Managerial Accounting: Tools for Business Decision Making
7th Edition
ISBN: 9781118334331
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: WILEY
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Chapter 9, Problem 9.6AP
To determine
Budgeted Statement of Cost of Goods Sold:
The budgeted statement of cost of goods sold is a type of the operating budget. This budget shows the
The budgeted income statement is a statement which shows the financial performance of a company. This statement shows the revenue earned and the expenses incurred in a particular financial period. This statement shows all the operating as well as non-operating activities of a business.
Budgeted
The budgeted retained earnings statement is the statement shows the forecast for the earnings which will be with the company after the dividend are paid and hence forecast of the profit of the company can be determined.
Budgeted Classified
The budgeted classified balance sheet is the forecasted projection of the balance sheet which will be in the coming future periods. The classified balance sheet shows the assets, liabilities, and equity in a classified manner and divided into sub-categories.
To prepare: The budgeted statement of cost of goods sold, budgeted multi-step income statement, budgeted retained earnings statement and budgeted classified balance sheet.
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Use the following excerpts from Victrolia Company’s financial information.
2018 Income Statment
Balance Sheets
Sales
$455,000
Cost of Goods Sold
(221,500)
Operating Expenses, other thanDepreciation Expense
(58,600)
Depreciation Expense
(20,000)
Gain on Sale of Plant Assets
23,500
Net Income
$178,400
Dec. 31,2018
Cash
$329,450
Accounts Receivable
39,750
Inventory
31,000
Accounts Payable
17,550
Accured Liabilities
3,500
Dec. 31, 2017
Cash
$133,500
Accounts Receivable
36,500
Inventory
35,000
Accounts Payable
19,550
Accured Liabilities
2,200
Additional Information:
Plant assets were sold for $45,000; book value $16,500
Dividends of $24,000 were declared and paid
Prepare a statement of cash flows (direct method) for the year 2018. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments.
Victrolia CompanyStatement of…
Use the following excerpts from Victrolia Company’s financial information.
2018 Income Statment
Balance Sheets
Sales
$475,000
Cost of Goods Sold
(221,500)
Operating Expenses, other thanDepreciation Expense
(60,600)
Depreciation Expense
(21,000)
Gain on Sale of Plant Assets
23,500
Net Income
$195,400
Dec. 31,2018
Cash
$347,450
Accounts Receivable
39,750
Inventory
33,000
Accounts Payable
17,550
Accured Liabilities
3,500
Dec. 31, 2017
Cash
$133,500
Accounts Receivable
36,500
Inventory
35,000
Accounts Payable
19,550
Accured Liabilities
2,200
Additional Information:
Plant assets were sold for $45,000; book value $16,500
Dividends of $22,000 were declared and paid
Cash Flow from Financing Activities:
$Dividends Paid
I just need the answer on dividends answer box?
Partial balance sheets and additional information are listed below for Funk Company.
Funk Company
Partial Balance Sheets
as of December 31
2018
2017
Assets
Cash
$
42,000
$
21,000
Accounts receivable
95,000
90,800
Inventory
26,000
42,000
Liabilities
Accounts payable
$
59,000
$
74,000
Additional information for 2018: Net income was $172,000.Depreciation expense was $32,000.Sales totaled $820,000.Cost of goods sold totaled $327,000. Required:Prepare the summary entry for the amount of cash received from customers during 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter 9 Solutions
Managerial Accounting: Tools for Business Decision Making
Ch. 9 - Prob. 1QCh. 9 - Prob. 2QCh. 9 - Prob. 3QCh. 9 - (a) Accounting plays a relatively unimportant role...Ch. 9 - What criteria are helpful in determining the...Ch. 9 - Lori Wilkins maintains that the only difference...Ch. 9 - Prob. 7QCh. 9 - What is budgetary slack? What incentive do...Ch. 9 - Prob. 9QCh. 9 - What budget is the starting point in preparing the...
Ch. 9 - The production budget shows both unit production...Ch. 9 - Alou Company has 20,000 beginning finished goods...Ch. 9 - In preparing the direct materials budget for Quan...Ch. 9 - The production budget of Justus Company calls for...Ch. 9 - Ortiz Companys manufacturing overhead budget shows...Ch. 9 - Everly Companys variable selling and...Ch. 9 - For Goody Company, the budgeted cost for one unit...Ch. 9 - Indicate the supporting schedules used in...Ch. 9 - Identify the three sections of a cash budget. What...Ch. 9 - Noterman Company has credit sales of 600,000 in...Ch. 9 - Prob. 21QCh. 9 - Prob. 22QCh. 9 - Maris Company uses the following budgets: balance...Ch. 9 - Paige Company estimates that unit sales will be...Ch. 9 - Sales budget data for Paige Company are given in...Ch. 9 - Perine Company has 2,000 pounds of raw materials...Ch. 9 - For Gundy Company, units to be produced are 5,000...Ch. 9 - For Roche Inc., variable manufacturing overhead...Ch. 9 - Elbert Company classifies its selling and...Ch. 9 - North Company has completed all of its operating...Ch. 9 - Kaspar Industries expects credit sales for...Ch. 9 - Moore Wholesalers is preparing its merchandise...Ch. 9 - Use this list of terms to complete the sentences...Ch. 9 - Pargo Company is preparing its master budget for...Ch. 9 - Pargo Company is preparing its budgeted income...Ch. 9 - Batista Company management wants to maintain a...Ch. 9 - Zeller Company estimates that 2017 sales will be...Ch. 9 - Trusler Company has always done some planning for...Ch. 9 - Edington Electronics Inc. produces and sells two...Ch. 9 - Thome and Crede, CPAs, are preparing their service...Ch. 9 - Turney Company produces and sells automobile...Ch. 9 - DeWitt Industries has adopted the following...Ch. 9 - On January 1, 2017, the Hardin Company budget...Ch. 9 - Rensing Ltd. estimates sales for the second...Ch. 9 - Fuqua Companys sales budget projects unit sales of...Ch. 9 - Rodriguez, Inc., is preparing its direct labor...Ch. 9 - Lowell Company makes and sells artistic frames for...Ch. 9 - Atlanta Company is preparing its manufacturing...Ch. 9 - Kirkland Company combines its operating expenses...Ch. 9 - Fultz Company has accumulated the following budget...Ch. 9 - Danner Company expects to have a cash balance of...Ch. 9 - Deitz Corporation is projecting a cash balance of...Ch. 9 - The controller of Trenshaw Company wants to...Ch. 9 - Nieto Companys budgeted sales and direct materials...Ch. 9 - Green Landscaping Inc. is preparing its budget for...Ch. 9 - Pletcher Denial Clinic is a medium-sized dental...Ch. 9 - In May 2017, the budget committee of Grand Stores...Ch. 9 - Emeric and Ellies Painting Service estimates that...Ch. 9 - PROBLEMS: SET A Cook Farm Supply Company...Ch. 9 - Deleon Inc. is preparing its annual budgets for...Ch. 9 - Hill Industries had sales in 2016 of 6,800,000 and...Ch. 9 - Colter Company prepares monthly cash budgets....Ch. 9 - The budget committee of Suppar Company collects...Ch. 9 - Prob. 9.6APCh. 9 - CURRENT DESIGNS Diane Buswell is preparing the...Ch. 9 - MANAGEMENT DECISION-MAKING Decision-Making Across...Ch. 9 - Elliot Hesse Inc. manufactures ergonomic devices...Ch. 9 - Real-World Focus Information regarding many...Ch. 9 - Prob. 9.4BYPCh. 9 - Broadening Your Ethics Case BYP9-5 You are an...Ch. 9 - All About You In order to get your personal...Ch. 9 - Prob. 9.7BYP
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