1. Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year. Cash Receipts Cash Disbursements January $ 518,000 $ 485,000 February 412,500 358,000 March 462,000 532,000 According to a credit agreement with the company’s bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays principal on the loan with available cash on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1. Prepare monthly cash budgets for each of the first three months of next year. (Amounts to be deducted should be indicated by a minus sign.) 2. Walker Company prepares monthly budgets. The current budget plans for a September ending inventory of 38,000 units. Company policy is to end each month with merchandise inventory equal to a specified percent of budgeted sales for the following month. Budgeted sales and merchandise purchases for the next three months follow. Sales (Units) Purchases (Units) July 160,000 194,000 August 330,000 324,000 September 300,000 278,000 3. 3. Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. a. Beginning cash balance on July 1: $64,000. b. Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,750,000; June (actual), $1,480,000; and July (budgeted), $1,540,000. c. Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $570,000; and July (budgeted), $450,000. d. Budgeted cash disbursements for salaries in July: $220,000. e. Budgeted depreciation expense for July: $15,000. f. Other cash expenses budgeted for July: $110,000. g. Accrued income taxes due in July: $90,000. h. Bank loan interest due in July: $8,500 1. Calculation of cash receipts from sales collected in May, June, July, July 31 Accounts Rec. 2. Calculation of cash payments for merchandise paid in June, July, July 31 Accounts Rec 4. 4. Following information relates to Acco Co. a. Beginning cash balance on July 1: $40,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,376,000; June (actual), $960,000; and July (budgeted), $1,120,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $344,000; and July (budgeted), $600,000. d. Budgeted cash disbursements for salaries in July: $168,800. e. Budgeted depreciation expense for July: $9,600. f. Other cash expenses budgeted for July: $120,000. g. Accrued income taxes due in July: $80,000 (related to June). h. Bank loan interest paid July 31: $5,280. Additional Information: a. Cost of goods sold is 44% of sales. b. Inventory at the end of June is $64,000 and at the end of July is $171,200. c. Salaries payable on June 30 are $40,000 and are expected to be $32,000 on July 31. d. The equipment account balance is $1,280,000 on July 31. On June 30, the accumulated depreciation on equipment is $224,000. e. The $5,280 cash payment of interest represents the 1% monthly expense on a bank loan of $528,000. f. Income taxes payable on July 31 are $99,456, and the income tax rate applicable to the company is 30%. g. The only other balance sheet accounts are: Common Stock, with a balance of $464,000 on June 30; and Retained Earnings, with a balance of $857,600 on June 30. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. 5. 5. Tempo Company’s fixed budget for the first quarter of calendar year 2013 reveals the following. Sales (12,000 units) $ 2,424,000 Cost of goods sold Direct materials $ 276,600 Direct labor 515,280 Production supplies 318,360 Plant manager salary 76,600 1,186,840 Gross profit 1,237,160 Selling expenses Sales commissions 105,600 Packaging 184,080 Advertising 100,000 389,680 Administrative expenses Administrative salaries 126,600 Depreciation—office equip. 96,600 Insurance 66,600 Office rent 76,600 366,400 Income from operations $ 481,080 Prepare flexible budgets that show variable costs per unit, fixed costs, and three different flexible budgets for sales volumes of 10,000, 12,000, and 14,000 units. (Round cost per unit to 2 decimal places.) 6. 6. Solitaire Company’s fixed budget performance report for June follows. The $615,000 budgeted expenses include $578,100 variable expenses and $36,900 fixed expenses. Actual expenses include $48,900 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 8,200 10,600 Sales (in dollars) $ 820,000 $ 1,060,000 $ 240,000 F Total expenses 615,000 738,000 123,000 U Income from operations $ 205,000 $ 322,000 $ 117,000 F Prepare a flexible budget performance report showing any variances between budgeted and actual results. List fixed and variable expenses separately. (Do not round intermediate calculations.) 7. 7. Bay City Company’s fixed budget performance report for July follows. The $587,000 budgeted expenses include $400,000 variable expenses and $187,000 fixed expenses. Actual expenses include $177,000 fixed expenses. Fixed Budget Actual Results Variances Sales (in units) 8,000 6,900 Sales (in dollars) $ 640,000 $ 607,200 $ 32,800 U Total expenses 587,000 551,000 36,000 F Income from operations $ 53,000 $ 56,200 $ 3,200 U Prepare a flexible budget performance report that shows any variances between budgeted results and actual results. List fixed and variable expenses separately. (Do not round intermediate calculations.)
Why Choose Us
Quality Homework Writing
Do you need to ace your test? We have qualified writers to assist you in writing 100% quality homework writing. Mycoursewriter offers students unique and personalized custom papers that help them in getting good grades. Our academic experts will assist you with your dissertation papers, thesis writing, research papers, term papers, and case study homework help. Our writers are experienced and have perfected the art of crafting the best essay writing papers regardless of your academic level. Order now and get our superb homework writing services.
Expert Academic Writers
A student needs professional assistance outside class time. Before hiring our writers, they undergo thorough tests and strict educational backgrounds. After passing a test, our writers undergo training to ensure they deliver expert professional papers to our customers. We ensure they meet the timely delivery of papers and follow our customers' provided instructions. Every writer is an ENL writer and is from the USA, Canada, UK, or Australia. Our experts approach papers effectively depending on their area of specialization.
Affordable Price Guarantees
Is the deal too good to be true? Mycoursewriter is the most affordable assignment help website on the market. We consider students' daily needs for academic help. Our paper costs are reasonably priced to approximately 90% of students around the globe. Our main aim is to ensure students achieve academic excellence, and we believe inconsiderable prices should not hinder students from getting quality homework writing help. In case of any dissatisfaction, we offer unlimited revisions and rewrites without extra charges.
Timely delivery of papers
Tight deadline? Is your paper due in the next few hours? Worry no more. Our writers are here for your rescue. Many college students find it hard to balance their social and academic life and get caught up with academic deadlines. Drafting your paper at the last minute does not allow you to conduct extensive research and craft the correct answers. We have expert writers ready to work on your assignment writing. Urgent writing services are the ultimate solutions you need. We guarantee you timely delivery of papers at your convenience and specified time delivery of the customer.
100% Original Tasks
The ultimate deal-breaker in achieving good grades is submitting imitative papers. Plagiarism is a breach of examination standards and has serious consequences. Students need to deliver papers written in their understanding by paraphrasing their research findings and relevant citations. Our expert's primary consideration is providing free plagiarized papers that meet the lecturers' requirements. Our editors will proofread your paper before delivery ad ensure your papers will not be substandard. We guarantee extreme originality, and in case of any customer concerns, we offer a plagiarism report.
All Round the clock Customer Support
Our website is user-friendly and super useful! Mycoursewriter is the most trusted online writing website always available to provide you with assignment writing services that you need. Our primary concern is meeting customer need specifications by our friendly customer support team that Is available all the time. Our website usability is self-learnable but in case of any problem, feel free to contact us directly through our website email: firstname.lastname@example.org. We have diligently satisfied thousands of students, and you can witness this on our sites' review page.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Advantages of Using Our Assignment writing Services
Mycoursewriter welcomes you for superb essay writing services. We are a legit site offering help with your most challenging homework writing assignments at affordable prices. Your essay paper will be assigned to a professional writer who will craft the paper from scratch according to your provided instructions.
Essay writing is a common assignment writing for most college students. It takes a lot of time to craft a complete perfect essay. Mycourserwiter offers the best essay writing and proofreading services for most college students. Your paper is assigned to an expert writer who does thorough research on fresh ideas and personalizes your essay paper according to your assignment writing guidelines. Our essays are entirely exceptional and undergo a strict procedure that includes papers free from plagiarism and thorough proofreading.
Admission and Business Papers
Writing an admission paper is not every student's desire, and this should not hinder any student from earning an admission. Writing a perfect personal statement to earn a position in a dream school or job can be stressful. Personal statements should display a high level of confidence and uniqueness. Admission essays require you to have a vast knowledge of the current happenings in the world and knowhow of the business world. We have qualified writers with skills who will write your admission paper through comprehensive research. All you have to do is provide us with little details about yourself, instructions and our writers will craft a perfect paper for you.
Editing and Proofreading
Mycoursewriter offers you assignment writing services free from grammatical and formatting mistakes. An error-free paper is significant in scoring the desired maximum grades. We have a team of editors who will go through your paper after our expert writers have delivered their fully crafted papers. Our writers will cover all the aspects of your paper instructions, such as fonts, spacing, and educational formats. Our team of editors will check through your paper to make sure it meets the formatting style provided in the paper instructions. Under no circumstances will a poorly formatted paper will be forwarded to you as our team of editors will ensure careful proofreading.
Assignment writing is part of a learning process, and one may not have the knowledge to answer all questions correctly. This should not be a stress to you as we have qualified essay writing experts to help you. Our qualified writers are holders of PhDs, Degrees, and Masters in different areas of study and can handle any papers regardless of the complexity. Multiple assignments may be challenging to finish on time. Our skilled professional writers are here to assist you in crafting all the correct answers for your assignment. Stop stressing about your homework writing and place an order with us, and our expert writers will provide you with the best assignment help.