With the given data, prepare your Finance Budget, showing either a surplus or deficits. Also, compute your savings at the end of December.
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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.
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Solved in 4 steps
- Part A: Use a spreadsheet to prepare a monthly personal budget to show the available surplus based on the following data. ➤ Monthly salary is QAR 14,600. ➤ Monthly rental expense is QAR 6,650. 19tn3. onidiol ➤ Food expenses are QAR 250 per week. ➤ Electricity is estimated to be QAR 50 per month. ➤ Ooredoo unlimited usage telephone plan is QAR 320 per month. Entertainment is estimated to be QAR 500 per week. ➤Clothing expenses are estimated to be QAR 5,000 per year. Fuel QAR 50 per week. ➤Insurance QAR 2,460 per year. ➤ Vehicle maintenance QAR 2,000 per year. ➤You decide that you must leave a budgeted surplus of QAR 1,000 per month to cover unexpected expenses.Given the information below, what are the Assistant Project Manager's total wages and allowances? . . . . . . Assistant Project Manager Makes $65,000 per year Gets a $2000 Christmas bonus Gets $500/mo truck allowance Medicare tax is 1.45% of entire wage Social Security tax is 6.2% of first $128,700 of wages No SUTA . . .. . . (FUTA) Company can take the full 5.4% credit against the FUTA liability Company's compensation insurance rate is $2.04 per $100 in wages Company's general liability insurance rate for office personnel is 0.70% of wages Company pays $150/month to health insurance with $250 deducted from . 4 employee's paycheck Company matches employee's contributions to a 401(k) plan at a rate of $0.50 per $1.00 contributed by the employee on the first 6% of employees' wages (including allowances) 50% match up to 6% of wages for 401(k) plan O $68,000 $73,000 $70,000 $65,000income." Course Activity: Creating a Budget Part A Use this information to organize estimated household expenses by monthly amounts. • rent: $13,800 annually utilities: $5,400 annually ● cell phone: $534 semiannually internet: $204 semiannually • car loan: $2,274 semiannually insurance: $720 quarterly groceries: $4,332 annually • gym membership: $288 annually ● entertainment: $420 annually B I U X² X₂ ● ● ● Expense rent payment utilities cell phone internet car loan insurance Jan 10pt Feb Mar Apr M May Jun Jul Aug Sep Oct 7 of 8 ES Nov Apr 19 Dec 5:49 Save & Exit
- 1. WHAT IS THE 'SUNSHINE LIST'? Describe. 2. NAME 3 EXAMPLES OF INDIVIDUALS INCLUDED WITHIN ONTARIO SUNSHINE LIST 2022? INCLUDE JOB DESCRIPTION + NAME 3. WHAT ARE 2 EXAMPLES OF VARIABLE EXPENSES? Hint-Expenses that can change from month to month? 4. IN ONTARIO AS OF APRIL 1, 2023, WHAT IS CURRENTLY STUDENT MINIMUM WAGE PAY $? 5. WHAT IS A BUDGET? 6. PROVIDE 2 EXAMPLES OF DETAILS TO INCLUDE WITHIN A MONTHLY BUDGET (HINT-BILLS $ LIFE AFTER HIGH SCHOOL) REVENUE/ INCOME EXPENSES 7. SAM IS A STUDENT. HE HAS A PART-TIME JOB AT TIM HORTON'S. HE WORKS 12 HOURS A WEEK. HOW MUCH IS HIS GROSS PAY/GROSS INCOME? _X_ 8. WHAT ARE 3 EXAMPLES OF DEDUCTIONS FROM HIS PAYSTUB? /3Problem 8: Oliver is just starting his last year of high school. He has take-home pay of $275 bi-weekly from a part-time job. He lives at home and pays $30 per week for room and board. His other expenses are: • $30 per month for a cell phone • $25 per week for entertainment $70 bi-weekly for miscellaneous items Create a monthly budget for Oliver using the spreadsheet template. How much money can he save each month?Budgeting for a Service Firm Refer to the AccuTax Inc. example in the chapter. One of thepartners is planning to retire at the end of the year. May Higgins, the sole remaining partner, plansto add a manager at an annual salary of $90,000. She expects the manager to work, on average, 45hours a week for 45 weeks per year. She plans to change the required staff time for each hour spentto complete a tax return to the following:Business ReturnComplex IndividualReturnSimple IndividualReturnPartner 0.3 hour 0.05 hour —Manager 0.2 hour 0.15 hour —Senior consultant 0.5 hour 0.40 hour 0.2 hourConsultant — 0.40 hour 0.8 hourThe manager is salaried and earns no overtime pay. Senior consultants are salaried but receivetime and a half for any overtime worked. The firm plans to keep all the senior consultants and adjustthe number of consultants as needed including employing part-time consultants, who also are paidon an hourly basis. Higgins has also decided to have five supporting staff at $40,000…
- Jason Wood earns $800 per week for a five-day week, and he is entitled to 12 paid holidays and four weeks of paid vacation. Over how many weeks should the holiday pay and vacation pay be expensed? Principles of Cost Accounting, Chapter 3, 17e1.A paving company has 24 employees, 15 with gross earnings of $365 per week and nine with gross earnings of $395 per week. What is the total social security and Medicare tax (in $) the company must send to the Internal Revenue Service for the first quarter of the year? $ ______ 2.National Storage employs 88 workers with a gross monthly payroll of $131,000. Fringe benefits are 8.2% of payroll for a profit sharing plan and $9.23 per employee for life insurance. What percent of payroll is the total cost of fringe benefits? Round your answer to the nearest tenth of a percent. _____ %Engineering Economics An employee was promised by his boss that he will have a salary of P300,000 on his first month and will be increased by 31.6% on the succeeding months. What will be his total salary for one year if interest is 24% compounded annually.
- Given the information below, answer questions 1-3. • Assume you are working on budgeting for the room department of your hotel. • Assume the hotel’s ‘Room Revenue (Sales)’ was $1,640,000 during 2019. Based on the lodging forecast report, you expect the ‘Room Revenue (Sales)’ to increase by 3.7% next year. • Assume the ‘Guest Supplies’ expenses (variable costs) from the room department was $246,000 during 2019. For 2020, this variable cost will remain at the same percentage of the Room Revenue (Sales) as experienced in 2019. • Assume the ‘Salaries’ expenses (fixed costs) from the room department was $280,000 during 2019. For 2020, this fixed cost will increase by 2% due to the expected increase in living expenses in this area. 1. What will be the budgeted ‘Room Revenue (Sales)’ for 2020 ($)? Note: The Answer field only accepts numbers. Thus, do not include $ or commas when you type your answer. Type your answer as a whole number (e.g., 200000).Direction: Solve the following problems and show your complete solution. 1. Aina, who works in an accounting firm, earns a monthly salary of P35,000 per month and also receives P3,500 for a monthly allowance. Her monthly contributions are as follows: P1,466 for income tax, P300 for PhilHealth, P800 for SSS, and P100 for Pag-IBIG. Find her gross and net income for this month. salary of basic salary of P3 2. Cathy, a police officer, gets a basic P39,000 a month, monthly allowance of P2,000 and a hazard pay of P2,500. Find her annual gross income.Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022, Phoenix expects to find renters for 100 apartments with an average first month's rent of $1,020. Budgeted cost data per tenant application for 2022 follow: ⚫ Professional labor: 1.5 hours at $20.00 per hour ⚫ Credit checks: $66.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $4,600 per month. On average, Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270. Phoenix paid $8,400 for 380 hours of professional labor. Credit checks went up to $71 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $5,200. The average first monthly rentals for August 2022 were $1,120 per apartment unit for 90 units. Required: 1. (a) What is the master budget variance for August 2022?…