亨格瑞管理会计英文第15版练习答案07解析.docx

1、亨格瑞管理会计英文第15版练习答案07解析CHAPTER 7COVERAGE OF LEARNING OBJECTIVESLEARNING OBJECTIVEFUNDA-MENTALASSIGNMENTMATERIALCRITICAL THINKING EXERCISES AND EXERCISESPROBLEMSCASES, EXCEL, COLLAB. & INTERNET EXERCISESLO1: Explain how budgets facilitate planning and coordination.A1,B1LO2: Anticipate possible human re

2、lations problems caused by budgets.2540LO3: Explain potentially dysfunctional incentives in the budget process.2239, 40LO4: Explain the difficulties of sales forecasting.234249LO5: Explain the major features and advantages of a master budget.A1,B124,2639LO6: Follow the principal steps in preparing a

3、 master budget.A1,B1294043,45LO7: Prepare the operating budget and the supporting schedules.A1,B128,29,30,314043,45,46,48LO8: Prepare the financial budget.A1,B127,29,32,33, 34,3536,37,3843,44,47,48LO9: Use a spreadsheet to develop a budget (Appendix 7).41,42CHAPTER 7Introduction to Budgets and Prepa

4、ring the Master Budget 7-A1 (60-90 min.) 1. Exhibit IRAPIDBUY ELECTRONICS, INC.Mall of America StoreBudgeted Income StatementFor the Three Months Ending August 31, 20X8Sales $300,000Cost of goods sold (.62 $300,000) 186,000Gross profit $114,000Operating expenses: Salaries, wages, commissions $60,000

5、 Other expenses 12,000 Depreciation 1,500 Rent, taxes and other fixed expenses 33,000 106,500Income from operations. $ 7,500Interest expense* 1,338Net income $ 6,162 * See schedule g for calculation of interest. Exhibit IIRAPIDBUY ELECTRONICS, INC.Mall of America StoreCash BudgetFor the Three Months

6、 Ending August 31, 20X8 June July August Beginning cash balance $ 5,800 $ 5,600 $ 5,079 Minimum cash balance desired 5,000 5,000 5,000(a) Available cash balance $ 800 $ 600 $ 79 Cash receipts & disbursements: Collections from customers (schedule b) $ 75,200 $121,400 $ 90,800 Payments for merchandise

7、 (schedule d) (86,800) (49,600) (49,600) Fixtures (purchased in May) (11,000) - - Payments for operating expenses (schedule f) (44,600) (30,200) (30,200)(b) Net cash receipts & disbursements $(67,200) $ 41,600 $ 11,000 Excess (deficiency) of cash before financing (a + b) (66,400) 42,200 11,079 Finan

8、cing: Borrowing, at beginning of period $ 67,000 $ - $ - Repayment, at end of period - (41,000) (10,000) Interest, 10% per annum - (1,121)* (217)*(c) Total cash increase (decrease) from financing $ 67,000 $(42,121) $(10,217)(d) Ending cash balance (beginning balance + b + c) $ 5,600 $ 5,079 $ 5,862*

9、 See schedule gExhibit IIIRAPIDBUY ELECTRONICS, INC.Mall of America StoreBudgeted Balance SheetAugust 31, 20X8 Assets Liabilities and Owners Equity Cash (Exhibit II) $ 5,862 Accounts payable $ 37,200Accounts receivable* 86,400 Notes payable 16,000*Merchandise inventory 37,200 Total current liabiliti

10、es $ 53,200Total current assets $129,462 Net fixed assets: Owners equity: $33,600 less $102,200 plus net depreciation of $1,500 32,100 income of $6,162 108,362Total assets $161,562 Total equities $161,562 *July sales, 20% 90% $80,000 $ 14,400 August sales, 100% 90% $80,000 72,000 Accounts receivable

11、 $86,400 * See schedule g June July August TotalSchedule a: Sales Budget Credit sales (90%) $126,000 $72,000 $72,000 $270,000 Cash sales (10%) 14,000 8,000 8,000 30,000 Total sales (to Exhibit I) $140,000 $80,000 $80,000 $300,000 Schedule b: Cash Collections June July August Cash sales $ 14,000 $ 8,

12、000 $ 8,000 On accounts receivable from: April sales 10,800 - - May sales 50,400 12,600 - June sales - 100,800 25,200 July sales - - 57,600 Total collections (to Exhibit II) $75,200 $121,400 $90,800 Schedule c: Purchases Budget May June July August Desired purchases: 62% next months sales $86,800 $4

13、9,600 $49,600 $37,200Schedule d: Disbursements for Purchases June July AugustLast months purchases (to Exhibit II) $86,800 $49,600 $49,600Other required items related to purchasesAccounts payable, August 31, 2008 (62% September sales - to Exhibit III) $37,200Cost of goods sold (to Exhibit I) $86,800

14、 $49,600 $49,600Schedule e: Operating Expense Budget June July August TotalSalaries, wages, commissions $28,000 $16,000 $16,000 $60,000Other Variable expenses 5,600 3,200 3,200 12,000Fixed expenses 11,000 11,000 11,000 33,000Depreciation 500 500 500 1,500Total operating expenses $45,100 $30,700 $30,

15、700 $106,500Schedule f: Payments for Operating Expenses June July AugustVariable expenses $33,600 $19,200 $19,200Fixed expenses 11,000 11,000 11,000Total payments for operating expenses $44,600 $30,200 $30,200Schedule g: Interest calculations June July AugustBeginning balance $67,000 $67,558 $26,000

16、 Monthly interest expense 10% 558 563 217 Ending balance before repayment $67,558 68,121 26,217 Principal repayment (from statement of receipts and disbursements) (41,000) (10,000)Interest payment (1,121) (217)Ending balance $26,000 $16,000 2. This is an example of the classic short-term, self-liqui

17、dating loan. The need for such a loan often arises because of the seasonal nature of a business. 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 collection of the cash, yet the payroll and suppliers must be paid in cash ri

18、ght away. When the cash is collected, it in turn may be used to repay the loan. The amount of the loan and the timing of the repayment are heavily dependent on the credit terms that pertain to both the purchasing and selling functions of the business.7-B1 (60-120 min.) $ refers to Australian dollars

19、.1. See Exhibits I, II, and III and supporting schedules a, b, c, d.2. The cash budget and balance sheet clearly show the benefits of moving to just-in-time purchasing (though the transition would rarely be accomplished as easily as this example suggests). However, the company would be no better off

20、 if it left much of its capital tied up in cash - it has merely substituted one asset for another. At a minimum, the excess cash should be in an interest bearing account - the interest earned or forgone is one of the costs of inventory.Schedule a: Sales Budget January February MarchTotal sales (100%

21、 on credit) $248,000 $280,000 $152,000 Schedule b: Cash Collections 60% of current months sales $148,800 $168,000 $91,20030% of previous months sales 30,000 74,400 84,00010% of second previous months sales 10,000 10,000 24,800Total collections $188,800 $252,400 $200,000 December January February Mar

22、chSchedule c: Purchases Budget Desired ending inventory $156,200 $ 24,000* $ 24,000 $ 24,000Cost of goods sold 50,000 124,000 140,000 76,000Total needed $206,200 $148,000 $164,000 $100,000Beginning inventory 64,000 156,200 32,200 24,000Purchases $142,200 $ - $131,800 $ 76,000* Actual ending January

23、(and beginning February) inventory level is $32,200, as inventory levels are drawn down toward desired level of $24,000.Schedule d: Disbursements for Purchases 100% of previous months purchases $142,200 $ - $131,800March 31 accounts payable $76,000Exhibit IWALLABY KITECash BudgetFor the Three Months

24、 Ending March 31, 20X2 January February March Cash balance, beginning $ 20,000 $ 20,400 $138,767 Minimum cash balance desired 20,000 20,000 20,000(a) Available cash balance 0 400 118,767Cash receipts and disbursements: Collections from customers (Schedule b) 188,800 252,400 200,000 Payments for merc

25、handise (Schedule d) (142,200) - (131,800) Rent (32,200) (1,000) (1,000) Wages and salaries (60,000) (60,000) (60,000) Miscellaneous expenses (10,000) (10,000) (10,000) Dividends (6,000) - Purchase of fixtures - - (12,000)(b) Net cash receipts & disbursements $ (61,600) $181,400 $ (14,800) Excess (d

26、eficiency) of cash before financing (a + b) $ (61,600) $181,800 $103,967 Financing: Borrowing, at beginning of period $ 62,000 $ - $ - Repayment, at end of period - (62,000) Simple interest, 10% monthly - (1,033) (c) Total cash increase (decrease) from financing $ 62,000 $ (63,033) $ - (d) Cash bala

27、nce, end (beginning balance + c + b) $ 20,400 $138,767 $123,967Exhibit IIWALLABY KITEBudgeted Income StatementFor the Three Months Ending March 31, 20X2Sales (Schedule a) $680,000Cost of goods sold (Schedule c) 340,000Gross margin $340,000Operating expenses: Rent* $ 67,000 Wages and salaries 180,000

28、 Depreciation. 3,000 Insurance 1,500 Miscellaneous 30,000 281,500Net income from operations $ 58,500Interest expense 1,033Net income $ 57,467*(January-March sales less $40,000) .10 plus 3 $1,000Exhibit IIIWALLABY KITEBudgeted Balance SheetMarch 31, 20X2 Assets Current assets: Cash (Exhibit I) $123,9

29、67 Accounts receivable* 88,800 Merchandise inventory (Schedule c) 24,000 Unexpired insurance 4,500 $241,267 Fixed assets, net: $50,000 + $12,000 - $3,000 59,000 Total assets $300,267 Liabilities and Stockholders Equity Liabilities: Accounts payable (Schedule d) $76,000 Rent payable. 64,000 Dividends

30、 payable 6,000 $146,000 Stockholders equity* 154,267 Total liabilities and stockholders equity. $300,267*February sales (.10 $280,000) plus March sales (.40 $152,000) = $88,800*Balance, December 31, 20X1 $102,800 Add: Net income 57,467 Total $160,267 Less: Dividends paid 6,000 Balance, March 31, 20X2 $154,2677-1 Budgeting 1) provides an opportunity for managers to reevaluate existing activities and evaluate possible new activi