FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question
100%

If the excel spreadsheet looked like this how would you set it up?

3. Selling
5. Budgeted Balance Sheet
Selling and Administrative Expense Budget
Williams Company
First Quarter
Budgeted Balance Sheet
Williams Company
First Quarter
End of January End of Febraury End of March Quarter 1
January
February
March
Quarter 1
Assets
Variable expenses
Cash
Accounts receivable
Sales
Finished goods inventory
Raw materials inventory
Selling and adminstrative expense percentage
RAW PVC
Total variable selling and administrative expense
Fixed expenses
Fixed selling and administrative expense
Total selling and administrative expense
RESIN
Land
Building and equipment
Less: Accummulated depreciation
Total assets
Liabilities & Stockholders' Equity
Accounts payable
Common Stock
4. Cash
Retained earnings
Cash Budget
Total liabilities & Stockholders' Equity
$0
$0
$0
Williams Company
First Quarter
January
February
6. Budgeted Income Statement
March
Beginning cash balance
Add: Receipts
Cash sales to customers
Budgeted Income Statement
Cash collected from accounts receivable
Williams Company
Total available cash
First Quarter
Less: Disursements
Raw materials cash purchases
January
February
March
Quarter 1
Sales
Raw materials accounts payable purchases
Cost of goods sold (units sold*unit cost)
Gross profit
Direct labor
Factory overhead
Selling and administrative expense
Selling and administration expenses
Income from operations
Interest expense
Income tax expense
Income before income taxes
Total disbursements
Income tax expense
Excess (deficiency) of available cash
$
- $
Net income
$0
$0
$0
$0
over cash disbursements
Notes: 1. 1400 finished PVC in inventory 12/31
balance sheet value of $64,400. Unit
cost for these units $64,400/1400=$46.
2. COGS in January calculated 1400*$46
plus (7000-1400)*$46.4
expand button
Transcribed Image Text:3. Selling 5. Budgeted Balance Sheet Selling and Administrative Expense Budget Williams Company First Quarter Budgeted Balance Sheet Williams Company First Quarter End of January End of Febraury End of March Quarter 1 January February March Quarter 1 Assets Variable expenses Cash Accounts receivable Sales Finished goods inventory Raw materials inventory Selling and adminstrative expense percentage RAW PVC Total variable selling and administrative expense Fixed expenses Fixed selling and administrative expense Total selling and administrative expense RESIN Land Building and equipment Less: Accummulated depreciation Total assets Liabilities & Stockholders' Equity Accounts payable Common Stock 4. Cash Retained earnings Cash Budget Total liabilities & Stockholders' Equity $0 $0 $0 Williams Company First Quarter January February 6. Budgeted Income Statement March Beginning cash balance Add: Receipts Cash sales to customers Budgeted Income Statement Cash collected from accounts receivable Williams Company Total available cash First Quarter Less: Disursements Raw materials cash purchases January February March Quarter 1 Sales Raw materials accounts payable purchases Cost of goods sold (units sold*unit cost) Gross profit Direct labor Factory overhead Selling and administrative expense Selling and administration expenses Income from operations Interest expense Income tax expense Income before income taxes Total disbursements Income tax expense Excess (deficiency) of available cash $ - $ Net income $0 $0 $0 $0 over cash disbursements Notes: 1. 1400 finished PVC in inventory 12/31 balance sheet value of $64,400. Unit cost for these units $64,400/1400=$46. 2. COGS in January calculated 1400*$46 plus (7000-1400)*$46.4
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education