At the beginning of the school year, Craig Kovar decided to prepare a cash budget for...
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At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: $9,050 190 290 Cash balance, September 1 (from a summer job) Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September Pay rent at the beginning of each month. Pay for food each month 640 Pay apartment deposit on September 2 (to be returned December 15) 700 Part-time job earnings each month (net of taxes) 1,400 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Estimated cash receipts from: 4,700 700 Check My Work Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Estimated cash receipts from: Total cash receipts Less estimated cash payments for Total cash payments Cash increase (decrease) Craig Kovar Cash Budget For the Four Months Ending December 31 September October November Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? Check My Work December Save and Exit Next > Submit Assignment for Grading Estimated cash receipts from: Total cash receipts Less estimated cash payments for: Total cash payments Cash increase (decrease) Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? e. What are the budget implications for Craig Kovar? Craig can see that his present plan 000 000 sufficient cash. If Craig did not budget but went ahead with the original plan, he would be at the end of December, with no time left to adjust Direct materials purchases budget Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November Units 12" Pizza Units 16" Pizza Budgeted production volume 90,000 70,000 There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: 12" Pizza 16" Pizza Direct materials: Dough Tomato Cheese In addition, Tobin's has determined the following information about each material: X Open spreadsheet 0.55 lb. per unit 0.25 0,70 Estimated inventory, November 11 Dough 2,400 lbs. 1,900 lbs. Tomato 1,100 lbs. 1,500 lbs. Cheese 3,300 lbs. 2,900 lbs. Desired inventory, November 30 Price per pound $0.60 $0.70 $0.95 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. 0.80 lb. per unit 0.40 1.20 Check My Work Prepare November's direct materials purchases budget for Tobin's Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Round your final answers to the nearest dollar. C EX 22-1: eBook DESTRO TIVERMAY, November so PODOTUS: Price per pound 50.60 $0.70 $0.95 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Units required for production: 12" pizza 16" pizza Prepare November's direct materials purchases budget for Tobin's Frozen Pizza Inc. For those bokes in which you must enter subtracted or negative numbers use a minus sign. Round your final answers to the nearest dollar. Total units available Total units to be purchased Unit price Total direct materials to be purchased Show Me How EDJOUTDE Check My Work Office 365 Tobin's Frozen Pizza Inc. Direct Materials Purchases Budget For the Month Ending November 30 Dough Tomato Cheese Total Previs Nove Show Me How Schedule of cash collections of accounts receivable Pampered Pal Inc., a pet supplies distributor, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $400,000 February 600,000 March 850,000 All sales are on account. Collections are expected as follows: 75% of sales are expected to be collected in the month of the sale, 15% in the month following the sale, and the remainder in the second month following the sale. eBook Prepare a schedule indicating cash collections from sales for January, February, and March. Enter all amounts as positive numbers. Pampered Pal Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February Line Item Description January sales on account: Collected in January Collected in February Collected in March February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash collected Check My Work March 0 000 Previous Next C G eBook Schedule of cash collections of accounts receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 30% pay their accounts in the month of sale, while the remaining 70% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November December $58,000 65,000 72,000 The Accounts Receivable balance on September 30 was $35,000. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Check My Work October November December 000 0 00 00 Previous 30 0 month of sale. Projected sales for the next three months are as follows: October $58,000 November 65,000 December 72,000 The Accounts Receivable balance on September 30 was $35,000. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts a OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Total cash collected Check My Work October November December 00 0 00 0 0 0 00 At the beginning of the school year, Craig Kovar decided to prepare a cash budget for the months of September, October, November, and December. The budget must plan for enough cash on December 31 to pay the spring semester tuition, which is the same as the fall tuition. The following information relates to the budget: $9,050 190 290 Cash balance, September 1 (from a summer job) Purchase season football tickets in September Additional entertainment for each month Pay fall semester tuition in September Pay rent at the beginning of each month. Pay for food each month 640 Pay apartment deposit on September 2 (to be returned December 15) 700 Part-time job earnings each month (net of taxes) 1,400 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. Prepare a cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Estimated cash receipts from: 4,700 700 Check My Work Craig Kovar Cash Budget For the Four Months Ending December 31 September October November December Cash budget for September, October, November, and December. Enter all amounts as positive values except cash decrease which should be indicated with a minus sign. Estimated cash receipts from: Total cash receipts Less estimated cash payments for Total cash payments Cash increase (decrease) Craig Kovar Cash Budget For the Four Months Ending December 31 September October November Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? Check My Work December Save and Exit Next > Submit Assignment for Grading Estimated cash receipts from: Total cash receipts Less estimated cash payments for: Total cash payments Cash increase (decrease) Cash balance at end of month b. Are the four monthly budgets that are presented prepared as static budgets or flexible budgets? e. What are the budget implications for Craig Kovar? Craig can see that his present plan 000 000 sufficient cash. If Craig did not budget but went ahead with the original plan, he would be at the end of December, with no time left to adjust Direct materials purchases budget Tobin's Frozen Pizza Inc. has determined from its production budget the following estimated production volumes for 12" and 16" frozen pizzas for November Units 12" Pizza Units 16" Pizza Budgeted production volume 90,000 70,000 There are three direct materials used in producing the two types of pizza. The quantities of direct materials expected to be used for each pizza are as follows: 12" Pizza 16" Pizza Direct materials: Dough Tomato Cheese In addition, Tobin's has determined the following information about each material: X Open spreadsheet 0.55 lb. per unit 0.25 0,70 Estimated inventory, November 11 Dough 2,400 lbs. 1,900 lbs. Tomato 1,100 lbs. 1,500 lbs. Cheese 3,300 lbs. 2,900 lbs. Desired inventory, November 30 Price per pound $0.60 $0.70 $0.95 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. 0.80 lb. per unit 0.40 1.20 Check My Work Prepare November's direct materials purchases budget for Tobin's Frozen Pizza Inc. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Round your final answers to the nearest dollar. C EX 22-1: eBook DESTRO TIVERMAY, November so PODOTUS: Price per pound 50.60 $0.70 $0.95 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the question below. Open spreadsheet Units required for production: 12" pizza 16" pizza Prepare November's direct materials purchases budget for Tobin's Frozen Pizza Inc. For those bokes in which you must enter subtracted or negative numbers use a minus sign. Round your final answers to the nearest dollar. Total units available Total units to be purchased Unit price Total direct materials to be purchased Show Me How EDJOUTDE Check My Work Office 365 Tobin's Frozen Pizza Inc. Direct Materials Purchases Budget For the Month Ending November 30 Dough Tomato Cheese Total Previs Nove Show Me How Schedule of cash collections of accounts receivable Pampered Pal Inc., a pet supplies distributor, was organized on January 1. Projected sales for each of the first three months of operations are as follows: January $400,000 February 600,000 March 850,000 All sales are on account. Collections are expected as follows: 75% of sales are expected to be collected in the month of the sale, 15% in the month following the sale, and the remainder in the second month following the sale. eBook Prepare a schedule indicating cash collections from sales for January, February, and March. Enter all amounts as positive numbers. Pampered Pal Inc. Schedule of Cash Collections from Sales For the Three Months Ending March 31 January February Line Item Description January sales on account: Collected in January Collected in February Collected in March February sales on account: Collected in February Collected in March March sales on account: Collected in March Total cash collected Check My Work March 0 000 Previous Next C G eBook Schedule of cash collections of accounts receivable OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash customers, while the remaining sales are to credit customers. Of the credit customers, 30% pay their accounts in the month of sale, while the remaining 70% pay their accounts in the month following the month of sale. Projected sales for the next three months are as follows: October November December $58,000 65,000 72,000 The Accounts Receivable balance on September 30 was $35,000. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts as positive numbers. OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Check My Work October November December 000 0 00 00 Previous 30 0 month of sale. Projected sales for the next three months are as follows: October $58,000 November 65,000 December 72,000 The Accounts Receivable balance on September 30 was $35,000. Prepare a schedule of cash collections from sales for October, November, and December. Enter all amounts a OfficeMart Inc. Schedule of Cash Collections from Sales For the Three Months Ending December 31 Line Item Description Receipts from cash sales: Cash sales September sales on account: Collected in October October sales on account: Collected in October Collected in November November sales on account: Collected in November Collected in December December sales on account: Collected in December Total cash collected Check My Work October November December 00 0 00 0 0 0 00
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ANSWER Craig Kovar Cash Budget For the Four Months Ending Decem... View the full answer
Related Book For
Forensic And Investigative Accounting
ISBN: 9780808056300
10th Edition
Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton
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