Accounting ?

DQ 1: Define Search (in your own words) within the criminal justice context. Give an example of seizure, within the criminal justice context. What is meant by “reasonableness” in the context of searches, seizures and arrests?
September 12, 2019
Mark 8:29 Worksheet
September 12, 2019

Accounting ?

1. Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year.

Cash

Receipts

Cash

Disbursements

January

$

518,000

$

485,000

February

412,500

358,000

March

462,000

532,000

According to a credit agreement with the company’s bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays principal on the loan with available cash on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1.

Prepare monthly cash budgets for each of the first three months of next year. (Amounts to be deducted should be indicated by a minus sign.)

2. Walker Company prepares monthly budgets. The current budget plans for a September ending inventory of 38,000 units. Company policy is to end each month with merchandise inventory equal to a specified percent of budgeted sales for the following month. Budgeted sales and merchandise purchases for the next three months follow.

Sales (Units)

Purchases (Units)

July

160,000

194,000

August

330,000

324,000

September

300,000

278,000

3. 3. Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31.

a.

Beginning cash balance on July 1: $64,000.

b.

Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,750,000; June (actual), $1,480,000; and July (budgeted), $1,540,000.

c.

Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $570,000; and July (budgeted), $450,000.

d.

Budgeted cash disbursements for salaries in July: $220,000.

e.

Budgeted depreciation expense for July: $15,000.

f.

Other cash expenses budgeted for July: $110,000.

g.

Accrued income taxes due in July: $90,000.

h.

Bank loan interest due in July: $8,500

1. Calculation of cash receipts from sales collected in May, June, July, July 31 Accounts Rec.

2. Calculation of cash payments for merchandise paid in June, July, July 31 Accounts Rec

4. 4. Following information relates to Acco Co.

a.

Beginning cash balance on July 1: $40,000.

b.

Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,376,000; June (actual), $960,000; and July (budgeted), $1,120,000.

c.

Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $344,000; and July (budgeted), $600,000.

d.

Budgeted cash disbursements for salaries in July: $168,800.

e.

Budgeted depreciation expense for July: $9,600.

f.

Other cash expenses budgeted for July: $120,000.

g.

Accrued income taxes due in July: $80,000 (related to June).

h.

Bank loan interest paid July 31: $5,280.

Additional Information:

a.

Cost of goods sold is 44% of sales.

b.

Inventory at the end of June is $64,000 and at the end of July is $171,200.

c.

Salaries payable on June 30 are $40,000 and are expected to be $32,000 on July 31.

d.

The equipment account balance is $1,280,000 on July 31. On June 30, the accumulated depreciation on equipment is $224,000.

e.

The $5,280 cash payment of interest represents the 1% monthly expense on a bank loan of $528,000.

f.

Income taxes payable on July 31 are $99,456, and the income tax rate applicable to the company is 30%.

g.

The only other balance sheet accounts are: Common Stock, with a balance of $464,000 on June 30; and Retained Earnings, with a balance of $857,600 on June 30.

Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31.

5. 5. Tempo Company’s fixed budget for the first quarter of calendar year 2013 reveals the following.

Sales (12,000 units)

$

2,424,000

Cost of goods sold

Direct materials

$

276,600

Direct labor

515,280

Production supplies

318,360

Plant manager salary

76,600

1,186,840

Gross profit

1,237,160

Selling expenses

Sales commissions

105,600

Packaging

184,080

Advertising

100,000

389,680

Administrative expenses

Administrative salaries

126,600

Depreciation—office equip.

96,600

Insurance

66,600

Office rent

76,600

366,400

Income from operations

$

481,080

Prepare flexible budgets that show variable costs per unit, fixed costs, and three different flexible budgets for sales volumes of 10,000, 12,000, and 14,000 units. (Round cost per unit to 2 decimal places.)

6.

6. Solitaire Company’s fixed budget performance report for June follows. The $615,000 budgeted expenses include $578,100 variable expenses and $36,900 fixed expenses. Actual expenses include $48,900 fixed expenses.

Fixed Budget

Actual Results

Variances

Sales (in units)

8,200

10,600

Sales (in dollars)

$

820,000

$

1,060,000

$

240,000

F

Total expenses

615,000

738,000

123,000

U

Income from operations

$

205,000

$

322,000

$

117,000

F

Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. (Do not round intermediate calculations.)

7.

7. Bay City Company’s fixed budget performance report for July follows. The $587,000 budgeted expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses.

Fixed Budget

Actual Results

Variances

Sales (in units)

8,000

6,900

Sales (in dollars)

$

640,000

$

607,200

$

32,800

U

Total expenses

587,000

551,000

36,000

F

Income from operations

$

53,000

$

56,200

$

3,200

U

Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Do not round intermediate calculations.)


 

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