At the current selling price, what is his percent margin?
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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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- Xavi is a painter of landscapes and seashore portraits. He works outside and has no overhead or fixed costs such as a studio. In a typical year, it costs him $183 in canvas, paints and brushes per painting. This year he sold 511 pictures at a price of $245 each. At what price would he have to sell his paintings to recognize a margin of 25%?Joe is self-employed in a store that has a rental value of R500 a month which he pays, but he can vacate the building without giving notice. His other expenses are R100 a month for maintenance. He makes R25 000 a year on net sales (total revenue minus the wholesale cost of the product). If he quit his job and worked the same number of hours elsewhere at a job he liked equally well, he estimates that he could make R20 000 a year. No one else can be hired to work in the store. Suppose that Joe had a long term lease which requires him to pay the rent even if he doesn't operate the store. What should Joe do?Every month Fritz buys 100 novelty plungers from Eddie at $20 each. He then sells all of the plungers, and at the end of the month deposits all but $2, 000 (to buy the next month’s plungers) in an account earning i^12 = 5%. The first month, he sells the plungers for $40, but because of the competitive novelty plunger market, Fritz must lower his prices by $1.50 every month. After many months, he realizes that his prices are low enough that if he lowered his prices again, he would not make a profit. At the end of that month, he deposits all but $2,000 of his proceeds into the account and gets out of the novelty plunger business. How much is in his account immediately after the final deposit (in dollars)? Group of answer choices 9617 10835 14891 13446
- avi sells seashore paintings. His annual Fixed Costs are $1,000 and the Variable Costs are $8 per painting. If Xavi sells his paintings for $15, and sells 50 paintings per year more than his breakeven volume, what is his average cost per painting?Phoenix was a professional classical guitar player until a motorcycle accident left him disabled. After long months of therapy, he hired an experienced luthier and started a small shop to make and sell Spanish guitars. The guitars sell for $705,and the fixed monthly operating costs are as follows: Rent and utilities $810 Wages and benefits to luthier $2,510 Other expenses $480 Phoenix's accountant told him about contribution margin ratios, and Phoenix understood clearly that for every dollar of sales, $0.60 went to cover his fixed costs, and anything above that point was profit. Phoenix is planning to increase the sales price to $760. What impact will the increase in sales price have on the contribution margin ratio?Dekentra sells boxes of note cards imprinted with her sketches of bird life along the South Carolina coast. If it costs $625 to produce 75 box of cards and she wants to earn a profit of at least $2,000, what should she charge per box?
- Ajax was a professional classical guitarist until a motorcycle accident left him disabled. After long months of therapy, he hired an experienced luthier and started a small shop to make and sell Spanish guitars. The guitars sell for $700, and the fixed monthly operating costs are as follows: Rent and utilities $700 Wages and benefits to luthier 2,400 Other expenses 483 Ajax's accountant told him about contribution margin ratios, and Ajax understood clearly that for every dollar of sales, $0.70 went to cover his fixed costs, and anything above that point was profit. How many guitars does Ajax need to sell each month to break even? (Round your answer up to the nearest whole guitar.) A. 6 guitars B. 8 guitars C. 7 guitars D. 3 guitarsPaul works for a government agency in southern California making $70,000 per year. He is now being transferred to a branch office in Tennessee. The salary reduction associated with this transfer is 11%. Paul is not insulted by this reduction in pay and accepts his new location and salary gladly. He researched that the cost of living index in California is 132 whereas the cost of living index in Tennessee is 95. Over the next five years, what is the FW of Paul’s extra income/improved life style (through the reduced cost of living) fromhavingmade this move? Paul’s MARR is 10% per year (im).Victor is somewhat satisfied with his sales career and has always wondered about a career as a teacher in a public school. He would have to take a year off work to go back to college to obtain his teaching certificate, and that would mean giving up his $52,000 salary for a year. Victor expects that he could earn about the same income as a teacher. Round your answers to the nearest dollar. 1. What would his annual income be after 10 years as a teacher if he received an average 3 percent raise every year? Round Future Value of a Single Amount in intermediate calculations to four decimal places. 2.
- LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $285 per month. Required: If LaMont receives one pass (worth $285) each month, how much of this benefit must he include in his gross income each year? If the company provides each employee with $285 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?Seiko's current salary is $98,500. Her marginal tax rate is 32% and she fancies European sports cars. She purchases a new auto every year. Seiko is currently a manager for Idaho Supply Company. Her friend, knowing her interest in sports cars, tells her about a manager position at the local BMW and Porche dealer. The new position pays only $87,100 per year, but it allows employees to purchase one new car per year at a discount of $17,700. This discount qualifies as a non-taxable fringe benefit. In an effort to keep Seiko as an employee, Idaho Supply Company offers her a $12,400 raise. Answer the following questions about this analysis. (a) What is the annual after-tax cost to the Idaho Supply Company with the $12,400 increase? (Ignore payroll taxes) (b-1) Financially which offer is better on an after-tax basis? (b-2) By how much is the offer better for Seiko on an after tax basis (Assume that Seiko is going to purchase the car whether she switches jobs or not)Hagen Banse is a landscape contractor. He charges less for labor than other contractors, but he charges his clients the retail price for a plant while he pays only a wholesale price. Hagen charges a client $450 for an olive tree that only costs him $250. What is the markup percent based on cost?