亨格瑞管理会计英文第15版练习答案07.docx

1、亨格瑞管理会计英文第15版练习答案07CHAPTER 7COVERAGE OF LEARNING OBJECTIVESLEARNING OBJECTIVEFUNDAMENTAL ASSIGNMENT MATERIALCRITICAL THINKING EXERCISES AND EXERCISESPROBLEMSCASES, EXCEL, COLLAB. & INTERNET EXERCISESLO1: Explai n how budgets facilitate pla nning and coordi nati on.A1,B1LO2: An ticipate possible huma

2、 n relatio ns problems caused by budgets.2540LO3: Explai n pote ntially dysf unctional incen tives in the budget process.2239, 40LO4: Explai n the difficulties of sales forecasti ng.234249LO5: Explain the major features and adva ntages of a master budget.A1,B124,2639LO6: Follow the prin cipal steps

3、in prepari ng a master budget.A1,B1294043,45LO7: Prepare the operat ing budget and the support ing schedules.A1,B128,29,30,314043,45,46,48LO8: Prepare the finan cial budget.A1,B127,29,32,33,34,3536,37,3843,44,47,48LO9: Use a spreadsheet41,42to develop a budget (Appe ndix 7).CHAPTER 7In troducti on t

4、o Budgets and Prepari ng the Master Budget7-A1 (60-90 mi n.)1. Exhibit IRAPIDBUY ELECTRONICS, INC.Mall of America StoreBudgeted In come Stateme ntFor the Three Mon ths Ending August 31,20X8Sales$300,000Cost of goods sold (.62 x $300,000)186,000Gross profit$114,000Operati ng expe nses:Salaries, wages

5、, commissi ons$60,000Other expe nses12,000Depreciati on1,500Rent, taxes and other fixed expe nses33,000106,500In come from operati ons.$ 7,500In terest expe nse*1,338Net in come$ 6,162See schedule g for calculation of interest.Exhibit IIRAPIDBUY ELECTRONICS, INC.Mall of America StoreCash BudgetFor t

6、he Three Mon ths Ending August 31,20X8JuneJulyAugustBeg inning cash bala nee$ 5,800$ 5,600$ 5,079Minimum cash bala nee desired5,0005,0005,000(a) Available cash bala nee$ 800$ 600$ 79Cash receipts & disburseme nts:Collecti ons from customers(schedule b)$ 75,200$121,400$ 90,800Payme nts for mercha ndi

7、se(schedule d)(86,800)(49,600)(49,600)Fixtures (purchased in May)(11,000)-Payme nts for operati ngexpe nses (schedule f)(44,600)(30,200)(30,200)(b) Net cash receipts & disburseme nts$(67,200)$ 41,600$ 11,000Excess (deficie ncy) of cash beforefinancing (a + b)(66,400)42,20011,079Financing:Borrow ing,

8、 at beg inning of period$ 67,000$-$ -Repayme nt, at end of period-(41,000)(10,000)In terest, 10% per annum-(1,121)*(217)*(c) Total cash in crease (decrease)from financing$ 67,000$(42,121)$(10,217)(d) Ending cash bala nee (begi nningbala nee + b + c)$ 5,600$ 5,079$ 5,862See schedule gExhibit IIIRAPID

9、BUY ELECTRONICS, INC. Mall of America Store Budgeted Bala nee SheetAssetsAugust 31,20X8Cash (Exhibit II)$ 5,862Acco unts payable$ 37,200Acco unts receivable*86,400Notes payable16,000*Mercha ndise inven tory37,200Total curre nt liabilities$ 53,200Total curre nt assets$129,462Net fixed assets:Own ers

10、equity:$33,600 less$102,200 plus netdepreciation of $1,50032,100in come of $6,162108,362Total assets$161,562Total equities$161,562*July sales, 20% x90% x $80,000$ 14,400August sales, 100%x 90% x $80,00072,000Acco unts receivable$86,400* See schedule gLiabilities and Owners EquityJuly August Total$72

11、,000 $270,0008,000 30,000$80,000 $300,000Desired purchases:62% x n ext mon ths sales $86,800$49,600$49,600$37,200Schedule d: Disburseme nts for PurchasesJuneJulyAugustLast mon ths purchases (to Exhibit II)$86,800$49,600$49,600Other required items related to purchasesAccou nts payable, August 31,2008

12、(62% x September sales - to Exhibit III) Cost of goods sold (to Exhibit I)$86,800$49,600$37,200$49,600Schedule e: Operati ng Expe nse BudgetJuneJulyAugustTotalSalaries, wages, commissi ons$28,000$16,000$16,000$60,000Other Variable expe nses5,6003,2003,20012,000Fixed expe nses11,00011,00011,00033,000

13、Depreciatio n5005005001,500Total operati ng expe nses$45,100$30,700$30,700$106,500Schedule f: Payme nts for Operati ng Expe nsesJuneJulyAugustVariable expe nses$33,600$19,200$19,200Fixed expe nses11,00011,00011,000Total payme nts for operat ing expe nses$44,600$30,200$30,200Schedule g: In terest cal

14、culatio nsJuneJulyAugustBeg inning bala nee$67,000$67,558$26,000Mon thly in terest expe nse 10%558563217Ending bala nee before repayme nt$67,55868,12126,217Prin cipal repayme nt (fromstateme nt of receipts and disburseme nts)(41,000)(10,000)In terest payme nt(1,121)(217)Ending bala nee$26,000$16,000

15、2. This is an example of the classic short-term, self-liquidating loan.The n eed for such a loa n ofte n arises because of the seas onal n ature of a bus in ess. The basic source of cash is proceeds from sales to customers. In times of peak sales, there is a lag between the sale and the collecti on

16、of the cash, yet the payroll and suppliers must be paid in cash right away. Whe n the cash is collected, it in tur n may be used to repay the loa n. The amount of the loa n and the tim ing of the repayment are heavily dependent on the credit terms that pertain to both the purchasing and selling func

17、tions of the business.7-B1 (60-120 min.) $ refers to Australia n dollars.1. See Exhibits I, II, and III and supporting schedules a, b, c, d.2. The cash budget and bala nee sheet clearly show the ben efits of moving to just-in-time purchasing (though the transition would rarely be accomplished as eas

18、ily as this example suggests). However, the company would be no better off if it left much of its capital tied up in cash - it has merely substituted one asset for ano ther. At a minimum, the excess cash should be in an in terest beari ng acco unt - the in terest earned or forgone is one of the cost

19、s of inven tory.$156,20050,000$ 24,000 124,000$ 24,000 $ 24,000140,000 76,000$206,20064,000$148,000156,200$164,000 $100,00032,200 24,000$142,200$-$131,800 $ 76,000December January February MarchSchedule c: Purchases BudgetExhibit IWALLABY KITECash BudgetFor the Three Mon ths En di ng March 31,20X2Ja

20、nuary February MarchCash bala nee, beg inning$ 20,000$ 20,400$138,767Minimum cash bala nee desired20,00020,00020,000(a)Available cash bala nee0400118,767Cash receipts and disburseme nts:Collectio ns from customers (Schedule b)Payme nts for mercha ndise188,800252,400200,000(Schedule d)(142,200)-(131,

21、800)Re nt(32,200)(1,000)(1,000)Wages and salaries(60,000)(60,000)(60,000)Miscella neous expe nses(10,000)(10,000)(10,000)Divide ndsPurchase of fixtures(6,000)-(12,000)(b)Net cash receipts & disburseme nts Excess (deficie ncy) of cash$ (61,600)$181,400$ (14,800)before financing (a + b)Financing:$ (61

22、,600)$181,800$103,967Borrow ing, at beg inning of period$ 62,000$-$ -Repayme nt, at end of period-(62,000)Simple in terest, 10% mon thly-(1,033)(c)Total cash in crease (decrease)from financing$ 62,000$ (63,033)$-(d)Cash bala nee, end (beg inningbala nee + c + b)$ 20,400$138,767$123,967Exhibit IIWALL

23、ABY KITEBudgeted In come Stateme ntFor the Three Mon ths En di ng March 31,20X2Sales (Schedule a)$680,000Cost of goods sold (Schedule c)340,000Gross margin$340,000Operati ng expe nses:Rent*$ 67,000Wages and salaries180,000Depreciati on.3,000In sura nee1,500Miscella neous30,000281,500Net in come from

24、 operati ons$ 58,500In terest expe nse1,033Net in come$ 57,467*(Ja nu ary-March sales less $40,000) x .10 plus 3x $1,000Exhibit 山 WALLABY KITEBudgeted Bala nee SheetMarch 31,20X2AssetsCurre nt assets:Total liabilities and stockholders equity.*February sales (.10 x $280,000) plus March sales (.40 x $

25、152,000) $88,800*Bala nee, December 31,20X1 $102,800Add: Net in come 57,467Total $160,267Less: Divide nds paid 6,000Bala nee, March 31,20X2 $154,2677-1 Budgeti ng 1) provides an opport unity for man agers to reevaluate existi ng activities and evaluate possible new activities, 2) compelsman agers to

26、 think ahead by formaliz ing their resp on sibilities for pla nning, 3) aids man agers in com muni cat ing objectives to un its and coordi nati ng acti ons across the orga ni zatio n, and 4) providesben chmarks to evaluate subseque nt performa nee.7-2 Budgeti ng is primarily atte ntio n direct ing b

27、ecause it helpsman agers to focus on operati ng or finan cial problems early eno ugh for effective pla nning or action.7-3 Strategic pla nning covers no specific time period, is quite gen eral, and ofte n is not built around finan cial stateme nts. Lon g-ra nge pla nning usually has a 5- or 10-year

28、horiz on and con sists of finan cial statements without much detail. Budgeting usually has a horizon of one year or less, and consists of financial statements with much detail.7-4 Con ti nu ous budgets add a month (or quarter) in the future as themonth (or quarter) just en ded is dropped. Therefore,

29、 the con ti nu ous budget provides a con ti nu ally updated budget look ing twelve mon ths ahead. Whe n the new month (or quarter) is added, the budget for the rema in der of the curre nt year may also be revised. Whe n compa nies revise the budgets for the rema in der of the curre nt year, they usually compare subsequent results to the original budget (a fixed target) in addit