Item REVENUES Ticket sales Concessions Tuition fees Donations Corporate underwriters Gala ticket, silent auction revenue Interest Participation fees TOTAL REVENUES EXPENDITURES Artistic Director Rent Utilities Advertising Facilities/maintenance Supplies Royalty fees Production expenses Box Office Concessions Fundraising Capital purchases Bank/charge expenses Class instruction payment to Artistic Director Class expenses Reduce debt TOTAL EXPENDITURES Budgeted 2001 $36,000 $8,500 $6,750 $22,000 $12,000 $6,000 $50 $1,700 $93,000 $26,000 $14,000 $6,500 $3,000 $1,200 $1,200 $10,200 $12,000 $850 $4,000 $3,000 $4,000 $300 $5,500 $1,250 $0 $93,000 Actual 2001 $32,400 $6,480 $0 $29,000 $6,000 $2,900 $20 $1,500 $78,300 $26,000 $14,000 $7,400 $3,800 $3,500 $1,400 $8,600 $7,000 $300 $3,500 $2,000 $1,600 $100 $0 $0 $0 $79,200 Proposed 2002 $33,100 $7,000 $0 $30,500 $8,000 $3,000 $0 $1,500 $83,100 $26,000 $14,000 $8,000 $4,000 $4,000 $1,600 $9,000 $8,000 $300 $3,500 $2,100 $0 $100 $0 $0 $2,500 $83,100

Item REVENUES Ticket sales Concessions Tuition fees Donations Corporate underwriters Gala ticket, silent auction revenue Interest Participation fees TOTAL REVENUES EXPENDITURES Artistic Director Rent Utilities Advertising Facilities/maintenance Supplies Royalty fees Production expenses Box Office Concessions Fundraising Capital purchases Bank/charge expenses Class instruction payment to Artistic Director Class expenses Reduce debt TOTAL EXPENDITURES Budgeted 2001 $36,000 $8,500 $6,750 $22,000 $12,000 $6,000 $50 $1,700 $93,000 $26,000 $14,000 $6,500 $3,000 $1,200 $1,200 $10,200 $12,000 $850 $4,000 $3,000 $4,000 $300 $5,500 $1,250 $0 $93,000 Actual 2001 $32,400 $6,480 $0 $29,000 $6,000 $2,900 $20 $1,500 $78,300 $26,000 $14,000 $7,400 $3,800 $3,500 $1,400 $8,600 $7,000 $300 $3,500 $2,000 $1,600 $100 $0 $0 $0 $79,200 Proposed 2002 $33,100 $7,000 $0 $30,500 $8,000 $3,000 $0 $1,500 $83,100 $26,000 $14,000 $8,000 $4,000 $4,000 $1,600 $9,000 $8,000 $300 $3,500 $2,100 $0 $100 $0 $0 $2,500 $83,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following accounts are most likely to be used in a journal entry to record the budget? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Revenues b Expenditures C Appropriations d Fund Balance
According to institute of Cost and Management Accountants (ICMA) a budget is a plan, quantified in monitory terms showing the income to be the generated, the costs to be incurred and the resources to be utilized for the defined period of time. Required: Explain the following terms connected with a budget (i) The budget period (ii)The budget Manual (iii)The budget committee
Which of the following accounts would appear on a budgeted balance sheet? Multiple Cholce All of the choices are correct. Income tax expense. Accounts receivable. Sales commissions. Depreciation expense.
If you need tor revise your budget,there are certain expenses you should look at first.Order the below categories of expenses into the correct order you would address them when revising a budget.
Provide a letter of advice:• discuss the key results of the income statement and cash budget• make one suggestion on how the client could improve the financial success of the cost management strategy• identify and discuss one non-financial factor that might affect the client’s decision to proceed with the chosen proposal• clearly state whether the client should proceed with the chosen proposal and why
Please help me answer the 4 questions at least 3-5 sentences only.
Matching Following are a number of key terms and concepts introduced in the chapter, along with a list of corresponding definitions. Match the appropriate letter for the key term or concept to each definition provided (items 1–12). Note that not all key terms and concepts will be used. Answers are provided at the end of this chapter.a. Budgetingb. Top-down budgetingc. Participative budgetingd. Zero-based budgetinge. Single-period budgetf. Rolling (or continuous) budgetg. Operating budgeth. Budget slack (or budget padding)i. Cash budgetj. Committed costk. Discretionary costl. Standard costm. Ideal (or engineered) standardn. Attainable standardo. Past experience standardp. Predetermined overhead application rate____ 1. A budgeting process that involves justifying resource requirements based on an analysis and prioritization of unit objectives without reference to prior period budget allowances.____ 2. A budgeting approach that implies little or no input from lower levels of…
A manufacturing company has prepared the operating budget and the cash budget and is now preparing the budgeted balance sheet. While doing so, the Cash balance can be taken from the OA budgeted income statement OB operational budget OC. sales budget OD. cash budget
Describe the 5 types of budgets listed for these Wk 3 Financial Exercises: Problem Set 2, Part 1. In your descriptions, include the budget's objective, how the budget assists an organization in managing its financial activities, and what types of data need to be included in that specific budget. Type of Budget Cash Flow Operating Sales Static Financial Description Insert cash flow description. Insert operating description. Insert sales description. Insert static description. Insert financial description.
The objectives of budgeting are to:a. Establish specific goals for future operations b. Execute plans to achieve the goalsc. Measure performance by periodic comparison of actual with budgeted results d. All of the above
Ac. Please answer fast
The first step in preparing the sales budget is toa. prepare a sales forecast.b. review the production budget carefully.c. assess the desired ending inventory of finished goods.d. talk with past customers.e. increase sales beyond the forecast level.