Help in matching of part 4 and part 10

SvaNppTheh
timer Asked: Apr 5th, 2017

Question Description

Please help in matching of part 4 and part 10. All other parts have been done. Please just match the balance with the answer.

Unformatted Attachment Preview

1. Sales Budget July Budgeted sales in units August 12.000 September 14.000 Total 14.500 October 40.500 15.000 x Price per unit $ 35,00 $ 35,00 $ 35,00 $ 35,00 $ 35,00 = Projected sales revenue $ 420.000 $ 490.000 $ 507.500 $ 1.417.500 $ 525.000 2. Production Budget July Budgeted product sales in units + Desired product units in ending inventory = Total product units needed - Product units in beginning inventory = Product units to produce August September Total 12.000 14.000 14.500 40.500 3.500 3.625 3.750 10.875 15.500 17.625 18.250 51.375 3.000 3.500 3.625 10.125 12.500 14.125 14.625 41.250 3. Material Purchases Budget July Units to produce August 12.500 x Material needed per unit = Material needed for units to produce + Desired units of material in ending inventory = Total units of material needed - Units of material in beginning inventory = Units of material to purchase September 14.125 Total 14.625 41.250 2 2 2 2 25.000 28.250 29.250 82.500 1.413 1.463 3.025 5.900 26.413 29.713 32.275 88.400 2.500 1.413 1.463 5.375 23.913 28.300 30.813 83.025 4. Cash Payments for Material Purchases July Material purchases (sheets) August 23.913 September 28.300 Total 30.813 83.025 x Cost per unit $ 3,00 $ 3,00 $ 3,00 $ 3,00 = Total cost $ 71.739 $ 84.900 $ 92.439 $ 249.078 Payables from June $ 43.200 $ 43.200 July purchases $ 30.740 August purchases $ 40.998,84 $ 35.531 $ 76.529 September purchases Total payments in month $ 73.940 $ 71.739 $ 48.520 $ 84.051 $ 39.610 $ 39.610 $ 52.829 $ 88.130 $ 238.600 $ 52.829 Accounts Payable 5. Cash Payments for Direct Labor July Units to produce August 12.500 x Hours per unit 14.125 2 = Total hours required September 14.625 2 25.000 Total 41.250 2 28.250 2 29.250 82.500 x Wage rate per hour $ 7,00 $ 7,00 $ 7,00 $ 7,00 = Direct labor cost $ 175.000 $ 197.750 $ 204.750 $ 577.500 6. Cash Payments for Manufacturing Overhead July Units to produce August 12.500 September 14.125 Total 14.625 41.250 x Variable overhead rate $ 2,00 $ 2,00 $ 2,00 $ 2,00 = Variable overhead cost $ 25.000 $ 28.250 $ 29.250 $ 82.500 + Fixed overhead $ 25.000 $ 25.000 $ 25.000 $ 75.000 = Total manufacturing overhead cost $ 50.000 $ 53.250 $ 54.250 $ 157.500 - Deduct depreciation $ 5.000 $ 5.000 $ 5.000 $ 15.000 = Manufacturing overhead - cash $ 45.000 $ 48.250 $ 49.250 $ 142.500 7. Cash Payments for S&A Expenses July Budgeted unit sales August 12.000 September 14.000 Total 14.500 40.500 x Variable S&A per unit $ 2,50 $ 2,50 $ 2,50 $ 2,50 = Variable S&A expense $ 30.000 $ 35.000 $ 36.250 $ 101.250 + Fixed S&A expense $ 30.000 $ 30.000 $ 30.000 $ 90.000 = Total S&A expense $ 60.000 $ 65.000 $ 66.250 $ 191.250 - Deduct depreciation $ 2.000 $ 2.000 $ 2.000 $ 6.000 = S&A expense - cash $ 58.000 $ 63.000 $ 64.250 $ 185.250 8. Cash Receipts Budget July Budgeted sales in units x Price per unit = Projected sales revenue August September 12.000 14.000 14.500 40.500 35 35 35 35 420.000 490.000 507.500 1.417.500 Receipts from June sales $ 175.000 Receipts from July sales $ 210.000 Receipts from August sales $ 385.000 $ 175.000 126.000 $ 84.000 $ 420.000 $ - $ 245.000 $ 147.000 $ 392.000 $ 98.000 $ 253.750 $ 253.750 $ 253.750 $ 371.000 $ 484.750 $ 1.240.750 $ 351.750 9. Comprehensive Cash Budget July August September Total Beginning cash balance $ 125.000 $ 93.060 $ 20.000 $ 125.000 Cash receipts $ 385.000 $ 371.000 $ 484.750 $ 1.240.750 Cash available $ 510.000 $ 464.060 $ 504.750 $ 1.365.750 Materials budget $ 73.940 $ 76.529 $ 88.130 $ 238.600 Labor budget $ 175.000 $ 197.750 $ 204.750 $ 577.500 Manufacturing OH budget $ 45.000 $ 48.250 $ 49.250 $ 142.500 S&A expense budget $ 58.000 $ 63.000 $ 64.250 $ 185.250 Equipment purchases $ 65.000 $ 50.000 $ 115.000 $ 60.000 $ 60.000 Cash payments: Dividends Total cash payments $ 416.940 $ 445.529 $ 456.380 $ 1.318.850 Balance before financing $ 93.060 $ 18.530 $ 48.370 $ 46.900 $ 1.470 $ 1.470 Borrowing Principal repayment $ 1.470 $ 1.470 $ 46.900 $ 46.900 Interest*** Ending cash balance $ 93.060 Accounts Receivable $ Receipts from September sales Total cash receipts Total $ 20.000 10. Budgeted Income Statement Johnson Inc. Budgeted Income Statement For the Three Months Ended September 30, 2017 Sales $ 1.417.500 Cost of goods sold $ 978.000 Gross Margin $ 439.500 Selling and admin expenses $ 191.250 Operating income $ 248.250 Interest expense $ Net income $ 248.250 **Cost of Goods Sold (Unit Cost) Computation Production costs per unit Quantity Cost Per Unit Cost Direct materials 40.500 $ 243.000,00 $ 6,00 Direct labor 40.500 $ 577.500,00 $ 14,26 Manufacturing overhead (see calc below) 40.500 $ 157.500,00 $ 3,89 $ 24,15 $ 1,91 Manufacturing OH per unit calculation From Labor and Mfg. OH Budgets Labor hours Mfg. OH July 25.000 $ 50.000 August 28.250 $ 53.250 September 29.250 $ 54.250 Total 82.500 $ 157.500 Total manufacturing overhead for quarter Total labor hours required = $ 157.500 82.500 11. Budgeted Balance Sheet Johnson Inc. Budgeted Balance Sheet September 30, 2017 Current assets: Cash $ 46.900 Accounts receivable $ 351.750 Raw materials inventory $ 9.075 Finished goods inventory $ 90.556 $ 498.280 0 $ 10.000 Building (net of depreciation) $ 94.000 Equipment (net of depreciation) $ 265.000 Total property and equipment $ 369.000 $ 867.280 Accounts payable $ 52.829 Common stock $ 200.000 Retained earnings $ 518.340 $ 771.169 Total current assets Property and Equipment Total assets Liabilities and Equities: Total liabilities and equities 1. Sales Budget: Johnson Inc. sells high-tech staplers. Johnson is preparing budgets for the quarter ending September 30, 2017. The sales price is $35 per stapler. Johnson expects the following number of units to be sold in the coming year: July August September October 12,000 14,000 14,500 15,000 Required: Prepare a sales budget for the third quarter of the coming year, showing units and sales revenue by month and in total for the quarter. Check Figure: Total projected sales revenue for the quarter - $1,417,500 2. Production Budget: Johnson wants ending inventory to be 25 percent of the next month’s budgeted sales in units. 3,000 units were on hand June 30. Required: Prepare a production budget for the third quarter of the year. Show the number of staplers that should be produced each month as well as for the quarter in total. Check Figure: Total budgeted product units to produce for the quarter – 41,250 3. Materials Purchases Budget: Two sheets of metal are required to produce a single stapler. Johnson wants to have materials on hand at the end of each month equal to 10 percent of the following month’s production needs. The materials inventory on June 30 is 2,500 sheets of metal. October production is budgeted for 15,125 units. Required: Prepare a direct materials purchases budget for metal sheets for the quarter ending September 30. Show how many sheets of metal should be purchased each month as well as for the quarter in total. Check Figure: Total budgeted units of material to purchase for the quarter – 83,025 1 4. Cash Payments of Materials Purchases: Johnson Inc. purchases raw materials on account for use in production. Sheets of metal used in production cost $3.00 each. Forty percent of a month’s purchases are paid for in the month of purchase; the other 60 percent is paid for in the following month. No discount terms are available. The accounts payable balance on June 30 is $43,200. Required: Prepare a cash payment for materials purchases budget and highlight your answer for the following questions: 1. 2. 3. 4. How much cash is required for payments made on account, payable in the month of July? How much cash is required for payments made on account, payable in the month of August? How much cash is required for payments made on account, payable in the month of September? What is the expected accounts payable balance on September 30, 2017? Check Figure: Total budgeted cash payments made for materials purchases for the quarter - $239,445 5. Cash Payments for Direct Labor: Each unit produced requires 120 minutes (2.0 hours) of direct labor. Employees are paid at a rate of $7.00 per hour. Required: Prepare a cash payments for direct labor budget, showing total labor cost by month and in total for the quarter. Check Figure: Total budgeted cash payments made for direct labor for the quarter - $577,500 6. Cash Payments for Manufacturing Overhead: Variable manufacturing overhead is $2.00 per unit produced and fixed manufacturing overhead is $25,000 per month. Fixed manufacturing overhead includes $5,000 in depreciation which does not require a cash outflow. Required: Prepare a cash payments for manufacturing overhead budget, showing total manufacturing overhead cost by month and in total for the quarter. Check Figure: Total budgeted cash payments made for manufacturing overhead for the quarter $142,500 2 7. Cash Payments for Selling and Administrative (S&A) Expenses Budget: Variable selling and administrative expenses are $2.50 per unit sold and fixed selling and administrative expenses are $30,000 per month. Fixed selling and administrative expenses include $2,000 in depreciation which does not require a cash outflow. Required: Prepare a cash payments for S&A expenses budget, showing total S&A expense by month and in total for the quarter. Check Figure: Total budgeted cash payments made for S&A expenses for the quarter - $185,250 8. Cash Receipts Budget: All sales are on account. Johnson’s collection pattern is: • 50 percent collected in month of sale • 30 percent collected in month after sale • 20 percent collected in the second month after sale June sales were $350,000. Accounts receivable on June 30 is $175,000, all of which is collectible. Required: Prepare a cash receipts budget (schedule of cash receipts) and highlight your answer for the following questions: 1. 2. 3. 4. How much total cash is Johnson Inc. expecting to receive in the month of July? How much total cash is Johnson Inc. expecting to receive in the month of August? How much total cash is Johnson Inc. expecting to receive in the month of September? What is the expected accounts receivable balance on September 30, 2017? Check Figure: Total budgeted cash receipts for the quarter - $1,240,750 3 9. Comprehensive Cash Budget: Johnson Inc. – Additional Information: – – – – – – Pays a $60,000 cash dividend in August. Purchases equipment costing $65,000 in July and $50,000 in September. Has a $125,000 cash balance on June 30. Maintains a $20,000 minimum cash balance. Principal repayments occur at the end of each quarter. Pays annual interest at 10 percent when a principal payment is made. Required: Prepare a comprehensive cash budget by month and in total for the quarter. Check Figure: Ending cash balance for the quarter - $46,020 10. Budgeted Income Statement: Johnson Inc. applies manufacturing overhead on the basis of direct labor hours. Required: Prepare a budgeted income statement. Check Figures: PDOHR - $1.91 (cut off trailing decimals in your spreadsheet); Net Income - $261,505 11. Budgeted Balance Sheet Johnson Inc. reports the following account balances on September 30 prior to preparing its budgeted financial statements: Land - $10,000; Building (net) - $100,000; Common stock - $200,000; Equipment (net) - $165,000; Retained earnings - $316,835. Required: Prepare a budgeted balance sheet. Check Figure: Total Assets - $771,170 4
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

This question has not been answered.

Create a free account to get help with this and any other question!

Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors