Blossom, Inc. prepared the following master budget items for July: Production and sales 22,000 units Variable manufacturing costs: Direct materials $ 22,000 $ 52,800 $ 55,000 $110,000 Direct labor Variable manufacturing overhead Fixed manufacturing costs Total manufacturing costs $239,800 During July, Blossom actually sold 28,000 units. Prepare a flexible budget for Blossom based on actual sales. (Do not round your intermediate calculations.) Production and Sales Variable Manufacturing Costs: units Direct Materials Direct Labor Variable Manufacturing Overhead Fixed Manufacturing Costs Total Manufacturing Costs

Q: The NiceWay Corporation's statement of financial position shows the total stockholders' equity of…

A: The book value per share is calculated as total shareholders equity divided by number of shares…

Q: Shown below is the sales forecast for Cooper Inc. for the first four months of the coming year Apr…

A: Cash inflows in March = cash sales + cash collected in month of march

Q: Lily Company needs to determine the amount of inventory in its warehouse at the time that an…

A: Cost of goods available for sale = Beginning inventory + purchases Cost of goods sold = Sales -…

Q: Kenneth Friedman's weekly gross earnings for the week ending March 9 were $3,840, and her federal…

A: Formula: Social security tax amount = Gross earnings x Social security tax rate

Q: All of the stock of Hartz and Ryder Corporations is owned by Morgen. Hartz Corporation has been…

A: Two companies 100% owned by a single person i.e. one proprietor holding 100% shares are known as…

Q: Wahid had earned income of $250,000 in 2020. Wahid's pension adjustment was $12,000. How much can…

A: Registered Retirement Savings Plan (RRSP) is provided by Canadian government which allows tax free…

Q: Business expenses Opening ceremony Decoration- $3800 Tent rental-$2500 Marketing- $5000 Human…

A: The balance sheet is the most important part of the financial statement. The balance sheet helps in…

Q: A company purchased land for $350000 cash. The real estate brokers' commission was $15000 and $61000…

A: The cost of land includes all the expenses that make the land ready to use. It includes expenses…

Q: 16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half…

A: Under gross method, sales are recorded at Full value. Under Net method, sales are recorded at…

Q: Computer Accounting with Quicl X G Google + x A…

A: An adjustment entry is recorded at the end year for any unrecognized income or loss during the…

Q: CT Inc. is evaluating a project that would cost P8 million at t = 0.  There is a 50% chance that the…

A: Capital Budgeting  Discounted Cash Flow Method

Q: Using the total cost method what price should Pinkin charge?

A: Fixed costs: Cost which is not affected by change in production  Variable cost: Per unit Variable…

Q: Assume that a company makes 30,000 units of Part A each year. At this level of production, the…

A: Formula: Financial advantage (disadvantage) of buying the parts from the outside supplier =…

Q: Dosdos Appliances sells home theater set both on installment and cash basis. Mr. RJ purchased a set…

A: Instalment sales is a financial arrangement in which the buyer purchases the goods and repay the…

Q: Which of the following is true of relevant costs? a.Relevant costs are sunk costs that alter future…

A: Sunk cost is the cost which was incurred in past.It is not relevant for decision making.

Q: A car is purchased for $25,000 and has a resale value of $19,000 after a useful life of 6 years.…

A: Depreciation under straight line method identifying the equal value as a depreciation expense for…

Q: Kobe Company has manufactured 200 partially finished cabinets at a cost of $102,000. These can be…

A: Incremental income = Incremental Sales revenue – Incremental costs

Q: You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500…

A: Calculation of Monthly Net Operating Income Contribution Margin Income Statement    Amount…

Q: 1 20 million 6% convertibl ecember 2019, the holder convert the notes into ord e converted into 50…

A: 20 Million 6% Convert-able Loan Notes on jan -01,2017 31.12.2019 Maturity Date Term - 3 years…

Q: Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in…

A:

Q: ements for tax exemption C. Type of for-profit business that also has a social mission D. Type of…

A: The definition of S corporation as,

Q: The actual information pertains to the third quarter. As part of the budgeting process, the Duck…

A: Static budget of variable cost for 19000 units = $185,000

Q: The following information is given to you relating to the operations of PrincehallCorporation: The…

A: Gross margin means profit earned after deducted the direct costs i.e cost of goods sold from the net…

Q: Which of the following checks can not be encashed but instead merely deposited? . Stale check…

A: Introduction: Banks: Banks accepts deposits from the customers and gives loans to the needy people.…

Q: Purpose: To ascertain whether service revenue recognized during December, year 7, is complete and…

A: Service revenue- Service revenue is the sales reported by a industry that relate to services…

Q: On January 1, 2020, Toot Company sold a piece of equipment costing P1,500,000 with accumulated…

A: Basic Accounting  Non Interest bearing note, Valuation and amortization

Q: Use the following to answer questions 13 - 17 KMC Corp.'s management is considering either a 100%…

A: Due to stock split the number  of outside shares will change.

Q: Selected accounts from Lue Co.'s adjusted trial balance for the year ended December 31 follow.…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Comparative statements of financial position for Daniel D. De Brum Botelho Limited are shown below:…

A: The question is related to  Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…

Q: Explain why financial statements are important to the decision-making process in financial analysis.…

A: Accounting is defined as a system of finding, measuring, reporting, evaluating, and documenting the…

Q: The following Income Statement information has been obtained from the books of Unlimited Liquors…

A: Income or loss from discontinued segment that should be shown in income statement  = Post tax Income…

Q: The stockholders' equity section on the December 31 balance sheet of Hadley Corporation reported the…

A: Paid in Capital:-It is the cash or other assets given by the investors in exchange for Stocks i.e…

Q: J. The general ledger of M. Cerda Consulting Service Cash Accounts Receivable Furniture and…

A: The worksheet is prepared to record the adjusted trial balance with adjustments, income statement…

Q: A certain car was purchased for $25,00 has a resale value of $16,000 after a uset years. What is the…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: On June 1, 2018, Wildhorse Company and Sheffield Company merged to form Tamarisk Inc. A total of…

A: Earnings per share:- It is calculated company's net profit available for common shareholders by the…

Q: Monetary assets include cash, accounts receivable and inventory. O accounts receivable and property,…

A: A monetary assets are those assets  which  can easily  converted  into Fixed or determinable units…

Q: Question 5 The following data were reported by a corporation Authorized shares 20,000 Issued shares…

A: Treasury shares are share reacquired by issuing company. They will not form part of Outstanding…

Q: Headlands Ltd. issues 8,600. $4 cumulative preferred shares at $66each and 15,000 common shares at…

A: The dividend is paid to the shareholders from the retained earnings of the business. The preference…

Q: hen should you present your biological asset as current or non-current asset? Or what is/are the…

A: Biological assets are the ones that are counted as resources in the agriculture business. They are…

Q: D6) Describe and explain the matters which the remuneration committee should consider when preparing…

A: Remuneration- Remuneration is the whole amount paid to an employee. It may contain a salary or…

Q: Widmer Company had gross wages of $155,000 during the week ended June 17. The amount of wages…

A: Social Security tax payable = wages subject to social security tax ×6% = $139,500 × 6% = $8370

Q: Which is the correct answer? The following information was reported in a cash budget: Beginning…

A: A Cash budget represents an estimate of total cash receipts, payments and expected closing balance…

Q: Suppose the Fed conducts an open market purchase by buying $10 million in Treasury bonds from Acme…

A: An open-market transaction seems to be essentially an order issued by an insider to purchase or sell…

Q: Which of the following scenarios would be most appropriate for a Section 85 rollover?

A: Solution:- Section - 85 Rollover :- A section 85 Rollover is a special election field with the CRA…

Q: Scarlet Company received an invoice for $70,000.00 that had payment terms of 1/5 n/30. If it made a…

A: Lets understand the basics. Seller for attracting early payment, gives the discount term to buyer of…

Q: The following Income Statement information has been obtained from the books of Unlimited Liquors…

A: An income statement is one of the important statements in a company's financial statements that…

Q: Splish Brothers Ltd. is a publicly listed company following IFRS. Assume that on December 31. 2020.…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Devern Assurance Company provides both property and automobile insurance. The projectedincome…

A: Operating income, in its most basic form, demonstrates your company's capacity to create earnings…

Q: During 2020, Maria Company purchased trading securities with the following cost and market value on…

A: Given information Security B = 10,000 shares Sold at p150 per share Trading investments are…

Q: Compute Bond Proceeds, Amortizing Premium by Interest Method, and Interest Expense Ware Co. produces…

A: Bonds are the corporate debt that carries fixed coupon payment.

Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.