budget deficit
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Q: What are the budgeted cash receipts for March? Choosebelow: $299,400 $296,400 $312,000 $239,000
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Q: her sales reports and records for the months of January through August of the current year.
A: 1. sales calculation Jan = 60000+10%=60000+60000=66000 Feb =50000+10%=50000+5000=55000…
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A: Answer:- Budget meaning:- A budget is a forecast of the revenue and expenses for a given period of…
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Q: Companies in the industry in which BG Merchandising operates are required to maintain a minimum cash…
A: Cash Budget The purpose of preparing the cash budget to know the net cash inflows and outflows of…
Q: not-for-profit
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Q: You have just been hired at ABC Manufacturing, and your supervisor has invited you to sit in on…
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Q: (a) rational decision making (b) disjointed incrementalism or ‘incremental decision making’ by…
A: Decision-Making: Decision-making is the core element in the effective and efficient working of an…
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A: Budget is the pre-planned activity that helps the organization in estimating its future cash outflow…
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A: NOTE : We'll answer the question of step 1 only as the exact wasn't specified. In case, you need…
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Q: impact David’s inaccurate production estimates
A: Inaccurate production estimates mean assessing the wrong amount for production quantity or amount.…
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A: ending balance of retained earnings = opening balance of retained earnings + net income - Dividend…
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A: ('$000) ('$000) Sales 16000 Cost of Good Sold Variable 7200 Fixed 2340…
Q: The management accountant at Miller Merchandising & More, Odail Russell is in the process of…
A: Hi, since you have specifically mentioned to answer part (b) we are answering that part of the…
Q: The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the…
A: NOTE 1 : RETAINED EARNINGS = $28,000 + $17,800 - $3700 = $42,100 NOTE 2 : CASH CASH IS CALCULATED…
Q: "In the annual meeting of Brixton company, the Head of the accounting department of the company…
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As a consultant to President James Davis at Red Lake State University, you are assigned to assist in performing a 5% across–the-board cut to reduce the budget deficit. He asks you to write a paragraph narrative as to why a budget cut should be implemented. Please prepare your narrative with a clear justification that is supported with examples.
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- During lunch, the director of the Streets and Parkways Department of the city Torrance made the following comment: “For the past 10 years, I have deliberately overstated my labor and equipment needs by 20 percent when preparing my budget request. I figure that the city council will cut it by 10 percent, and I can use the other 10 percent as slack. If there is money left over, I can always find a way to spend it.” Do you consider this behavior to be ethical? If not, what steps might you, as budget director, take to cut down on this “padding”?1 The city in which you live provides its budget information in monthly budgetary control reports with each month representing 1/12th of the overall budget. You overhear several managers discussing the budget at a community meeting. You were surprised to hear that half of the managers liked this process and that the other half felt that it did not adequately match their expenses. Discuss the issues regarding the preparation of the budgets and why half of the departments liked the process and why the other half did not like the process. Complete the following: Give examples of 1 department on each side of this controversy. Can the budgeting process be made more reflective of the work actually being completed? Explain your answer.The Franklin Management Association held its annual public relations luncheon in April Year 2. Based on the previous year’s results, the organization allocated $24,818 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, Molly Hubbard, the treasurer, prepared the following budget for the Year 2 luncheon. The budget for the luncheon was based on the following expectations: The meal cost per person was expected to be $12.50. The cost driver for meals was attendance, which was expected to be 1,470 individuals. Postage was based on $0.58 per invitation and 3,350 invitations were expected to be mailed. The cost driver for postage was number of invitations mailed. The facility charge is $1,700 for a room that will accommodate up to 1,600 people; the charge for one to hold more than 1,600 people is $2,200. A fixed amount was designated for printing, decorations, the speaker’s gift, and publicity. FRANKLIN MANAGEMENT…
- I have 2 follow-up questions: 1)another team member who is preparing the Budgeted Balance Sheet for the business for the same quarter and has asked you to furnish him with the figures for the expected trade receivables and payables to be included in the statement. Is that a reasonable request? If yes, what should these amounts be? 2) Upon receipt of the budget, the team manager, Hilux James, has now informed you that, in keeping with industry players, the management of Toyota & Sons have indicated an industry requirement to maintain a minimum cash balance of $155,000 each month. He has also noted that management is very keen on keeping the gearing ratio of the business as low as possible and would therefore prefer to cushion any gaps internally using equity financing. Based on the budget prepared, will the business be achieving this desired target? Suggest three (3) internal strategies that may be employed by management to improve the organization’s monthly cash flow and militate…The Finch Management Association held its annual public relations luncheon in April Year 2. Based on the previous year’s results, the organization allocated $24,312 of its operating budget to cover the cost of the luncheon. To ensure that costs would be appropriately controlled, Molly Hubbard, the treasurer, prepared the following budget for the Year 2 luncheon. The budget for the luncheon was based on the following expectations: The meal cost per person was expected to be $12.40. The cost driver for meals was attendance, which was expected to be 1,460 individuals. Postage was based on $0.56 per invitation and 3,300 invitations were expected to be mailed. The cost driver for postage was number of invitations mailed. The facility charge is $1,600 for a room that will accommodate up to 1,600 people; the charge for one to hold more than 1,600 people is $2,100. A fixed amount was designated for printing, decorations, the speaker’s gift, and publicity. FINCH MANAGEMENT ASSOCIATION…The finance director of the Bethandy Independent School District is making preliminary estimates of the budget outlook for the General Fund for the 20x8 fiscal year. These estimates will permit the superintendent to advise the department heads properly when budget instructions and forms are distributed. She has assembled the following information: Estimated 20X7 Expected Change- 20X8 1. Revenues Property Taxes............................................................................ $2,000,000 +6% State aid....................................................................................... 1,000,000 +3% Federal grants.............................................................................. 500,000 -$40,000 Other............................................................................................ 300,000 +$10,000 $3,800,000 2. Expenditures Salaries and…
- The directors of Hamble Ltd have asked you, as a recently employed assistant management accountant, to prepare and review their cash budget. The bookkeeper started the cash budget but was unable to complete it due to ill health. In addition, Hamble Ltd requires you to evaluate the different funding options for its expansion plans. Estimated sales and purchases for each of the nine months to September are given below: Jan £,000 Feb £,000 Mar £,000 April £,000 May £,000 June £,000 July £,000 Aug £,000 Sept £,000 Credit sales 9,500 8,000 6,000 11,000 12,350 14,000 13,250 4,500 12,500 Cash sales 250 350 800 600 620 900 500 350 800 Credit purchases 6,000 5,200 5,800 8,000 8,700 6,300 5,200 5,000 5,100 Trade Receivables: Credit sales are to be collected two months after the date they have been sold. Trade Payables: Credit purchases are to be paid one month after the date they have been…Children's Hospital of the King's Daughters Health System in Norfolk, Virginia, introduced a new budgeting method that allowed the hospital's annual plan to be updated for changes in operating plans. For example, if the budget was based on 400 patient-days (number of patients × number of days in the hospital) and the actual count rose to 450 patient-days, the variable costs of staffing, lab work, and medication costs could be adjusted to reflect this change. The budget manager stated, “I work with hospital directors to turn data into meaningful information and effect change before the month ends.” What budgeting method is being used under the new approach? What budgeting method do you think was being used under the old method?You have just been hired at ABC Manufacturing, and your supervisor has invited you to sit in on today's budget meeting. You are given a copy of the following proposed budget for next year to review. The budget is being used by ABC to plan for next year. Your supervisor tells you right before the meeting, "We always overestimate because the president always makes us cut the budget by 20%, and besides, I really want to go to that conference in Las Vegas next year.” He continued,” I have really worked hard this year and put in a lot of overtime so I deserve it." Discuss if you think ABC Manufacturing is properly using the budget process to plan for next year's expenses.
- You have just been hired at ABC Manufacturing, and your supervisor has invited you to sit in on today's budget meeting. You are given a copy of the following proposed budget for next year to review. The budget is being used by ABC to plan for next year. Your supervisor tells you right before the meeting, "We always overestimate because the president always makes us cut the budget by 20%, and besides, I really want to go to that conference in Las Vegas next year.” He continued,” I have really worked hard this year and put in a lot of overtime so I deserve it." Discuss the ethical issues related to inflating the budget.You have just been hired at ABC Manufacturing, and your supervisor has invited you to sit in on today's budget meeting. You are given a copy of the following proposed budget for next year to review. The budget is being used by ABC to plan for next year. Your supervisor tells you right before the meeting, "We always overestimate because the president always makes us cut the budget by 20%, and besides, I really want to go to that conference in Las Vegas next year.” He continued,” I have really worked hard this year and put in a lot of overtime so I deserve it." Discuss the comment about the president cutting the budget each year in terms of proper leadership and control?(b) Another team member who is preparing the Budgeted Balance Sheet for the business for the same quarter and has asked you to furnish him with the figures for the expected trade receivables and payables to be included in the statement. Is that a reasonable request? If yes, what should these amounts be? (c) Upon receipt of the budget, the team manager, Hilux James, has now informed you that, in keeping with industry players, the management of Toyota & Sons have indicated an industry requirement to maintain a minimum cash balance of $155,000 each month. He has also noted that management is very keen on keeping the gearing ratio of the business as low as possible and would therefore prefer to cushion any gaps internally using equity financing. Based on the budget prepared, will the business be achieving this desired target? Suggest three (3) internal strategies that may be employed by management to improve the organization’s monthly cash flow and militate against or reduce any…
