Prepare the following budgets based on the information given. i. Sales Budget Grand Company has three...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare the following budgets based on the information given. i. Sales Budget Grand Company has three branches in Oman; Muscat, Salalah, and Sohar an it sells three products. The estimates for 2023 are given in the table below. Selling price per unit Units to be sold Estimated return% Branch Muscat Salalah Sohar Table below shows the breakdown of Units to be sold per branch. Product A Product B Product C 900 1500 1000 800 500 900 January 2023 February 2023 March 2023 April 2023 Product A Product B Product C 25 35 42 2000 3000 6 8 ii. Cash Budget The table below shows the necessary information for cash budget. Month/Year October 2022 November 2022 December 2022 80,000 100,000 120,000 600 400 300 150,000 180,000 200,000 225,000 Sales Purchases Salaries&Wages Operating Expenses 50,000 55,000 45,000 48,000 57,000 61,000 65,000 4000 12 60,000 70,000 90,000 120,000 130,000 140,000 100,000 25,000 25,000 25,000 30,000 32,000 32,000 32,000 Based on the information and assumptions below, prepare a cash budget for th first four months of 2023. i. Cash balance as of 1 January 2023 is 60,000 OMR. ii. 30 % of Sales are on cash basis, and the credit period for the remaining is months. iii. The company makes 30 % immediate cash payment for purchases, the balances are paid after 2 months. iv. Salaries&wages are paid in the next month. v. Operating expenses are paid after 2 months. vi. The company must pay income tax at the end of March, the amount is 23,000 OMR. Prepare the following budgets based on the information given. i. Sales Budget Grand Company has three branches in Oman; Muscat, Salalah, and Sohar an it sells three products. The estimates for 2023 are given in the table below. Selling price per unit Units to be sold Estimated return% Branch Muscat Salalah Sohar Table below shows the breakdown of Units to be sold per branch. Product A Product B Product C 900 1500 1000 800 500 900 January 2023 February 2023 March 2023 April 2023 Product A Product B Product C 25 35 42 2000 3000 6 8 ii. Cash Budget The table below shows the necessary information for cash budget. Month/Year October 2022 November 2022 December 2022 80,000 100,000 120,000 600 400 300 150,000 180,000 200,000 225,000 Sales Purchases Salaries&Wages Operating Expenses 50,000 55,000 45,000 48,000 57,000 61,000 65,000 4000 12 60,000 70,000 90,000 120,000 130,000 140,000 100,000 25,000 25,000 25,000 30,000 32,000 32,000 32,000 Based on the information and assumptions below, prepare a cash budget for th first four months of 2023. i. Cash balance as of 1 January 2023 is 60,000 OMR. ii. 30 % of Sales are on cash basis, and the credit period for the remaining is months. iii. The company makes 30 % immediate cash payment for purchases, the balances are paid after 2 months. iv. Salaries&wages are paid in the next month. v. Operating expenses are paid after 2 months. vi. The company must pay income tax at the end of March, the amount is 23,000 OMR.
Expert Answer:
Answer rating: 100% (QA)
Prepare a Sales Budget Grand Company Sales Budget for 2023 Product Selling Price per Unit Units to be Sold Estimated Return Total Sales Revenue Produc... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Study the information given below and answer the following questions: (25 Marks) 1.1 Calculate the Payback Period of both machines (answers expressed in years, months and days). (5 marks) 1.2 Which...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Many areas have attempted to increase the amount of recycled waste lubricating oil by requiring service stations to serve as collection centers or by instituting deposit-refund systems. On what...
-
A group of students loads a 2 Ã4-m flatbed trailer with two 0.6Ã0.6Ã0.6-mboxes and one 0.6Ã0.6Ã1.2-m box. Each of the boxes at the rear of the trailer is positioned...
-
Identifying financial statement items Identify the financial statement(s) where each of the following items appears. Use 1 for income statement, E for statement of owners equity, and B for balance...
-
Do people who are interested in environmental issues visit museums more often than people who are not? The General Social Survey asked 990 people how interested they were in environmental issues, and...
-
The following information for Lesky Corporation covers the year ended December 31, 2010: Required Change this statement to a multiple-step format, as illustrated in this chapter. LESKY CORPORATION...
-
Po= 9 where you have assumed a constant annual growth rate of earnings, g, which you have esti- mated to be equal to 5%. Citi's P/E ratio four years ago (i.e. P-1) was equal to 5. Assuming that...
-
A concrete corporation had cost of goods sold of $1,550,000 for the third quarter. The beginning inventory at cost was $155,000, and the ending inventory at cost amounted to $180,900. The inventory...
-
Sydney Co manufactures mobile phone handsets. In its factory, three handsets (X, Y and Z) are in continuous mass production. Each handset incorporates approximately 40 items of raw materials and...
-
1. Present one of the following two interactions: Kant and Anselm, or Descartes and Hobbes. This requires you to present both the argument from Anselm or Descartes and the criticism from Kant or...
-
If the Consumer Price Index rose from 250 to 258 in one year, what was the approximate annual inflation rate for that year? An effective financial plan must be adaptable to changing circumstances....
-
On 1 0 July 2 0 2 2 Coolum Ltd provides some consulting advice to Florida Inc. ( US ) for an agreed fee of US$ 1 million. The amount is paid into the US bank account of Coolum Ltd on 1 0 July 2 0 2 2...
-
A $1,000 bond with a coupon rate of 10% has a required return of 8% and 10 years to maturity. What is the current value of the bond?
-
17. The Aidsiah, Inc., an insurance company, had the following data for the taxable year 2022: Sales Cost of Goods Sold General, Selling and Administrative Expenses P5,000,000 2,000,000 500,000...
-
Solving shortest-route problems enables a business organization to use their resources more efficiently and minimize expenditures, thereby increasing overall production and profit. Consider the...
-
The figure shows a bolted lap joint that uses SAE grade 8 bolts. The members are made of cold-drawn AISI 1040 steel. Find the safe tensile shear load F that can be applied to this connection if the...
-
In doing cost analysis, you realize that there could be errors in the accounting records. For example, maintenance costs were recorded as zero in December. However, you know that maintenance was...
-
CompDesk, Inc., makes a single model of an ergonomic desk (with chair) for computer usage. The desk is manufactured in building 1, and the chair is manufactured in building 2. Monthly capacities and...
-
Refer to the example in Appendix B. Assume that the company now finds that the learning rate is 90 percent, instead of 80 percent. The 90 percent learning rate coefficient is 0.152004; that is b = ...
-
What is reaction coordinate? What is its significance in chemical reaction?
-
Show that for steady state flow process, \(\Delta H=Q-W_{S}\).
-
An ideal gas \(\left(C_{P}=5, C_{V}=3 ight)\) is changed from \(1 \mathrm{~atm}\) and \(22.4 \mathrm{~m}^{3}\) to \(10 \mathrm{~atm}\) and 2.24 \(\mathrm{m}^{3}\) by the reversible process of heating...
Study smarter with the SolutionInn App