget in good form.
2. Prepare a narrative report explaining how your sales budget was
determined. Use the table above in your
analysis. (Hint: Many companies would develop their budgets
using average sales and average unit costs.)
Whatever budget determination
method you use should be explained. In
your explanation, you should include a discussion of why you believe sales and
selling prices fluctuated last year.
3. Prepare a production budget in units.
4. Prepare
a purchases budget. Remember that you
will need to purchase enough materials to have the required ending inventories
shown. You will also need to purchase
enough to manufacture and sell the products on your sales forecast. Do not forget that you have beginning inventories.
5. Prepare a narrative report explaining how you prepared the purchases
budget. Be as detailed as necessary to
be sure that the president and general manager will understand the calculations
and costs.
6. Prepare
a manufacturing cost budget.
Optional: Prepare a budgeted
income statement.
7. Prepare a contribution margin income
statement.
8. Prepare a narrative report explaining how the expenses on the income
statement were determined.
9. Prepare a cash budget. Be sure that you show all cash inflows and
outflows.
10. Prepare a narrative report explaining your cash budget process.
11. If necessary, prepare a capital
expenditure budget. Explain your entries. Use
only the facts in this case to prepare the budget.
Summary:
Your finished case
will consist of six or seven budgets (a sales budget, a production budget in
units, a purchases budget, a budgeted income statement, a contribution margin
income statement, a cash budget, and, if necessary, a capital expenditure
budget.)
You will also have four or five narrative reports (a sales
budget report, a purchases budget report, an income statement report, a cash
budget report, and an explanation of your capital budget, if necessary).
Narrative reports are reports that are in the form or a
white paper that clearly explains the numeric entries on your budgets. The length of the narrative reports will
depend on the particular report. In
general, you should be able to prepare the sales budget report on one or two
pages, the purchases budget report on one or two pages, the income statement
report on one page, and the cash budget report on one page. In this case, the capital budget report would
be less than one page. You should not
worry if one of your reports is more or less than the recommendation given
here—just be sure you cover all of the important points and satisfactorily
explain the numeric entries in your budget.
Also, be sure you explain the process of “how” your numbers were determined. In this regard, it is not necessary or
desirable to explain the exact calculations.
Consider your audience and prepare a report that would be suitable for
executives making plans and decisions for the upcoming year.
1Harvey’s budget is adapted
from a published case.
MGT 498 University of Phoenix Verifying Caterpillars Strategic Effectiveness Essay
Please look at the attachements for reference. Assignment ContentReview the Strategic Management Project Background docume ...
MGT 498 University of Phoenix Verifying Caterpillars Strategic Effectiveness Essay
Please look at the attachements for reference. Assignment ContentReview the Strategic Management Project Background document.Review the following terms and concepts discussed this week to prepare for this assignment:organizational structureorganizational cultureinertiaHolacracyPESTEL modelCreate a Word doc and title it Strategic Management Research Journal Part 3.Write a 525- to 700-word response to the following prompts in your journal entry:Assess whether Caterpillar Inc. is using the appropriate measures to verify its strategic effectiveness. Summarize Caterpillar Inc.’s organizational structure.Determine whether Caterpillar Inc.’s organizational structure is considered a traditional organizational structure or a Holacracy. Justify why it’s important for Caterpillar Inc.’s leadership team to study and understand the company’s internal and external environments.Evaluate Caterpillar Inc.’s competitive position and how they have responded to shifts in the external and internal environments.Recommend strategies in operational changes to support Caterpillar’s strategic plan, future business decisions, and improvement in business performance.Note: You will use information from this entry in your presentation due in Week 5.Submit your assignment.
4 pages
Fraud And Abuse In Healthcare In Ksa
Fraud and Abuse in Healthcare in the Kingdom of Saudi Arabia Fraud and Abuse in Healthcare in the Kingdom of Saudi Arabia
Fraud And Abuse In Healthcare In Ksa
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ACC 300 Colorado State Global Campus Week 4 Financial Accounting Discussion
Module 4: Discussion ForumGenerally Accepted Accounting Principles (GAAP) allow companies to choose any inventory costing ...
ACC 300 Colorado State Global Campus Week 4 Financial Accounting Discussion
Module 4: Discussion ForumGenerally Accepted Accounting Principles (GAAP) allow companies to choose any inventory costing method, although the consistency principle requires that they not switch between methods on a regular basis. However, many companies still change methods from one year to the next. Perform research on this topic in order to address the below questions. Make sure to cite your sources:Why is consistency important in the first place?What are some valid reasons companies may decide to switch methods?How does the company's choice of financial accounting inventory method impact their tax reporting?What financial statements does the inventory choice impact and how may a change impact those statements?Be sure to post an initial, substantive response by Thursday at 11:59 p.m. MST and respond to 2 or more peers with substantive responses by Sunday at 11:59 p.m. MST. A substantive initial post should be 250-500 words and answers the question presented completely and/or asks a thoughtful question pertaining to the topic. Substantive peer responses ask a thoughtful question pertaining to the topic and/or answer a question (in detail) posted by another student or the instructor.
Reasonable Suspicion and Probable Cause 306/Dis 1
Knowing the distinctions between reasonable suspicion and probable cause are essential, foundational aspects of criminal j ...
Reasonable Suspicion and Probable Cause 306/Dis 1
Knowing the distinctions between reasonable suspicion and probable cause are essential, foundational aspects of criminal justice, just as mens rea and actus reus were in your studies last week. Reasonable suspicion is an objective belief by an officer that an investigation needs to be conducted into a potential crime. Probable cause is the standard required for arrest. Keep these distinctions clear in this week’s presentations and in your criminal justice career. Support your claims with examples from the required materials and/or other scholarly resources, and properly cite any references. Your initial post must be at least 300 words in length. Two commonly confused concepts in criminal law are reasonable suspicion and probable cause. In your post, Define and evaluate both of these significant legal terms, and utilize pertinent U.S. Supreme Court opinions to justify your answers. Address what happens in court to a criminal case when an officer does not possess reasonable suspicion or probable cause.
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