6 7 8 9 10 01 11 12 13 14 15 16 17 Sales Sales use the sales from sales budget in week 3. Cost of Goods sold use the rate of $41.50125 per unit from the sales budge from week 3. SG&A expenses are from the SG&A budget from week 4 total SGA. 18 Cost of Goods Sold 19 Gross Profit 20 SG&A Expenses 21 Operating Profit 22 Interest Expense 23 Taxable Income 24 Income Tax 25 Net Income A 26 27 28 29 30 31 Husky Co. Budgeted Income Statement by Quarter For the Year Ended Dec 31, 2021 QI $420,000 -290,509 $129,491 ($108,200) $21,291 SO D $21,291 ($6,387) $14,904 E ($720) Q2 Q3 Q4 $480,000 $720,000 $960,000 -332,010 $110,800 $121,200 $131,600 ($10,020) ($18,030) F Annual $2,580,000 $323,645
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- Q. Prepare a revenues budget for the year, assuming that Ever Clean charges customers $0.60 per square foot.Sales Revenue Cost of Goods Sold Income from Operations Selling and Administrative Expenses Budgeted Income Statement For the Year Ending December 31, 2022 Income from Operations Interest Expense Income before Income Taxes Interest Expense Not Income (Loss) $ 326,400 (166,380) i 160,020 88,500 i 71,520 (4,130 67,390 (13,478 53912Regina Soap Co.. Budgeted Income Statement For the Year Ending December 31, 2021 Sales Cost of goods sold: Direct materials Direct labor Factory overhead Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions Advertising Miscellaneous selling expenses Total selling expenses Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense Net income Question 2 Regina Soap Co. Budgeted Balance Sheet December 31, 2021 ASSETS Current assets: Cash Accounts receivable Inventories: Finished goods Work in process Materials Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Less accumulated depreciation Total assets LIABILITIES Current liabilities: Accounts payable STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders'…
- Customers balance December 31, 2023 om customers e balance, March 31, 2024: cted in 2nd Ot 2024 Data table Total sales Budgeted purchases of direct matenal Budgeted direct labor cost Budgeted manufacturing overhead costs Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance experese Depreciation experie Supples expense Print Done 208.000 40,900 37,500 1,100 1.200 6,700 4,000 1,000 1,400 6.2407.3 Shown below are the totals from 2018 period budgets. Revenue budget Materials usage from production budget Labor cost budget Manufacturing overhead budget General and administrative budget Capital expenditure budget P100,000 15,000 20,000 20,000 30,000 20,000 32 How Work-in-Progress Inventories: Beginning of 2018 End of 2018 ndilet b rsM x) 1E valM 10,000 lsa 5,000 PLS Finished Goods Iventory: Beginning of 2018 End of 2018 Pla 15,000 10,000 Tax Rate 40% hen dees20 oldibsllonU Instructions: nongt od Prepare a forecasted Income Statement for the year. bas sldigilgonDear Bartleby, can you please help with "calculations for cost of goods sold/operating expenses occured in the following problem, for March, April, May and June, thank you. Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April May June Sales $ 112,000 $ 136,000 $ 152,000 Cost of goods sold* 76,800 91,200 100,800 Gross profit $ 35,200 $ 44,800 $ 51,200 Operating expenses† 17,600 20,000 21,600 Operating income $ 17,600 $ 24,800 $ 29,600 *Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead).†Includes all period costs (i.e., selling, general, and administrative expenses).The company expects about 40% of sales to be cash transactions. Of sales on account, 65% are expected to be collected in the first month after the sale is made, and 35% are expected to be collected in the second month after sale. Depreciation,…
- erial Accounting || fall20 courses / ACCT2121_yasserg_fall20/ Final Exam_Fall2020/ Part One Which of the following statements is false? Select one: O a. In the merchandise purchases budget, the required purchases (in units) for a period is equal to the budgeted sales (in units) plus the beginning merchandise inventory (in units) minus the desired ending merchandise inventory (in units). Ob. A self-imposed budget is a budgeting process wherein person with responsibility for cost control prepares bis or her own budget estimates and submits them to the next higher level of management. Oc. The amount of raw materials to be purchased in a period can be determined by adding the desired ending inventory for raw materials to the production needs and then deducting the beginning inventory for raw materials. O d. The number of units to be produced in a period can be determined by adding the expected sales (in units) to the desired ending inventory (in units) and then deducting the beginning…Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances 22000 Sales Discounts 9000 Sales Revenue 281000 Cost of Goods Sold 157000 The gross profit rate would be 49.3%. 37.2%. 43.1%. 55.2%.EX.22-06 Sales and Production Budgets Sonic Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and (b) a production budget. Estimated inventory (units), June 1 Desired inventory (units), June 30 Expected sales volume (units): East Region West Region Unit sales price Rumble 262 301 2,700 5,900 $140 Thunder 66 57 2,400 5,150 $205
- Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling_and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses October 46,000 23,000 20,000 24,000 28,500 2,900 144,400 ? 23,100 20,000 ? 3,000 ? November December 46,500 47,000 23,500 23,300 20,000 20,000 24,000 24,000 28,500 28,500 3,100 3,300 145,600 146,100 46,500 ? 20,000 ? ? ? ? ? 20,000 24,000 ? ? What is the total amount of Selling and Administrative expenses for the fourth quarter that the company will report on its pro forma income statement?Carmen Company sells jar candles. The sales forecast (units) for the coming months is: April 210 May 140 June 150 July 200 August 160 Each candle costs $ 10. The ending inventory policy is 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $2,460. Required: a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign.a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign. b. Prepare a cash payments budget for the quarter ending June 30.Prepare a cost of goods sold budget for the Crest Hills Manufacturing Co. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 854,000; beginning inventory of direct materials, 31,000; and ending inventory of direct materials, 26,000. Totals from other budgets included: