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Problem 6 5a accounting

29/12/2020 Client: saad24vbs Deadline: 12 Hours

Pr. 21(6)-5A

Problem 21(6)-5A

Name: 0

Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ")

66

Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ")

0

Key Code: [Key code here] Total SUM(AD13:AD15)

Instructions 66

Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16

Cells with non-gray backgrounds are protected and cannot be edited. 0%

An asterisk (*) will appear to the right of an incorrect entry. Notes:

If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " "

If number-entry or blank-entry box is incorrect, returns "*"

1. If number-entry or blank-entry box is correct, returns single space, " "

REGINA SOAP CO. Accounts Receivable Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct.

Budgeted Income Statement Accounts Payable Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color.

For the Year Ending December 31, 2017

Sales

Mark Sears: Enter as a formula of units x price.

Cost of goods sold: Materials inventory, May 1, 2012

Direct materials

Mark Sears: Enter a formula of units x unit cost.

Direct labor

Factory overhead

Mark Sears: Complete the supporting calculations below and enter appropriate amount here. Cost of goods manufactured

Cost of goods sold Cost of materials available for use

Gross profit Miscellaneous cost

Operating expenses: Property taxes

Selling expenses: Supplies

Sales salaries and commissions

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Advertising

Miscellaneous selling expense

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Total selling expenses

Administrative expenses: Finished goods inventory, May 1, 2012

Office and officers salaries

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Supplies

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Miscellaneous admin. expenses

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Finished goods inventory, May 31, 2012

Total administrative expenses Materials inventory, May 1, 2012

Total operating expenses

Income before income tax

Income tax expense

Net income

Supporting calculations for budgeted income statement:

Factory overhead: Office and officers salaries:

Variable overhead

Mark Sears: Enter a formula of units x variable unit cost. Fixed portion

Depreciation Variable portion

Mark Sears: Enter a formula of units x variable unit cost.

Other Total

Total

Sales salaries and commissions: Supplies expense:

Fixed portion Fixed portion

Variable portion

Mark Sears: Enter a formula of units x variable unit cost. Variable portion

Mark Sears: Enter a formula of units x variable unit cost.

Total Total

Miscellaneous selling expenses: Miscellaneous administrative expenses:

Fixed portion Fixed portion

Variable portion

Mark Sears: Enter a formula of units x variable unit cost. Variable portion

Mark Sears: Enter a formula of units x variable unit cost.

Total Total

2.

REGINA SOAP CO.

Budgeted Balance Sheet

For the Year Ending December 31, 2017

Assets

Current assets:

Cash

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Accounts receivable

Inventories:

Finished goods

Work in process

Materials

Prepaid expenses

Total current assets

Property, plant, and equipment:

Plant and equipment

Mark Sears: Enter a formula of current plant and equipment plus expected acquisitions.

Less accumulated depreciation

Mark Sears: Enter a formula of current balance plus expected 2013 depreciation.

Total assets

Liabilities

Current liabilities:

Accounts payable

Stockholders' Equity

Common stock

Retained earnings

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Total stockholders' equity

Total liabilities and stockholders' equity

Supporting calculations for budgeted balance sheet:

Cash balance:

Balance, January 1, 2017

Plus cash from operations:

Net income (from budgeted income statement)

Depreciation (add back noncash item)

Less planned nonoperating cash outflows:

Dividends to be paid in 2017

Plant and equipment to be acquired in 2017

Balance, December 31, 2017

Retained earnings balance:

Balance, January 1, 2017

Plus expected net income for 2017

Less dividends to be paid in 2017

Balance, December 31, 2017

Sol

Problem 21(6)-5A

Name: Solution

Section:

Score: ON

Instructions

Answers are entered in the cells with gray backgrounds.

Cells with non-gray backgrounds are protected and cannot be edited.

An asterisk (*) will appear to the right of an incorrect entry.

1.

REGINA SOAP CO.

Budgeted Income Statement

For the Year Ending December 31, 2017

Sales $ 1,000,000

Mark Sears: Enter as a formula of units x price.

Cost of goods sold:

Direct materials $ 220,000

Mark Sears: Enter a formula of units x unit cost.

Direct labor 130,000

Factory overhead 132,000

Mark Sears: Complete the supporting calculations below and enter appropriate amount here.

Cost of goods sold 482,000

Gross profit $ 518,000

Operating expenses:

Selling expenses:

Sales salaries and commissions $ 136,000

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Advertising 64,000

Miscellaneous selling expense 56,000

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Total selling expenses $ 256,000

Administrative expenses:

Office and officers salaries $ 96,400

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Supplies 25,000

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Miscellaneous admin. expenses 14,000

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Total administrative expenses 135,400

Total operating expenses 391,400

Income before income tax $ 126,600

Income tax expense 30,000

Net income $ 96,600

Supporting calculations for budgeted income statement:

Factory overhead: Office and officers salaries:

Variable overhead $ 80,000

Mark Sears: Enter a formula of units and variable unit cost. Fixed portion $ 72,400

Depreciation 40,000 Variable portion 24,000

Mark Sears: Enter a formula of units and variable unit cost.

Other 12,000 Total $ 96,400

Total $ 132,000

Sales salaries and commissions: Supplies expense:

Fixed portion $ 46,000 Fixed portion $ 5,000

Variable portion 90,000

Mark Sears: Enter a formula of units and variable unit cost. Variable portion 20,000

Mark Sears: Enter a formula of units and variable unit cost.

Total $ 136,000 Total $ 25,000

Miscellaneous selling expenses: Miscellaneous administrative expenses:

Fixed portion $ 6,000 Fixed portion $ 4,000

Variable portion 50,000

Mark Sears: Enter a formula of units and variable unit cost. Variable portion 10,000

Mark Sears: Enter a formula of units and variable unit cost.

Total $ 56,000 Total $ 14,000

2.

REGINA SOAP CO.

Budgeted Balance Sheet

For the Year Ending December 31, 2017

Assets

Current assets:

Cash $ 135,800

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Accounts receivable 125,600

Inventories:

Finished goods $ 69,300

Work in process 32,500

Materials 48,900 150,700

Prepaid expenses 2,600

Total current assets $ 414,700

Property, plant, and equipment:

Plant and equipment $ 400,000

Mark Sears: Enter a formula of current plant and equipment plus expected acquisitions.

Less accumulated depreciation 196,200

Mark Sears: Enter a formula of current balance plus expected 2013 depreciation. 203,800

Total assets $ 618,500

Liabilities

Current liabilities:

Accounts payable $ 62,000

Stockholders' Equity

Common stock $ 180,000

Retained earnings 376,500

Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Total stockholders' equity 556,500

Total liabilities and stockholders' equity $ 618,500

Supporting calculations for budgeted balance sheet:

Cash balance:

Balance, January 1, 2017 $ 85,000

Plus cash from operations:

Net income (from budgeted income statement) $ 96,600

Depreciation (add back noncash item) 40,000 136,600

Less planned nonoperating cash outflows:

Dividends to be paid in 2017 $ (10,800)

Plant and equipment to be acquired in 2017 (75,000) (85,800)

Balance, December 31, 2017 $ 135,800

Retained earnings balance:

Balance, January 1, 2017 $ 290,700

Plus expected net income for 2017 96,600

Less dividends to be paid in 2017 (10,800)

Balance, December 31, 2017 $ 376,500

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