What are the primary benefits that Angelini's will gain from preparing and using a budget?
Q: what are the first two steps of a master budget? and are there formulas that are used for those…
A: The first two steps of a master budget are as follows: 1) Preparation of sales budget. A sales…
Q: Discuss some of the major benefits to be gained from budgeting.
A: Budget: A budget is a statement of estimated revenues and expenditures for a specific period of…
Q: What is continuous budgeting?
A: Continuous budgeting refers to when a budget of a month ends, immediately the succeeding month…
Q: Which types of expenses do people include in a personal budget? Which changes might be made to…
A: Personal Budget: Alternatively known as a household budget, a personal budget is a financial plan…
Q: What is the significance of Personal Budgeting? What are the advantages and disadvantages of…
A: A personal budget is a financial plan for allocating and utilizing their personal income and…
Q: What is a budgeting cycle? Explain?
A:
Q: the advantages and limitations of an annual budgeting system
A: The advantages of annual budgeting system are- 1) It provides a sense of orientation for planning…
Q: What skills and knowledge would be used to construct a cash budget
A: Cash Budget:- It is the plan where cash inflow or outflow is recorded for estimating future cash…
Q: The master budget will comprise of what?
A: A MASTER BUDGET IS A SERIES OF SMALLER BUDGETS THAT ARE ROLLED UP INTO ONE LARGER BUDGET TO PROVIDE…
Q: What is a flexible budget? Explain? Give example?
A: Budgeting is a process to prepare the financial statement by the manager to estimate the…
Q: Why is the preparation of a sales forecast one of the earlieststeps in preparing a master budget?
A:
Q: What is a self-imposed budget? What are the major advantages of self-imposed budgets? What caution…
A: Self-imposed budgets: It refers to the budgets in which personnel have responsibility over the…
Q: What is a master budget? Briefly describe its contents.
A:
Q: What steps should be considered if a budget is to be set and later have its results evaluated? What…
A: The budget refers to an estimate made for all possible income and expenses, based on past records…
Q: What are the benefits of a master budget?
A: Master Budget:The master budget is the core budget that describes the full process of budget. This…
Q: budget flexed? Give an Example.
A: Flexing of budget is a method used to prepare estimates of the future level of revenues and…
Q: what are the 3rd and 4th steps to a master budget? Are there formulas that go with these steps?
A: Master Budget: The master budget is the core budget that explains the complete process of the…
Q: How do I do a master budget? what are the steps and formulas i will need?
A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…
Q: How would I set up a master budget?
A: Master Budget is a combination of various levels functional budgets. It is a central planning…
Q: What are the characteristics and importance of the budget?
A: In the context of the given question, we are required to explain the characteristics and importance…
Q: balance criteria in budgeting?
A: while making balance criteria in budgeting i always follow these steps; Establish your budgetBefore…
Q: uses and advantages of budget?
A: The budget represents the estimation of the expenses to be incurred and revenue to be earned by the…
Q: What s the function of a cash budget? A capital budget?
A: The cash budget is prepared by the company in order to estimate the cash receipt and disbursement…
Q: What is the advantage of using a flexible budget?
A: Budget is prepared at the start of the year so as to estimate the cost of producing any product that…
Q: What are the benefits of budgeting?
A: Budget means future forecast of the business. Budgeting is a process of making budgets. For example,…
Q: What are the various kind of budgeting and critically compare the fixed and variable budgeting and…
A: Budgeting is an important part of the business process. Without budgeting a business cannot track…
Q: Explain the role of a sales forecast in budgeting. What is the difference between a sales fore-cast…
A: Budgeting is a method of determining how you will spend all your money. This spending plan is known…
Q: How are standards and variances used in budgeting and budget analysis?
A: Variance refers to the difference between the standard values to the actual values for both revenue…
Q: Why do organizations create budgets? What is the purpose or desired outcome? What would happen if…
A: Budget: Budget is the process of identifying, collecting, and summarizing the financial information.…
Q: What are the major advantages of self-imposed budgets? Whatcaution must be exercised in their use?
A: Self-imposed budgets: It refers to the budgets in which personnel have responsibility over the…
Q: What is the function of a cash budget? A capital budget?
A: Budgeting can be defined as the process of estimating future performance of a company. Budgets are…
Q: How to compute the flexable budget items.
A: Flexible Budget: When the sales volume and price value and production volume etc stable conditions…
Q: what is the budget development process?
A: A budget is an instrument for planning, executing, and managing operations in order to make the most…
Q: When developing a budget we focus first on sales. Why do be begin with sales? What are some of the…
A: Budgeting is the process of estimating the revenues, expenses and profitability of the business for…
Q: what are the pros and cons for activity based budgeting ?
A: Activity based budgeting is a method in which activity are thoroughly analyzed to predict costs.it…
Q: How can sensitivity analysis be used to increase the benefits of budgeting?
A:
Q: How to prepare a cash budget for this question?
A: Cash Budget: A cash budget can be defined as the budget that is prepared to estimate the future cash…
Q: What is the benefit of continuous budgeting?
A: Budget: It is an estimated financial plan for future time period. It is used by management as an…
Q: Is participative budget more favorable than impose budget? Justify your answer
A: Introduction:- Participative budgeting is an essential budgeting method that allows organizations to…
Q: res of a budget
A: There should be a proper fixation of authority and responsibility. The delegation of authority…
Q: What is a flexible budget performance report?
A:
Q: All budgets depend on the sales budget. Is this true? Explain.
A: The sales budget is used in order to anticipate future revenues of the company that depends on…
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- On January 1, Sweet Pleasures, Inc., begins business. The company has 14,000 cash on hand and is attempting to project cash receipts and disbursements through April 30. On May 1, a note payable of 10,000 will be due. This amount was borrowed on January 1 to carry the company through its first four months of operation. The unit purchase cost of the companys single product, a box of Sweet Pleasures chocolates, is 12. The unit sales price is 28. Projected purchases and sales in units for the first four months are: Sales terms call for a 5% discount if paid within the same month that the sale occurred. It is expected that 50% of the billings will be collected within the discount period, 25% by the end of the month after purchase, 19% in the following month, and 6% will be uncollectible. Approximately 60% of the purchases are paid for in the month purchased. The rest are due and payable in the next month. Total fixed marketing and administrative expenses for each month include cash expenses of 5,000 and depreciation on equipment of 2,000. Variable marketing and administrative expenses total 6 per unit sold. All marketing and administrative expenses are paid as incurred. REQUIREMENT You have been asked to prepare a cash budget for the next four months to see if the loan can be repaid. Review the worksheet CASHBUD that follows these requirements. The problem data have already been entered in the Data Section of the worksheet.Block Foods, a retail grocery store, has agreed to purchase all of its merchandise from Square Wholesalers. In return. Block receives a special discount on purchases. Over recent months, Square noticed that purchases by Block had been falling off. At first, Square simply thought that business might be down for Block and was hopeful that their purchases would pick up. When business with Block did not return to a normal level, Square requested financial statements from Block. Squares records indicate that Block purchased 300,000 worth of merchandise during 20-1, the most recent year. Selected information taken from Block's financial statements is as follows: REQUIRED Compute net purchases made by Block during 20-1. Does it appear that Block violated the agreement?Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
- Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?Planet Ltd produces fridges and freezers, which are sold to retailers. The financial statements for the last three years are as follows: Income statements for the year ending 31st December 2021 2022 £000 £000 Revenue 336,250 427,038 Cost of sales (126,675) (190,012) Gross profit 209,575 237,025 Administration expenses (73,290) (95,795) Distribution expenses (14,678) (8,720) Operating profit 121,407 121,931 Interest (8,750) (11,250) Profit before tax 118,142 166,326 Tax (22,531) (22,136) Profit for the year 90,126 88,545 Statements of financial position as at 31st December 2021 2022 £000 £000 Non-current assets Property, plant and equipment 286,250 327,650 Current assets Inventories 37,000 28,000 Trade receivables 42,000 43,500 Cash 19,632 24,570 98,632 96,070 Total assets 384,882…Planet Ltd produces fridges and freezers, which are sold to retailers. The financial statements for the last three years are as follows: Income statements for the year ending 31st December 2021 2022 £000 £000 Revenue 336,250 427,038 Cost of sales (126,675) (190,012) Gross profit 209,575 237,025 Administration expenses (73,290) (95,795) Distribution expenses (14,678) (8,720) Operating profit 121,407 121,931 Interest (8,750) (11,250) Profit before tax 118,142 166,326 Tax (22,531) (22,136) Profit for the year 90,126 88,545 Statements of financial position as at 31st December 2021 2022 £000 £000 Non-current assets Property, plant and equipment 286,250 327,650 Current assets Inventories 37,000 28,000 Trade receivables 42,000 43,500 Cash 19,632 24,570 98,632 96,070 Total assets 384,882…
- Planet Ltd produces fridges and freezers, which are sold to retailers. The financial statements for the last three years are as follows: Income statements for the year ending 31st December 2021 2022 £000 £000 Revenue 336,250 427,038 Cost of sales (126,675) (190,012) Gross profit 209,575 237,025 Administration expenses (73,290) (95,795) Distribution expenses (14,678) (8,720) Operating profit 121,407 121,931 Interest (8,750) (11,250) Profit before tax 118,142 166,326 Tax (22,531) (22,136) Profit for the year 90,126 88,545 Statements of financial position as at 31st December 2021 2022 £000 £000 Non-current assets Property, plant and equipment 286,250 327,650 Current assets Inventories 37,000 28,000 Trade receivables 42,000 43,500 Cash 19,632 24,570 98,632 96,070 Total assets 384,882…In its first year of operations, Dulany Company, a clothing store, purchased $18,000 of merchandisefrom a supplier on account, terms 2/10, n 30. Dulany Company returned $3,000 of defectivemerchandise, and then paid the amount due within the discount period. During the year, the companysold merchandise inventory costing $12,000 to its customers. What would be the balance in Dulany’sCompany’s Merchandise Inventory account at the end of the year?A. $2,700B. $3,200C. $3,300D. $2,640BAYWEST began the third quarter (July to September) of 2020 with 30 (Alcatel) tablets at a total cost of $187,800. July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each tablet to have the inventory shipped from the point of purchase to their warehouse July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of these tablets were sold on account to longstanding customers) August 4 A new batch of 67 tablets was purchased at a total cost of $465,650 August 10 5 of the tablets purchased on August 4 were returned to the supplier, as they were not of the model ordered. August 31 During the month 60 tablets were sold at a price of $10,350 each. September 4 A customer, to whom 9 tablets were sold during the first business day of August, returned 3 of the instruments, as they were of another brand. September 10 Owing to an increased demand, a…
- A company starts operations on October 1, Year One, holding 400 units of inventory whichfills its store. This inventory costs $10 per unit. After that, enough inventory is bought on thelast day of each month to bring the quantity on hand back to exactly 400 units. In October,140 units were sold; in November, 150 units were sold; and in December, 180 units weresold. On October 31, the company bought units for $12 each; on November 30, the companybought units for $13 each; on December 31, the company bought units for $15 each.What is the company’s cost of goods sold if a periodic LIFO system is used? If a periodic LIFO system is used, the company’s cost of goods sold is: If a perpetual LIFO system is used, the company's cost of goods sold iA retailing company believes it can sell 4 million of its main product within the upcoming financial year. The inventory manager plans to order its main product forty times over the next year. The carrying cost is $0.03 per product per year. The order cost is $600 per order. Calculate the following: i) The annual carrying costs ECM Manufacturing Company Limited has three (3) possible suppliers, all of which offer different credit terms. Apart from the slight differences in credit terms, their products and services are virtually identical. The credit terms offered by these suppliers are shown in table shown on the next page. Supplier Credit Terms Supplier 1 1/10 net 30 EOM Supplier 2 2/20 net 75 EOM Supplier 3 3/10 net 50 EOM Assuming a 365-day year, answer the following. d. What impact, if any, will “stretching” the accounts payable (net period only) of supplier 3 by 30 days, have on your answer to part b with regards to supplier 3. Ans…Please Do both questions Delphino’s has sales for the year of $127,300 and cost of goods sold of $86,700. The firm carries an average inventory of $14,300 and has an average accounts payable balance of $13,600. What is the inventory period? 81.36 days 60.20 days 58.68 days 89.02 days The Lumber Yard has projected sales for April through July of $152,400, $161,800, $189,700, and $196,400, respectively. The firm collects 52 percent of its sales in the month of sale, 46 percent in the month following the month of sale, and the remainder in the second month following the month of sale. What is the amount of the July collections? $181,508 $122,852 $189,819 $192,626