Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Managerial accounting master budget project

22/12/2020 Client: saad24vbs Deadline: 7 Days

ACC 203 – Excel Project – Master Budget


NOTE: The Excel assignment below is intended to be an INDIVIDUAL assignment; therefore, do NOT work with your peers or others as it may give you an unfair advantage over students who complete it on their own. It is an academic integrity violation if you do not do this assignment on your own. If you need help, ask me! I’m happy to help! =-)


Pay attention to not only the data necessary to complete the problem, but also the hints I inserted to help you along the way. This is a time-consuming problem, so do not start it last minute.


Further note that your grade will not only be computed based on your answers, but will also include a component for following the directions I list below for utilizing Excel appropriately (e.g., using formulas, references where appropriate, etc.).


LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The following contains detail on LBL’s operations necessary for their master budget:


· Sales Information:


· Actual / Projected Sales are as follows:


· December (Prior Year; Actual): $70,000


· January (Estimated): $80,000


· February (Estimated): $92,000


· March (Estimated): $99,000


· April (Estimated): $97,000


· May (Estimated): $85,000


· Units are sold at $10 each


· Sales in a month are paid in cash for 30% and on credit for the remainder with credit collection occurring in the month following the sale.


HINT: To help you with several budgets, you will need sales in UNITS (not total dollars as listed above). You can calculate the number of sales units by taking the total sales / sales price per unit.


· Partial balance sheet as of 12/31 of the prior year:


· Cash $4,500


· A/R, net $49,000


· Inventory $15,600


· PP&E $120,000


· A/P $42,400


· Capital Stock $125,500


· Retained Earnings $23,000


HINT: You may not need all this information.


· LBL plans to produce enough units for sales expected in the period as well as have a cushion in ending finished goods inventory of 25% of the following month’s sales units expected.


· Direct Materials:


· Two square feet of materials are needed to create each unit.


· When LBL purchases raw materials, they pay 20% in the month of purchase and the rest the following month. The cost is $2.00 per square foot of material.


· Management wants ending inventory to be equal to 15% of next month’s production needs.


HINT: Direct materials are the only thing that LBL pays for, in part, in the following month. All other expenses are paid for in the month they occur. Therefore, the balance for A/P is for raw materials.


· Direct Labor:


· There is little DL necessary at LBL with only 0.01 direct labor hours needed per unit.


· Labor costs are paid in the month incurred at a rate of $11 per hour.


· Other Manufacturing Costs:


· Variable overhead costs $1.20 per unit.


· LBL pays plant rent at a steady rate of $5,000 per month and $3,000 per month for all other fixed manufacturing costs. For the units expected for the year, fixed overhead costs are $0.80 per unit.


· All expenses are paid in the period incurred, and the above costs do not include depreciation.


· Capital Expenditures: New computer equipment will be phased into LBL’s admin offices over the next year with first quarter purchases as follows: January: $15,000, February: $11,000, and March: $16,000.


· Operating Expenses:


· Budgeted costs are $1.00 per unit.


· Depreciation for the admin office’s buildings/equipment is estimated at $4,400 for the quarter.


· Additionally, they pay $1,000 for fixed operating expenses per month


· Financing:


· LBL wants cash to be at a minimum balance of $4,000 each month.


· In case of a cash shortage, they have a line of credit with a bank for up to $50,000, which is borrowed and repaid in $1,000 increments. Simple interest applies to borrowed amounts at 1% per month outstanding with accumulated interest paid at the end of each quarter for any borrowed amounts throughout the period. If the company has surplus cash beyond the minimum balance required in a month, it would repay as much of any outstanding loans as possible without violating its minimum balance policy.


HINT: For the financing portion, the company must borrow $19,000 in January and $4,000 in February, but they can pay a portion of this back ($7,000) in March as well as $650 in interest costs.


· Taxes:


· The current applicable tax rate is 30%.


· While taxes are incurred each month of operations, it is paid quarterly with a $10,000 payment expected in February only.


Homework Required: Using the information above, prepare the following budgets for the first quarter (January, February, March AND a Quarter total, where applicable) in Excel:


1. Sales budget


2. Production budget


3. Direct material budget


4. Schedule of cash collections


5. Cash payments for:


a. Direct material purchases (based off of purchases found in requirement 3. above)


b. Direct labor


c. Manufacturing overhead


d. Operating expenses


(Create a separate budget for each cash payments budget listed above)


6. Combined cash budget


HINT: Many of the items on here will come from previous budgets you created in 1-5 above.


7. Budgeted manufacturing overhead per unit (HINT: There is no time period/monthly budget needed for this)


HINT: The Fixed MOH per unit was given to you.


8. Budgeted income statement for the quarter ending March 31 (Hint 1: This is a quarterly statement, so you do not need to do each month but rather a combined statement for January 1 through March 31; Hint 2: The COGS amount is found, in part, by using the COGS per unit you find in budget 7. above).


Excel Directions and Information:


· Create professional-looking budgets, formatting as you see fit to look professional and appropriate. Be sure to use a title for each budget (you can use multiple worksheets or one worksheet; just be sure to label each clearly).


· For budgets 1. through 6. above, you must use must use five columns: *Explanatory labels for your rows, January, February, March, Quarter Total. Budgets 7. and 8. will only require two columns.


*The first column should be dedicated to adequately explaining each row of data in your budget; See column in yellow as an example:




· Use must use formulas for calculations (do not do the calculations on a calculator and then simply type the numbers into Excel). For example, in the Sales Budget above, the “Total Sales Revenue” for each month would require a formula to calculate the total (=Unit Sales*Unit Selling Price).


· Use the SUM (or similar) function for subtotals/totals where appropriate (for instance, this would be used frequently for the Quarter column).


· If data/numbers come from a previous budget, you must reference the cell from a prior budget as opposed to simply re-typing in the numbers. For example, the combined cash budget would reference many items already computed in a prior budget; reference the cell from the prior budget with the data/information as opposed to typing in the number.


· Be sure to ask me any questions you have about the directions/requirements.


· Submit your Master Budget electronically in blackboard by the due date/time.


JanuaryFebruaryMarchQuarter Total


Unit SalesX,XXXX,XXXX,XXXXX,XXX


Unit Selling Price$XX$XX$XX$XX


Total Sales Revenue$XX,XXX$XX,XXX$XX,XXX$XX,XXX


LBL Corporation


Sales Budget


For the Quarter Ended March 31


Applied Sciences

Architecture and Design

Biology

Business & Finance

Chemistry

Computer Science

Geography

Geology

Education

Engineering

English

Environmental science

Spanish

Government

History

Human Resource Management

Information Systems

Law

Literature

Mathematics

Nursing

Physics

Political Science

Psychology

Reading

Science

Social Science

Home

Blog

Archive

Contact

google+twitterfacebook

Copyright © 2019 HomeworkMarket.com

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Helping Hand
University Coursework Help
Top Essay Tutor
Writer Writer Name Offer Chat
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$230 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$232 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$235 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Taguchi loss function definition - Ben & jerry's promotion - Gliding joint sporting example - S4 carlisle publishing services pvt ltd - No.1 Google @@]][[[ SAFE ABORTION +27835179056 Identity WOMEN CLINIC//PILLS IN EMPANGENI richards bay Pietermaritzburg Umzimkulu pongola tongaat - Complete Every Individual Project in my HR class - Seek australia cv template - Ceiling fan blade angle - Channel 4 red light zone films - Aged receivables summary report myob - Town and country lovers nadine gordimer pdf - HELP NEED BACK 9-23-2020 - Vce physics cheat sheet - HRM - Research Paper - Security Architecture and Design- Need two copies of answers - Elder abuse neglect or negligence presentation - List the four possible subshells in the quantum-mechanical model. - Health Care Delivery Models and Nursing Practice - ADR - Working memory model evaluation - Ib economics paper 3 questions - The big trip up yonder answers - What is a pcbu - Centro escolar university transcript of records - Provides support for the cell has two subparts - Ist presentation - The sarbanes oxley act does all of the following except - Week 3 - Discussion 1 - Cube root of 999 - Lean analytics - Sacred and profane love analysis - Airline management system er diagram - The not so wonderful world of eurodisney summary - Force equals mass times acceleration - Roller coaster polynomial equation examples - Risk Management - Surreal Short Story - Token economy how blockchains and smart contracts revolutionize the economy - 1 page - Cis349 - Fragrant compound crossword clue - High commitment management approach - Community health assessment powerpoint presentation - What is teaching period swinburne - What is safe harbor nursing texas - Wordsworth graphic organizer b - Money madness poem stanza wise explanation - Research Paper - Reflection on Professional Self - Data flow diagram for hostel management system - Managing risk in information systems lab answers - Intelligence from secrets to policy 7th edition pdf - Chapter 18 assessment reviewing content - Osha response letter to a complaint - Oxide ion protons neutrons electrons - GEOG Assignment 4 - Health Organization Evaluation - CJUS 420 DB FORUM 2.... 2 replies due 9/07/2020 - Double entry journal template - Adding and subtracting polar form - Ibm values and corporate citizenship case study - What happens when two plates carrying continental crust collide - Summmary of an article - Formic acid and sodium formate buffer - HELP NEED HELP - Wasi 2 sample report - Nib core extras cover - Discussion Post ( EVALUATING SOURCES) - Renew your nervous system and build stamina kriya - I need 1150 words content in Importance of supply chain management - What is use case realization - Singular possessive nouns worksheets - Quotes from 12 angry men - Scripture on royal priesthood - Reading Assignment - Why do you need 3 seismographs to locate an epicenter - Thorndike medical centre rochester - Oh now carry me to bethlehem song - Arabic - Where can i buy cenforce 100 - How to fill gyprock holes - Global training at google case study - Accounting Paper - Mitigation Plan Creation - Accounts payable also known as - Essay - Assignment Due Monday 09/14/2020 at 9 am - Week 5 forum 2 Santos - Vlsm exercises with answers - Google in china case study analysis answers - Benjamin bratton the stack pdf - Wendy Lewis 1 - Conceptual framework for survey research - Accountant - How to clean chalking paint - The next dividend payment by halestorm - Find the equation of the least squares regression line if x-bar= 15 sx=2 y-bar = 17.1 sy=3 r= 0.2 - Bgp path selection criteria - Oculus biomed pty ltd