Zora is budgeting her available time for the next couple days. She spent 2/5 of her time on homework and then 3/10 of her time on the internet. Homework and time on the internet consumed 14 hours. How much available time did Zora have to budget?
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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.
Zora is budgeting her available time for the next couple days. She spent 2/5 of her time on homework and then 3/10 of her time on the internet. Homework and time on the internet consumed 14 hours. How much available time did Zora have to budget?
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- Marcus has created a budget for his upcoming trip to the theme park. Admission is 40% of the budget. He plans to spend 32% of his money on food, 23% on souvenirs, and save 5% for emergencies. He knows the admission will be $6 more than he will spend on food and souvenirs. How much money will Marcus need to take to the park?Leyia and Larry Hartley of Columbus, Ohio have decided to start a family next year, so they are looking over their budget. Leyia thinks that she can go on half-salary ($2,400 instead of $4,800 per month) in her job as a college textbook sales representative for about 18 months after the baby's birth; she will then return to full-time work. Looking at the Hartley's current monthly budget, identify categories and amounts in their budget where they realistically might cut back $2,400. (Hint: Federal and state taxes should drop about $600 a month ($7,200 annually) as their income drops.)Based on the information below, create a monthly budget. Once the budget is established, estimate how much you would be able to save monthly. Identify three money wasters that you might keep you from sticking to your budget. What would the impact of those money wasters be on your ability to save? Budget Scenario You have recently graduated with a degree in marketing and started a job that pays $50,000 per year. Your monthly net income is $3,000. You have decided to move into a one-bedroom apartment in Saint Paul. Since you work within walking distance, you won’t need to own a car. You don’t want to be lonely in your new place, so you decided to adopt a pet. You let your friends talk you into joining the YMCA since it is now close to your new place. You have one credit card for emergencies, but you did use it to buy some new furniture for your apartment. You need to create a budget that you can stick to, because you are saving your money to take a trip to Europe in three years.…
- Sandra's net income is $1247 per week. Sandra is trying to stick to a budget and allocates 20% of her pay to "wants." How much does Sandra have to spend on wants per week?Boris runs a small manufacturing operation, producing and selling machine parts to European companies. At the start of April, his bank account had an overdrawn bank balance of $2,500. His bank has asked him to produce a budgeted bank balance for the end of April. Boris estimates that his customers will pay him $41,000 of what is owed while he will pay his suppliers $26,000 during the month. What is Boris's budgeted bank account balance at the end of April? $17,500 overdrawn $12,500 overdrawn $12,500 positive balance $17,500 positive balanceTracy is preparing her budget for next year and needs your assistance. Now that she has a better idea of what to expect now that she is in business full time, we want to begin having some of her ingredients in stock to avoid not being able to get the ingredients on time. She is ready to prepare her budget for the first four months of 2021. She believes she will sell the following number of cupcakes each month: Month January February March April # of cupcakes 6,950 7,950 7,050 7,450 All cupcakes are sold each month and she has no beginning or ending cupcake inventory. Tracy would like for you to create a cash collections budget if she sells each cupcake for $2.28 each. She anticipates that 80% of her sales will be cash sales and the remaining 20% will be on account. Of the 20% on account, she believes she will receive 70% the month of sales and 30% the second month. The beginning accounts receivable is $2,000. Explain where you give Tracy the requested…
- Tracy is preparing her budget for next year and needs your assistance. Now that she has a better idea of what to expect now that she is in business full time, we want to begin having some of her ingredients in stock to avoid not being able to get the ingredients on time. She is ready to prepare her budget for the first four months of 2021. She believes she will sell the following number of cupcakes each month: Month January February March April # of cupcakes 6,950 7,950 7,050 7,450 All cupcakes are sold each month and she has no beginning or ending cupcake inventory. Tracy would like for you to create a cash collections budget if she sells each cupcake for $2.28 each. She anticipates that 80% of her sales will be cash sales and the remaining 20% will be on account. Of the 20% on account, she believes she will receive 70% the month of sales and 30% the second month. The beginning accounts receivable is $2,000. Lastly, she would like for you to create a…Tracy is preparing her budget for next year and needs your assistance. Now that she has a better idea of what to expect now that she is in business full time, we want to begin having some of her ingredients in stock to avoid not being able to get the ingredients on time. She is ready to prepare her budget for the first four months of 2021. She believes she will sell the following number of cupcakes each month Month January February March April # of cupcakes 6,950 7,950 7,050 7,450 Explain where you give Tracy the requested budgets and explain how you determined the amounts?Tracy is preparing her budget for next year and needs your assistance. Now that she has a better idea of what to expect now that she is in business full time, we want to begin having some of her ingredients in stock to avoid not being able to get the ingredients on time. She is ready to prepare her budget for the first four months of 2021. She believes she will sell the following number of cupcakes each month: Month January February March April # of cupcakes 6,950 7,950 7,050 7,450 All cupcakes are sold each month and she has no beginning or ending cupcake inventory. Tracy would like for you to create a cash collections budget if she sells each cupcake for $2.28 each. She anticipates that 80% of her sales will be cash sales and the remaining 20% will be on account. Of the 20% on account, she believes she will receive 70% the month of sales and 30% the second month. The beginning accounts receivable is $2,000. 1. Explain how to do the steps that all
- Tracy is preparing her budget for next year and needs your assistance. Now that she has a better idea of what to expect now that she is in business full time, we want to begin having some of her ingredients in stock to avoid not being able to get the ingredients on time. She is ready to prepare her budget for the first four months of 2021. She believes she will sell the following number of cupcakes each month: Month January February March April # of cupcakes 6,950 7,950 7,050 7,450 All cupcakes are sold each month and she has no beginning or ending cupcake inventory. Tracy would like for you to create a cash collections budget if she sells each cupcake for $2.28 each. She anticipates that 80% of her sales will be cash sales and the remaining 20% will be on account. Of the 20% on account, she believes she will receive 70% the month of sales and 30% the second month. The beginning accounts receivable is $2,000. Lastly, she would like for you to create a…Hans Wunderburg runs a small manufacturing operation, producing and selling machine parts to European companies. At the start of April, his bank account had an overdrawn bank balance of $2,500. His bank has asked him to produce a budgeted bank balance for the end of April. Hans estimates that his customers will pay him $41,000 of what is owed while he will pay his suppliers $26,000 during the month. What is Han's budgeted bank account balance at the end of April?Tracy needs some additional assistance. She has compared her budget to what actually happened this year. She sees there are differences but she is unsure why there are differences. She has included the amount she budgeted to include the standard costs and actual costs. She believes you can determine the differences and explain them so she can make any necessary changes. Her budget for materials was $37,750. She determined this by assuming she would pay $.09 ounce and would need 419,444 oz. of material. Her actual cost for materials was $.10 per ounce and she used 422,444 oz. She would like to know the total variance and how much was because she spent a different amount per ounce and how much was due to using a different amount of material. She budgeted $59,000 for labor. She budgeted based on paying the bakers $11.63 per hour and taking 5,075 hours. Her actual wages were $58,000. She actually paid $11.55 per hour and her bakers worked 5,025 hours. She would like for you to…
