Required: Prepare a new report for June using the flexible budget approach.
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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.
Perfect Parties, Inc. has several divisions, one of which provides birthday parties at their facility, and has provided the actual and planning budget results for the month of June. The Controller has asked you prepare the Birthday Party Division Budget Performance Report.
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- Bickel Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of November: Bickel Corporation - Comparison of Actual Results to Planning Budget For the Month Ended November 30 Customers served Revenue ($3.504) Expenses: Mages and salaries ($24,200 $1.324) Supplies ($0.729) Insurance ($6,100) Miscellaneous expense (55,100 50.410) Total expense Net operating income Actual Results 43,000 $150,300 80,960 28,840 6,100 20,920 136,820 $ 11,400 Planning Budget 42,000 $147,000 79,640 30,240 6,100 22,320 138,300 $1,700 Variances $3,300 F 1,320 U 1,400 F 0 None 1,400 F 1,480 F $4,780 F Required: Prepare the company's Comprehensive Performance Report for November. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance), Input all amounts as positive values.)Oriole Enterprises reports all its sales on credit, and pays operating costs in the month incurred. Estimated amounts for the months of June through October are: August September October July $272800 $290400 $264000 $246400 $228800 $79200 June Budgeted sales Budgeted purchases $126720 $105600 $112640 O $279840. O $256080. O $158400. O. $274560. $116160 Customer amounts on account are collected 60% in the month of sale and 40% in the following month. Cost of goods sold is 45% of sales. Oriole purchases and pays for merchandise 30% in the month of acquisition and 70% in the following month. How much cash is budgeted to be received during August?Budget Performance Report for a Cost CenterThe Eastern District of Adelson Inc. is organized as a cost center. The budget for the Eastern District of Adelson Inc. for themonth ended December 31 is as follows:Sales salaries $819,840System administration salaries 448,152Customer service salaries 152,600Billing salaries 98,760Maintenance 271,104Depreciation of plant and equipment 92,232Insurance and property taxes 41,280Total $1,923,968During December, the costs incurred in the Eastern District were as follows:Sales salaries $818,880System administration salaries 447,720Customer service salaries 183,120Billing salaries 98,100Maintenance 273,000Depreciation of plant and equipment 92,232Insurance and property taxes 41,400Total $1,954,452Required:1. Prepare a budget performance report for the manager of the Eastern District of Adelson for the month of December.Enter all amounts as positive numbers. If an amount box does not require an entry, leave it blank, or enter zero "0".
- Perfect Parties, Incorporated has several divisions. One division provides birthday parties at their facility. Each party sold provides entertainment, decorations, food, and party favors for 10 children. The bookkeeper has prepared a report comparing actual results for the month of June to budgeted results. Perfect Parties Birthday Party Division Analysis of Revenues and Costs For the Month Ended June 30 Planning Budget Actual Results Variances Number of parties 80 92 Revenue $36,000 $39,560 $3,560 F Expenses: Food costs 7,200 8,648 1,448 U Party supplies 3,200 3,404 204 U Party worker wages 6,400 7,728 1,328 U Administrative salaries 3,700 3,500 200 F Equipment depreciation 1,200 1,200 0 None Rent 5,000 5,000 0 None Total expense 26,700 29,480 2,780 U Net operating income $9,300 $10,080 $780 F Food costs, party supplies, and party worker wages are variable costs. Administrative salaries,…Bickel Corporation uses customers served as its measure of activity. The following report compares the planning budget to the actual operating results for the month of November: Customers served Revenue ($3.60g) Expenses: Wages and salaries ($25,600+ $1.20g) Supplies ($0.50g) Insurance ($ 7,400) Miscellaneous expense ($6,200 + $0.40g) Total expense Net operating income. Customers served Revenue Expenses: Bickel Corporation Comparison of Actual Results to Planning Budget For the Month Ended November 30 Wages and salaries Supplies Insurance Miscellaneous expense Total expense Required: Prepare the company's flexible budget performance report for November. Label each variance as favorable (F) or unfavorable (U). (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Bickel Corporation Flexible Budget Performance Report For the Month Ended November 30 Actual Results…owa Imaging Center provided the financial information in Exhibit 5.15 below. Prepare a cash budget for the quarter ending March 20X1. For Blackboard you will enter your ENDING cash balance for the months of January 20X1, February 20X1, March 20X1, and the Quarter ending March 20X1. I want you to submit your work for this problem by email so I can review the entire document. Exhibit 5-15 Iowa Imaging Center Givens Revenues and Expenses Patient Revenues, 20X0 Estimated Patient Revenues, 20X1 Given 1 October $4,000,000 Given 2 January $4,300,000 November $4,200,000 February $4,350,000 December $4,300,000 March $4,400,000 Other Revenues, 20X1 Estimated Cash Outflows, 20X1a Given 3 January $90,000 Given 4 January $4,250,000…
- Middler Corporation, a manufacturer of electronics and communications systems, uses a service department charge system to charge profit centers with Computing and Communications Services (CCS) service department costs. The following table identifies an abbreviated list of service categories and activity bases used by the CCS department. The table also includes some assumed cost and activity base quantity information for each service for October. CCS ServiceCategory Activity Base Budgeted Cost Budgeted ActivityBase Quantity Help desk Number of calls $160,000 3,200 Network center Number of devices monitored 735,000 9,800 Electronic mail Number of user accounts 100,000 10,000 Handheld Technology support Number of handheld devices issued 124,600 8,900 One of the profit centers for Middler Corporation is the Communication Systems (COMM) sector. Assume the following information for the COMM sector: The sector has 5,200 employees, of whom 25% are office…Budget Performance Report for a Cost Center Funderburk Tech Inc. sells electronics over the Internet. The Consumer Products Division is organized as a cost center. The budget for the Consumer Products Division for the month ended January 31 is as follows: Customer service salaries $628,870 Insurance and property taxes 131,860 Distribution salaries 1,003,190 Marketing salaries 1,182,630 Engineer salaries 962,380 Warehouse wages 674,030 Equipment depreciation 211,360 Total $4,794,320 During January, the costs incurred in the Consumer Products Division were as follows: Customer service salaries $692,700 Insurance and property taxes 126,780 Distribution salaries 990,380 Marketing salaries 1,248,010 Engineer salaries 943,010 Warehouse wages 647,030 Equipment depreciation 211,150 Total $4,859,060 Required: 1. Prepare a budget performance report for the director of the Consumer Products Division for the month of January. If an…Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1 Quarter 2 Sales $248,470 $251,539 Direct material purchases 120,295 128,832 Direct labor 76,553 74,289 Manufacturing overhead 26,000 24,400 Selling and administration expenses 33,500 33,500 Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers 230,524 220,116 Cash payments for purchases 114,345 118,346 Additional data: Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. i) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.
- Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1 Quarter 2 Sales $248,470 $251,539 Direct material purchases 120,295 128,832 Direct labor 76,553 74,289 Manufacturing overhead 26,000 24,400 Selling and administration expenses 33,500 33,500 Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers 230,524 220,116 Cash payments for purchases 114,345 118,346 Additional data: Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s…Grohs Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one day is counted as one tenant-day. During December, the kennel budgeted for 2,500 tenant-days, but its actual level of activity was 2,530 tenant-days. The kennel has provided the following data concerning the formulas to be used in its budgeting: Fixed Element per Month Variable element per tenant-day Revenue $ 0 $33.00 Wages and salaries $ 3,800 $ 7.90 Food and supplies 1,000 11.60 Facility expenses 8,600 2.20 Administrative expenses 6,200 0.20 Total expenses $19,600 $21.90 The net operating income in the planning budget for December would be closest to: Multiple Choice A. $8,150 B. $11,914 C. $8,483 D. $11,633Use the following information for Questions 16 & 17 Ibsen Clinic uses client-visits as its measure of activity. During December, the clinic budgeted for 3,300 client-visits, but its actual level of activity was 3,340 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for December: Data used in budgeting: Revenue Personnel expenses Medical supplies Occupancy expenses Administrative expenses Total expenses Actual results for December: Revenue Personnel expenses Medical supplies 16. $ 134,170 $ 80,776 $ 17,302 Occupancy expenses $ 15,754 Administrative expenses$ 8,296 17. C. d. Fixed element per month a. b. $0 $ 32,400 $76,620 $77,156 $79,809 $80,776 C. d. 1,500 9,100 6,700 $ 49,700 The personnel expenses in the flexible budget for December would be closest to: a. b. Variable element per client-visit $ 40.00 $13.40 4.80 2.10 0.40 $ 20.70 The net operating income in the flexible budget for December would be closest…