Omicron Inc. Capital Expenditures Budget r the Four Years Ending December 31, 20Y6-20Y9 20Y7 20Y6 20Y8 LA 20Y9
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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.
Introduction:-
Capital expenditures used by organization to acquire and maintain relating to fixed assets. which are expected to use more than one year.
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- The General Fund for Nisland has the following budget for the current year: Estimated Revenues$4,500,000 Appropriations$5,200,000 Estimated other financing sources$800,000 Estimated other financing uses$75,000 During the year, the actual results were: Revenues$4,300,000 Expenditures$5,150,000 Other financing sources$850,000 Other financing uses$70,000 Required: Prepare the Closing Entries for Nisland. Does it need a record for budgetary / encumbrances first and then the actual cost? DO NOT GIVE SOLUTION IN IMAGE FORMATQuestion 38 Most budgets are prepared on a cash or modified cash basis. T F Question 39 When Spruce City receives goods at a cost of $9,700 that were encumbered in the prior year for $10,000, which of the following entries are required (assume that encumbrances lapse at year end)? a. Debit Expenditures $9,700; Credit Vouchers Payable $9,700; no entry for Encumbrances. b. Debit Expenditures $9,700 and Reserve for Encumbrances $10,000; Credit Vouchers Payable $9,700 and Encumbrances $10,000. c. Debit Expenditures $10,000 and Reserve for Encumbrances $10,000; Credit Vouchers Payable $10,000 and Encumbrances $10,000. d. Debit Reserve for Encumbrances $10,000; Credit Encumbrances $10,000; no entry for Expenditures. Question 40 To close Reserve for Encumbrances at the end of the year which of the following entries should be made? a. Debit Reserve for Encumbrances; Credit Fund Balance. b. Debit Reserve for Encumbrances; Credit Encumbrances. c. Debit Fund Balance; Credit Reserve for…Bramble Corp. reported the following information for 2022: Budgeted purchases October November December $260000 $296000 $318000 • Operating expenses are: Salaries, $110000; Depreciation, $30000; Rent, $20000; Utilities, $28000 • Operating expenses are paid during the month incurred. • Accounts payable is used only for inventory acquisitions. What are budgeted cash disbursements for operating expenses in November? $158000 $454000 $149000 O $188000
- Knowledge Check 01 For the budget period ending December 31 of the current year, Aaron Corporation estimates its ending balances for cash as $4,000, accounts receivable as $16,000, finished goods Inventory as $12,000, and raw materials Inventory as $8,000. Invoices relating to raw materials in the amount of $14,000 are expected to be unpaid as of December 31. What is the amount of total current assets that will be reported on the budgeted balance sheet? O $20,000 O $26.000 O $32,000 O $40,00011. Calculating the Cash Budget Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019. LO 3 April May June $598,000 282,000 $689,000 $751,000 Credit sales 302,000 338,000 Credit purchases Cash disbursements 137,000 129,000 179,000 Wages, taxes, and expenses 15,600 15,600 15,600 Interest 53,500 6,600 248,000 Equipment purchases The company predicts that 5 percent of its credit sales will never be collected 35 percent of its sales will be collected in the month of the sale, and the re- maining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $561,000. Using this information, com- plete the following cash budget: April May June $182,000 Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements Purchases 289,000 Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements…E 20-9 Preparation of fund balance sheet A general ledger trial balance at June 30, 2013, for Millar City is as follows: Debits Credits Cash $12,000 — Taxes receivable 30,000 — Allowance for uncollectible taxes — $2,000 Due from other funds 3,000 — Supplies inventory, June 30, 2013 4,000 — Estimated revenues 300,000 — Expenditures 290,000 — Expenditures—prior year 5,000 — Encumbrances 6,000 — Vouchers payable — 13,000 Due to other funds — 5,000 Reserve for encumbrances — 6,000 Reserve for encumbrances—prior year — 5,000 Fund balance—nonspendable — 4,000 Fund balance—unassigned — 10,000 Appropriations — 300,000 Revenues — 305,000 $650,000 $650,000…
- The City of Bedford Falls debt service fund budgeted $150,000 (2 payments of $75,000) for interest and an annual principal payment of $500,000. Funding will be transferred from the general fund at the time payments are to be made. Interest payments will be December 15 and June 15. Principal will be paid on June 15. Journalize the budget for July 1 Journal any necessary December 15 entry(ies) What is the amount of accrued interest to be recorded in the Debt Service Fund at June 30?Problem 13-58 (Algo) Budgeted Purchases and Cash Flows (LO 13-4, 5, 6) Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $12,000, accounts receivable of $859,000, inventories of $112,815, and accounts payable of $36,052. The budget is to be based on the following assumptions. Each month’s sales are billed on the last day of the month. Customers are allowed a 2 percent discount if payment is made within 10 days after the billing date. Receivables are recorded in the accounts at their gross amounts (not net of discounts). The billings are collected as follows: 65 percent within the discount period, 20 percent by the end of the month, and 12 percent by the end of the following month. Three percent is uncollectible. Purchase data are as follows. Of all purchases of merchandise and selling, general, and administrative expenses, 58 percent is paid in the month purchased and the…Graded HW i Fixed Budget For Year Ended December 31 $ Sales 3,171,000 Costs Direct materials 996,600 Direct labor 226,500 Sales staff commissions 60,400 Depreciation-Machinery 295,000 Supervisory salaries 203,000 Shipping 226,500 Sales staff salaries (fixed annual 250,000 amount) Administrative salaries 556,450 Depreciation-Office equipment 198,000 Income $ 158,550 Saved Required: 1&2. Prepare flexible budgets at sales volumes of 14,100 and 16,100 units. 3. The company's business conditions are improving. One possible result is a sales volume of 18,100 units. Prepare a simple budgeted income statement if 18,100 units are sold. Complete this question by entering your answers in the tabs below. Req 1 Req 3 and 2 Prepare flexible budgets at sales volumes of 14,100 and 16,100 units. Sales Variable costs Direct materials Direct labor Sales staff commissions Shipping Total variable costs Contribution margin Fixed costs PHOENIX COMPANY Flexible Budgets For Year Ended December 31 Flexible…
- vnt.23Month ($) Wages ($) From the following information, prepare a monthly cash budget for the three months ending 31st December 2019. Sales ($) Materials Other Expenses ($) Jun. (A) 3,000 1,800 650 385 Jul. (A) 3,250 2,000 750 385 Aug. (A) 3,500 2,400 750 425 Sep.(A) 3,750 2,250 .750 475 Oct. (E) 4,000 2,300 800 500 Nov. (E) 4,250 2,500 900 550 Dec. (E) 4,500 2,600 1,000 575 (A) Actual; (E) - Estimated. = The credit terms are as follows: • Sales -10% of sales are in cash. On average, 50% of credit sales are paid in the next month, while the other 50% are paid two months after the sale. • Creditors for material are paid 2 months after purchase. • Wages and other expenses are paid the same month. The cash and bank balance on 1st October is expected to be $1,500. Other information is given as follows: • Plant and machinery are to be installed in August at a cost of $24,000. This sum will be paid in monthly installments of $500 each from 1st October. • Dividends from investments amounting to…Denison Specialty Hospital Operating Budget For Year Ending Last Day of Next Year Revenues Net Patient Revenue $7,980,000 Gift Shop Revenue 120,000 Endowment Income 50,000 Total Budgeted Revenue $8,150,000 Expenses Salaries $6,900,000 Supplies 540,000 Bad Debts 380,000 Rent 300,000 Depreciation Expense 100,000 Interest Expense (122,647) Total Budgeted Expense 8,097,353 Budgeted Excess of Revenues over Expenses $52,647