(a) Explain two benefits of budgetary control to Helen Sutton. (b) Suggest three budgets which Helen could use in the business to provide an adequate system of budgetary control. (c) Advise Helen of the relevant factors to consider when implementing budgetary control.
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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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- Designs Ventures is a small business owned and run by Kwesi Foh from a small rented art studio at Akyem, Cape Coast. He designs and makes T-shirts for craft shops. In most months he produces and sells 1,000 T-Shirts at GH¢50 each. Kwesi would need your assistance in preparing a cash budget so that he can manage his business finances better and plan for unforeseen events that may have an impact on his business costs and revenues. He was sick a few months ago and was unable to meet some orders. As a result, his revenue was down and he has to use a bank overdraft to cover a large electricity bill. The overdraft has now been paid off but Kwesi does not want to run out of cash again. Develop a cash budget for Kwesi showing total cash in and out of his business each month and his cash balances. He currently has GH¢15,000 in his business account at a bank and has made you the list of regular outgoings shown below: Your cash budget should be for the period June to December. Quarterly bills…Classical Homes is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following: i) Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales On Account Cash Purchases Purchases On Account May $75,000 $480,000 $390,000 June $135,000 $600,000 $36,000 $360,000 July $86,800 $720,000 $61,700 $450,000 August $105,600 $640,000 $68,800 $400,000 September $112,500 $800,000 $77,250 $500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90: 50% in the month of sale 35% in the first month following the sale 15% in the second month following the sale iii) Accounts Payable are settled as follows, in accordance with the credit terms – 4/30, n60:…SALLAT Household Furnishings & Appliances is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following:i) Extracts from the sales and purchases budgets are as follows:MonthCashSalesSalesOn AccountCashPurchasesPurchasesOn AccountMay $75,000 $480,000 $390,000June $135,000 $600,000 $36,000 $360,000July $86,800 $720,000 $61,700 $450,000August $105,600 $640,000 $68,800 $400,000September $112,500 $800,000 $77,250 $500,000ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90:50% in the month of sale 35% in the first month following the sale15% in the second month following the saleiii) Accounts Payable are settled as follows, in accordance with the credit terms –…
- The Accountant has not been on vacation for an entire year and decides to take a couple of days off. The Manager of your company asked you to prepare a cash budget, as the Board of Directors are going to meet tomorrow. Your company is a service company and caters to clients with a minimum of $500,000 per annum income. A review of the company’s cash policy revealed that there must be a minimum balance of $100,000. The current opening cash balance is $300,000. The information under review pertains to periods ending June 30th and September 30th 2022. The following information has been collected from other portions of the master budget and elsewhere. Estimated Collections from Clients: 1st period $420,000 2nd period $1,000,000 Estimated Payments: Salaries 1st period $280,000 2nd period $350,000…Hamble Ltd is an established food packaging and distribution business operating across London and the south east of England. The Directors of Hamble Ltd are considering expanding the business over the next 12 months by purchasing an existing established business which operates in the east of England and the midlands. PART A (35% weighting) 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…SALLAT Household Furnishings & Appliances is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following: i) Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales On Account Cash Purchases Purchases On Account May $75,000 $480,000 $390,000 June $135,000 $600,000 $36,000 $360,000 July $86,800 $720,000 $61,700 $450,000 August $105,600 $640,000 $68,800 $400,000 September $112,500 $800,000 $77,250 $500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90: 50% in the month of sale 35% in the first month following the sale 15% in the second month following the sale iii) Accounts Payable are settled as follows, in accordance with…
- SALLAT Household Furnishings & Appliances is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following: i) Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales On Account Cash Purchases Purchases On Account May $75,000 $480,000 $390,000 june $135,000 $600,000 $36,000 $360,000 july $86,800 $720,000 $61,700 $450,000 august $105,600 $640,000 $68,800 $400,000 september $112,500 $800,000 $77,250 $500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90: 50% in the month of sale 35% in the first month following the sale 15% in the second…SALLAT Household Furnishings & Appliances is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following: i) Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales On Account Cash Purchases Purchases On Account May $75,000 $480,000 $390,000 june $135,000 $600,000 $36,000 $360,000 july $86,800 $720,000 $61,700 $450,000 august $105,600 $640,000 $68,800 $400,000 september $112,500 $800,000 $77,250 $500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90: 50% in the month of sale 35% in the first month following the sale 15% in the second…SALLAT Household Furnishings & Appliances is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following:i) Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales on Account Cash Purchases Purchases on Account May 75,000 480,000 390,000 June 135,000 600,000 36,000 360,000 July 86,800 720,000 61,700 450,000 August 105,600 640,000 68,800 400,000 September 112,500 800,000 77,250 500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90:50% in the month of sale 35% in the first month following the sale15% in the second month following the saleiii) Accounts Payable are settled as follows, in accordance with the…
- SALLAT Household Furnishings & Appliances is a family-owned business. You are the management accountant of the entity and have been given the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following:i) Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales on Account Cash Purchases Purchases on Account May 75,000 480,000 390,000 June 135,000 600,000 36,000 360,000 July 86,800 720,000 61,700 450,000 August 105,600 640,000 68,800 400,000 September 112,500 800,000 77,250 500,000 ii) An analysis of the records shows that trade receivables (accounts receivable) for sales on account are settled according to the following credit pattern, in accordance with the credit terms 5/30, n90:50% in the month of sale 35% in the first month following the sale15% in the second month following the saleiii) Accounts Payable are settled as follows, in accordance with the…Jennifer Caratini has recently accepted the job as the foodservice director for Technomar Industries, a corporation with 1,000 employees. As their foodservice director, Jennifer's role is to operate a company cafeteria, serving 800 to 900 meals per day, as well as an executive dining room, serving 100 to 200 meals per day. All of the meals are provided "free of charge" to the employees of Technomar. One of Jennifer's first job is to prepare a budget for next year's operations. Question:Since employees do not pay for their food directly, what will Jennifer likely uses the "revenue" portion of her budget? How do you think this number should be determined? of her budget?Jennifer Caratini has recently accepted the job as the foodservice director for Technomar Industries, a corporation with 1,000 employees. As their foodservice director, Jennifer's role is to operate a company cafeteria, serving 800 to 900 meals per day, as well as an executive dining room, serving 100 to 200 meals per day. All of the meals are provided "free of charge" to the employees of Technomar. One of Jennifer's first job is to prepare a budget for next year's operations.Question:In addition to her know-how as a foodservice director, what skills will Jennifer likely need as she interacts with the executives at Technomar who must approve her operating budget?