req 4 blalance sheet

Cost Spring 2022 Que Homework: Project Snows, Inc., manufactures and sells snowboards. Snows manufactures a single model, the Pipex. In late 2017, management accountant gathered the following data to prepare budgets for January 2018: Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) Click the icon to view the additional variable and fixed manufacturing cost information.) Requirement 1. Prepare a cash budget for January 2018. Show supporting schedules for the calculation of collet Begin by preparing the supporting schedule for the calculation of collection of receivables. Schedule of Cash Collections From December 2017 sales $ 984,500 From January 2018 sales 1.185.750 Total collections 2,170,250 Next prepare the supporting schedule for the payments of accounts payable. Schedule of Cash Payments for Accounts Payable From December 2017 purchases 546,000 From January 2018 purchases 496.950 Total cash payments for accounts payable $ 1,042,950 Prepare the supporting schedule for disbursements for fixed manufacturing and nonmanufacturing overhead. Schedule of Cash Payments for Fixed Overhead Fixed manufacturing overhead S 7,200 Fixed nonmanufacturing overhead 28,000 Total cash payments for fixed overhead 35,200 Prepare a cash budget for January 2018. (If a box is not used in the table leave the box emply, do not select a tabelon $ $ Snows, Inc. management Click the icon to view the budgeted balances and additional information pertain (Click the icon to view the additional variable and fixed manufacturing cost infon $ Snows, Inc. Cash Budget For Month Ending January 31, 2018 Cash balance, beginning $ 15,000 Add receipts Collections from customers 2,170,250 2.185 250 Total cash available for needs Deduct disbursements Direct materials 1,042,950 Direct manufacturing labor 576,000 Variable manufacturing overhead costs 288,000 Fixed manufacturing overhead costs 7.200 Variable marketing costs 11,700 Fixed nonmanufacturing overhead costs 28,000 Cash dividends 170,000 $ Total disbursements 2.123.850 Cash balance, ending 61.400 Requirement 2. Snows is interested in maintaining a minimum cash balance of $145,000 No, srows will not be in a position to pay the $170,000 dividend on January 31, Help me solve this Calculator Type here to search OBI management accountant gathered the following data to prepare budgets for January 2 Click the icon to view the budgeted balances and additional information pertainin Click the icon to view the additional variable and fixed manufacturing cost informa NO, SNOWS Will not be in a position to pay the 170.000 dividend on January 31. Requirement 3. Why do Snows's managers prepare a cash budget in addition to the re Snows's managers prepare a cash budget in addition to the operating income budget to this does not mean that it will have sufficient cash to make scheduled payments. Snow cash will be available. Requirement 4. Prepare a budgeted balance sheet for January 31, 2018 by calculating Snows, Inc. Budgeted Balance Sheet January 31, 2018 Assets Cash 61400 Accounts receivable Inventory Property, plant and equipment 855000 Total Liabilities and Stockholders' Equity: Accounts payable Long term liabilities Stockholders' equity 183000 Total Help me solve this Calculator Type here to search ??? Cash Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long-term liabilities Stockholders' equity $ 855,000 ? 183,000 ? Selected budgeted information for December 2017 follows: Cash balance, December 31, 2017 $ 15,000 Budgeted sales 1,790,000 Budgeted materials purchases 780,000 Customer invoices are payable within 30 days. From past experience, Snows's accountant projects 45% of invoices will be collected in the month invoiced, and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 30% of direct materials purchases paid during the month of the purchase, and 70% paid in the month following purchase Fixed manufacturing overhead costs include $12,000 of depreciation costs and fixed nonmanufacturing overhead costs include $8,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and nonmanufacturing overhead costs are paid monthly All property, plant, and equipment acquired during January 2018 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2018. On December 15, 2017, Snows's board of directors voted to pay a $170,000 dividend to stockholders on January 31, 2018 le Variable manufacturing overhead is $15 per direct manufacturing labor-hour. There are also $19,200 in fixed manufacturing overhead costs budgeted for January 2018, Snows combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $300 per sales visit. The marketing plan calls for 39 sales visits during January 2018. Finally, there are $36,000 in fixed nonmanufacturing costs budgeted for January 2018 Print Done Materials and Labor Requirements Direct materials Wood 12 board feet (b.f.) per snowboard Fiberglass 10 yards per snowboard Direct manufacturing labor 6 hours per snowboard Snows' CEO expects to sell 3,100 snowboards during January 2018 at an estimated retail price of $850 per board. Further, the CEO expects 2018 beginning inventory of 600 snowboards and would like to end January 2018 with 700 snowboards in stock ble Direct Materials Inventories Beginning Inventory 1/1/2018 Ending Inventory 1/31/2018 2,050 b.f. 1,550 b.f. 1,050 yards 2,050 yards Wood Fiberglass $ Other data include: 2017 Unit Price 2018 Unit Price Wood $ 33.00 per b.l. 35.00 per b.f. Fiberglass $ 9.00 per yard $ 10.00 per yard Direct manufacturing labor $ 29.00 per hour $ 30.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2017, is $300.00. Assume Snows uses a FIFO inventory method for both direct materials and finished goods, Ignore work in process in your calculations 1 ference Revenue Budget For January 2018 Units Selling price Total revenues 3,100 $ 850 $ 2,635,000 Snowboards Total Direct Materials Purchases Budget For January 2018 Materials Wood Fiberglass Physical Units Budget To be used in production 38,400 b.1. 32,000 yards Add target ending inventory Total requirement 39,950 b.f. 34,050 yards Deduct beginning inventory 2,050 Purchases to be made 37,900 33,000 b.f. yards Cost Budget Purchases $ 1,326,500 $ 330,000 1,550 b.r. 2,050 yards b.f. 1,050 yards $ 1,656,500 Direct Manufacturing Labor Costs Budget For January 2018 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate Total Part 7 of 7 02 Point erence 37,900 b.f. 33,000 yards Purchases to be made Cost Budget $ 1,326,500 $ 330,000 $ 1,656,500 Purchases Direct Manufacturing Labor Costs Budget For January 2018 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate 3,200 6 19,200 $ 30 Total Snowboards $ 576,000 Total labor hours 19,200 X Variable manufacturing overhead rate = Variable manufacturing overhead costs 15 $ 288,000 Ending Inventories Budget For January 2018 Quantity Cost per unit Total Direct materials Wood Fiberglass 1,550 $ 2,050 35$ 10 54,250 20,500 Finished goods Snowboard Total ending inventory 700 $ S 796 557,200 $ 631,950 Print Done Cost Spring 2022 Que Homework: Project Snows, Inc., manufactures and sells snowboards. Snows manufactures a single model, the Pipex. In late 2017, management accountant gathered the following data to prepare budgets for January 2018: Click the icon to view the budgeted balances and additional information pertaining to the cash budget.) Click the icon to view the additional variable and fixed manufacturing cost information.) Requirement 1. Prepare a cash budget for January 2018. Show supporting schedules for the calculation of collet Begin by preparing the supporting schedule for the calculation of collection of receivables. Schedule of Cash Collections From December 2017 sales $ 984,500 From January 2018 sales 1.185.750 Total collections 2,170,250 Next prepare the supporting schedule for the payments of accounts payable. Schedule of Cash Payments for Accounts Payable From December 2017 purchases 546,000 From January 2018 purchases 496.950 Total cash payments for accounts payable $ 1,042,950 Prepare the supporting schedule for disbursements for fixed manufacturing and nonmanufacturing overhead. Schedule of Cash Payments for Fixed Overhead Fixed manufacturing overhead S 7,200 Fixed nonmanufacturing overhead 28,000 Total cash payments for fixed overhead 35,200 Prepare a cash budget for January 2018. (If a box is not used in the table leave the box emply, do not select a tabelon $ $ Snows, Inc. management Click the icon to view the budgeted balances and additional information pertain (Click the icon to view the additional variable and fixed manufacturing cost infon $ Snows, Inc. Cash Budget For Month Ending January 31, 2018 Cash balance, beginning $ 15,000 Add receipts Collections from customers 2,170,250 2.185 250 Total cash available for needs Deduct disbursements Direct materials 1,042,950 Direct manufacturing labor 576,000 Variable manufacturing overhead costs 288,000 Fixed manufacturing overhead costs 7.200 Variable marketing costs 11,700 Fixed nonmanufacturing overhead costs 28,000 Cash dividends 170,000 $ Total disbursements 2.123.850 Cash balance, ending 61.400 Requirement 2. Snows is interested in maintaining a minimum cash balance of $145,000 No, srows will not be in a position to pay the $170,000 dividend on January 31, Help me solve this Calculator Type here to search OBI management accountant gathered the following data to prepare budgets for January 2 Click the icon to view the budgeted balances and additional information pertainin Click the icon to view the additional variable and fixed manufacturing cost informa NO, SNOWS Will not be in a position to pay the 170.000 dividend on January 31. Requirement 3. Why do Snows's managers prepare a cash budget in addition to the re Snows's managers prepare a cash budget in addition to the operating income budget to this does not mean that it will have sufficient cash to make scheduled payments. Snow cash will be available. Requirement 4. Prepare a budgeted balance sheet for January 31, 2018 by calculating Snows, Inc. Budgeted Balance Sheet January 31, 2018 Assets Cash 61400 Accounts receivable Inventory Property, plant and equipment 855000 Total Liabilities and Stockholders' Equity: Accounts payable Long term liabilities Stockholders' equity 183000 Total Help me solve this Calculator Type here to search ??? Cash Accounts receivable Inventory Property, plant, and equipment (net) Accounts payable Long-term liabilities Stockholders' equity $ 855,000 ? 183,000 ? Selected budgeted information for December 2017 follows: Cash balance, December 31, 2017 $ 15,000 Budgeted sales 1,790,000 Budgeted materials purchases 780,000 Customer invoices are payable within 30 days. From past experience, Snows's accountant projects 45% of invoices will be collected in the month invoiced, and 55% will be collected in the following month. Accounts payable relates only to the purchase of direct materials. Direct materials are purchased on credit with 30% of direct materials purchases paid during the month of the purchase, and 70% paid in the month following purchase Fixed manufacturing overhead costs include $12,000 of depreciation costs and fixed nonmanufacturing overhead costs include $8,000 of depreciation costs. Direct manufacturing labor and the remaining manufacturing and nonmanufacturing overhead costs are paid monthly All property, plant, and equipment acquired during January 2018 were purchased on credit and did not entail any outflow of cash. There were no borrowings or repayments with respect to long-term liabilities in January 2018. On December 15, 2017, Snows's board of directors voted to pay a $170,000 dividend to stockholders on January 31, 2018 le Variable manufacturing overhead is $15 per direct manufacturing labor-hour. There are also $19,200 in fixed manufacturing overhead costs budgeted for January 2018, Snows combines both variable and fixed manufacturing overhead into a single rate based on direct manufacturing labor-hours. Variable marketing costs are allocated at the rate of $300 per sales visit. The marketing plan calls for 39 sales visits during January 2018. Finally, there are $36,000 in fixed nonmanufacturing costs budgeted for January 2018 Print Done Materials and Labor Requirements Direct materials Wood 12 board feet (b.f.) per snowboard Fiberglass 10 yards per snowboard Direct manufacturing labor 6 hours per snowboard Snows' CEO expects to sell 3,100 snowboards during January 2018 at an estimated retail price of $850 per board. Further, the CEO expects 2018 beginning inventory of 600 snowboards and would like to end January 2018 with 700 snowboards in stock ble Direct Materials Inventories Beginning Inventory 1/1/2018 Ending Inventory 1/31/2018 2,050 b.f. 1,550 b.f. 1,050 yards 2,050 yards Wood Fiberglass $ Other data include: 2017 Unit Price 2018 Unit Price Wood $ 33.00 per b.l. 35.00 per b.f. Fiberglass $ 9.00 per yard $ 10.00 per yard Direct manufacturing labor $ 29.00 per hour $ 30.00 per hour The inventoriable unit cost for ending finished-goods inventory on December 31, 2017, is $300.00. Assume Snows uses a FIFO inventory method for both direct materials and finished goods, Ignore work in process in your calculations 1 ference Revenue Budget For January 2018 Units Selling price Total revenues 3,100 $ 850 $ 2,635,000 Snowboards Total Direct Materials Purchases Budget For January 2018 Materials Wood Fiberglass Physical Units Budget To be used in production 38,400 b.1. 32,000 yards Add target ending inventory Total requirement 39,950 b.f. 34,050 yards Deduct beginning inventory 2,050 Purchases to be made 37,900 33,000 b.f. yards Cost Budget Purchases $ 1,326,500 $ 330,000 1,550 b.r. 2,050 yards b.f. 1,050 yards $ 1,656,500 Direct Manufacturing Labor Costs Budget For January 2018 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate Total Part 7 of 7 02 Point erence 37,900 b.f. 33,000 yards Purchases to be made Cost Budget $ 1,326,500 $ 330,000 $ 1,656,500 Purchases Direct Manufacturing Labor Costs Budget For January 2018 Output Units DMLH Total Hourly Produced per Unit Hours Wage Rate 3,200 6 19,200 $ 30 Total Snowboards $ 576,000 Total labor hours 19,200 X Variable manufacturing overhead rate = Variable manufacturing overhead costs 15 $ 288,000 Ending Inventories Budget For January 2018 Quantity Cost per unit Total Direct materials Wood Fiberglass 1,550 $ 2,050 35$ 10 54,250 20,500 Finished goods Snowboard Total ending inventory 700 $ S 796 557,200 $ 631,950 Print Done