Assignment: Ana has provided the balance sheet for 2018 to use for reference as follows: Assets...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assignment: Ana has provided the balance sheet for 2018 to use for reference as follows: Assets Cash Raw Materials Inventory Finished Goods Inventroy Account Receivables, net Total Current Assets Land, Building and Equipment Accumulated Dep. Total Assets $ 45,820 10,000 30,250 110,622 Houses Average Sink per house Total Sink Sales Budgeted Units Sold Price Per Unit Budgeted Revenue $912,000 (114,000) 1. Develop the Revenue Budget Unique Sinks Sales Budget December 31, 2019 Unique Sinks Balance Sheet 31-Dec-18 $196,692 01 02 03 04 Liabilities Accounts Payable Income Taxes Payable Total Liabilities Common Stock Retained Earnings Stockholders Equity Total Equity $994,692 Total Liabilites and Equity $ 72,370 7,000 $750,000 165,322 $ 79,370 $915,322 $994,692 ntent/460502/viewContent/3389341/View Quarter strategy will be needed for the next year. As in prior years, Jordan will submit budgeted financial statements to his bank as part of his annual line-of-credit loan application. He also plans to compare quarterly results to budgeted revenues and costs so that he can monitor whether operations are under control. Jordan provides the company's accountant, Ana Fernandez, with the following housing start estimates and asks her to begin developing a master budget for the next period. First Second Third Fourth Housing Starts Saved Help Save & X 6,000 24,000 12,000 4,000 The Best Fleece Jackets of 2 Average Sink Per House 3.00 2.90 3.00 3.10 Ana prepared the revenue budget first because she needs information from the volume of sink sales to develop the production and variable cost budgets. She calls several developers regarding the number of sinks they expect to install in each house. After speaking with several developers, she decides to budget 35% of the total estimated sink sales (units) for production, based on prior year contracts. She also decides to increase their selling price from $70 to $85 since they have not increased their price in 3 years. Assignment: Ana has provided the balance sheet for 2018 to use for reference as follows: Assets Cash Raw Materials Inventory Finished Goods Inventroy Account Receivables, net Total Current Assets Land, Building and Equipment Accumulated Dep. Total Assets $ 45,820 10,000 30,250 110,622 Houses Average Sink per house Total Sink Sales Budgeted Units Sold Price Per Unit Budgeted Revenue $912,000 (114,000) 1. Develop the Revenue Budget Unique Sinks Sales Budget December 31, 2019 Unique Sinks Balance Sheet 31-Dec-18 $196,692 01 02 03 04 Liabilities Accounts Payable Income Taxes Payable Total Liabilities Common Stock Retained Earnings Stockholders Equity Total Equity $994,692 Total Liabilites and Equity $ 72,370 7,000 $750,000 165,322 $ 79,370 $915,322 $994,692 ntent/460502/viewContent/3389341/View Quarter strategy will be needed for the next year. As in prior years, Jordan will submit budgeted financial statements to his bank as part of his annual line-of-credit loan application. He also plans to compare quarterly results to budgeted revenues and costs so that he can monitor whether operations are under control. Jordan provides the company's accountant, Ana Fernandez, with the following housing start estimates and asks her to begin developing a master budget for the next period. First Second Third Fourth Housing Starts Saved Help Save & X 6,000 24,000 12,000 4,000 The Best Fleece Jackets of 2 Average Sink Per House 3.00 2.90 3.00 3.10 Ana prepared the revenue budget first because she needs information from the volume of sink sales to develop the production and variable cost budgets. She calls several developers regarding the number of sinks they expect to install in each house. After speaking with several developers, she decides to budget 35% of the total estimated sink sales (units) for production, based on prior year contracts. She also decides to increase their selling price from $70 to $85 since they have not increased their price in 3 years.
Expert Answer:
Answer rating: 100% (QA)
Calculate the total sink sales Total Sink Sales for Q1 Housing Starts Average Sink per House 6000 30... View the full answer
Related Book For
Understanding Financial Statements
ISBN: 978-0133874037
11th edition
Authors: Lyn Fraser, Aileen Ormiston
Posted Date:
Students also viewed these finance questions
-
The Thompson Toy Company manufactures toy building block sets for children. Thompson is planning for 2017 by developing a master budget by quarters. Thompsons balance sheet for December 31, 2016,...
-
The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015: To prepare a master budget for April, May, and June of 2015, management gathers the following...
-
The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $60 each. Grady is planning for the next year by developing a master budget by quarters. Gradys balance sheet for...
-
The following data represent the prices in dollars of general admission tickets for the last 18 concerts at one venue. Use the given data to determine the stems for this stem-and-leaf plot. $50 $61...
-
You are a loan officer for First Benevolent Bank. You have an uneasy feeling as you examine a loan application from Daring Corporation. The application included the following financial statements. It...
-
Refer to the corporate marginal tax rate information in Table23. a. Why do you think the marginal tax rate jumps up from 34 percent to 39 percent at a taxable income of $100,001, and then falls back...
-
In Exercises 1518, use the given set of points to a. Compute b1. b. Compute the residual standard deviation se. c. Compute the sum of squares for x, (x x)2. d. Compute the standard error of b1, sb....
-
On January 1, 2014, the Vasquez Company ledger shows Equipment $32,000 and Accumulated Depreciation-Equipment $9,000. The depreciation resulted from using the straight-line method with a useful life...
-
The transaction below happened at OQ Energy Company: 1 . On the 1 st of April, the owner of the company invested cash OMR 4 0 , 0 0 0 building OMR 6 0 , 0 0 0 and machine OMR 2 5 , 0 0 0 in the...
-
Are middle-class families more likely than working- class families to maintain contact with kin? Write a paragraph summarizing the results of these tests. a. A sample of middle-class families...
-
Besides the sense of mission, how else could Reckitt Benckiser and its New Jersey facility retain employees during a stressful period such as the COVID-19 pandemic?
-
Highland\'s Company uses the weighted - average method in its process costing system. It processes wood pulp for various manufacturers of paper products. Data relating to tons of pulp processed...
-
Mr Leong spent large sums of money in creating false records and bribing accomplices in order to conceal the fraud from auditors. He insisted that the auditor should sign a "confidentiality"...
-
Explain the impact of IPC on system security. What potential vulnerabilities are introduced by IPC mechanisms like pipes and sockets, and how can they be mitigated?
-
In Year 1 , Lee Incorporated billed its customers $ 5 7 , 7 0 0 for services performed. The company collected $ 4 1 , 4 0 0 of the amount billed. Lee incurred $ 3 7 , 6 0 0 of other operating...
-
Directions: (1) Define key concepts that could be used to reduce uncertainty in social situations. (2) Describe the ''How it's Done'' scene from Hitch. (3) Define how each character used the...
-
Based on the following information, what is the total cost expense (excluding labor) in June? Assumptions: Cost expense does not include labor expense. Costs and labor hours are evenly distributed...
-
Solve each equation or inequality. |6x8-4 = 0
-
(a) Using the Consolidated Balance Sheets for Walgreen Co. for August 31, 2013 and 2012, prepare a common-size balance sheet. (b) Which current asset is the most significant? Which noncurrent asset...
-
The following information is available for Chemco Inc's inventories as of June 30, 2015: We used the LIFO method of valuing our inventories for approximately 40% and 44% of total inventories at June...
-
At fiscal year-end December 31, 2015, Shop-World had the following assets and liabilities on its balance sheet (in millions): Current liabilities ............ $9,459 Long-term debt .................
-
What two dimensions should you use when evaluating project risks? A. probability and impact B. cost and schedule C. negative and positive D. source and responsibility
-
Find at least two video clips and one article that show some of the risks involved in building and sailing the Titanic. Document your findings in a short paper, video, or presentation.
-
A _______________is a document that contains results of various risk management processes, often displayed in a table or spreadsheet format. A. risk event B. trigger C. risk register D. risk...
Study smarter with the SolutionInn App