亨格瑞管理会计英文第15版练习答案07.docx
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亨格瑞管理会计英文第15版练习答案07
CHAPTER7
COVERAGEOFLEARNINGOBJECTIVES
LEARNINGOBJECTIVE
FUNDA-
MENTAL
ASSIGNMENT
MATERIAL
CRITICALTHINKINGEXERCISESANDEXERCISES
PROBLEMS
CASES,EXCEL,COLLAB.&INTERNETEXERCISES
LO1:
Explainhowbudgetsfacilitateplanningandcoordination.
A1,B1
LO2:
Anticipatepossiblehumanrelationsproblemscausedbybudgets.
25
40
LO3:
Explainpotentiallydysfunctionalincentivesinthebudgetprocess.
22
39,40
LO4:
Explainthedifficultiesofsalesforecasting.
23
42
49
LO5:
Explainthemajorfeaturesandadvantagesofamasterbudget.
A1,B1
24,26
39
LO6:
Followtheprincipalstepsinpreparingamasterbudget.
A1,B1
29
40
43,45
LO7:
Preparetheoperatingbudgetandthesupportingschedules.
A1,B1
28,29,30,31
40
43,45,46,48
LO8:
Preparethefinancialbudget.
A1,B1
27,29,32,33,34,35
36,37,38
43,44,47,48
LO9:
Useaspreadsheettodevelopabudget（Appendix7）.
41,42
CHAPTER7
IntroductiontoBudgetsandPreparingtheMasterBudget
7-A1（60-90min.）
1.ExhibitI
RAPIDBUYELECTRONICS,INC.
MallofAmericaStore
BudgetedIncomeStatement
FortheThreeMonthsEndingAugust31,20X8
Sales$300,000
Costofgoodssold（.62×$300,000）186,000
Grossprofit$114,000
Operatingexpenses:
Salaries,wages,commissions$60,000
Otherexpenses12,000
Depreciation1,500
Rent,taxesandotherfixedexpenses33,000106,500
Incomefromoperations.$7,500
Interestexpense*1,338
Netincome$6,162
*Seeschedulegforcalculationofinterest.
ExhibitII
RAPIDBUYELECTRONICS,INC.
MallofAmericaStore
CashBudget
FortheThreeMonthsEndingAugust31,20X8
JuneJulyAugust
Beginningcashbalance$5,800$5,600$5,079
Minimumcashbalancedesired5,0005,0005,000
（a）Availablecashbalance$800$600$79
Cashreceipts&disbursements:
Collectionsfromcustomers
（scheduleb）$75,200$121,400$90,800
Paymentsformerchandise
（scheduled）（86,800）（49,600）（49,600）
Fixtures（purchasedinMay）（11,000）--
Paymentsforoperating
expenses（schedulef）（44,600）（30,200）（30,200）
（b）Netcashreceipts&disbursements$（67,200）$41,600$11,000
Excess（deficiency）ofcashbefore
financing（a+b）（66,400）42,20011,079
Financing:
Borrowing,atbeginningofperiod$67,000$-$-
Repayment,atendofperiod-（41,000）（10,000）
Interest,10%perannum-（1,121）*（217）*
（c）Totalcashincrease（decrease）
fromfinancing$67,000$（42,121）$（10,217）
（d）Endingcashbalance（beginning
balance+b+c）$5,600$5,079$5,862
*Seescheduleg
ExhibitIII
RAPIDBUYELECTRONICS,INC.
MallofAmericaStore
BudgetedBalanceSheet
August31,20X8
AssetsLiabilitiesandOwners’Equity
Cash（ExhibitII）$5,862Accountspayable$37,200
Accountsreceivable*86,400Notespayable16,000**
Merchandiseinventory37,200Totalcurrentliabilities$53,200
Totalcurrentassets$129,462
Netfixedassets:
Owners'equity:
$33,600less$102,200plusnet
depreciationof$1,50032,100incomeof$6,162108,362
Totalassets$161,562Totalequities$161,562
*Julysales,20%×90%×$80,000$14,400
Augustsales,100%×90%×$80,00072,000
Accountsreceivable$86,400
**Seescheduleg
JuneJulyAugustTotal
Schedulea:
SalesBudget
Creditsales（90%）$126,000$72,000$72,000$270,000
Cashsales（10%）14,0008,0008,00030,000
Totalsales（toExhibitI）$140,000$80,000$80,000$300,000
Scheduleb:
CashCollections
JuneJulyAugust
Cashsales$14,000$8,000$8,000
Onaccountsreceivablefrom:
Aprilsales10,800--
Maysales50,40012,600-
Junesales-100,80025,200
Julysales--57,600
Totalcollections（toExhibitII）$75,200$121,400$90,800
Schedulec:
PurchasesBudgetMayJuneJulyAugust
Desiredpurchases:
62%×nextmonth'ssales$86,800$49,600$49,600$37,200
Scheduled:
DisbursementsforPurchasesJuneJulyAugust
Lastmonth'spurchases（toExhibitII）$86,800$49,600$49,600
Otherrequireditemsrelatedtopurchases
Accountspayable,August31,2008
（62%×Septembersales-toExhibitIII）$37,200
Costofgoodssold（toExhibitI）$86,800$49,600$49,600
Schedulee:
OperatingExpenseBudget
JuneJulyAugustTotal
Salaries,wages,commissions$28,000$16,000$16,000$60,000
OtherVariableexpenses5,6003,2003,20012,000
Fixedexpenses11,00011,00011,00033,000
Depreciation5005005001,500
Totaloperatingexpenses$45,100$30,700$30,700$106,500
Schedulef:
PaymentsforOperatingExpenses
JuneJulyAugust
Variableexpenses$33,600$19,200$19,200
Fixedexpenses11,00011,00011,000
Totalpaymentsforoperatingexpenses$44,600$30,200$30,200
Scheduleg:
Interestcalculations
JuneJulyAugust
Beginningbalance$67,000$67,558$26,000
Monthlyinterestexpense@10%558563217
Endingbalancebeforerepayment$67,55868,12126,217
Principalrepayment（from
statementofreceiptsanddisbursements）（41,000）（10,000）
Interestpayment（1,121）（217）
Endingbalance$26,000$16,000
2.Thisisanexampleoftheclassicshort-term,self-liquidatingloan.Theneedforsuchaloanoftenarisesbecauseoftheseasonalnatureofabusiness.Thebasicsourceofcashisproceedsfromsalestocustomers.Intimesofpeaksales,thereisalagbetweenthesaleandthecollectionofthecash,yetthepayrollandsuppliersmustbepaidincashrightaway.Whenthecashiscollected,itinturnmaybeusedtorepaytheloan.Theamountoftheloanandthetimingoftherepaymentareheavilydependentonthecredittermsthatpertaintoboththepurchasingandsellingfunctionsofthebusiness.
7-B1（60-120min.）$referstoAustraliandollars.
1.SeeExhibitsI,II,andIIIandsupportingschedulesa,b,c,d.
2.Thecashbudgetandbalancesheetclearlyshowthebenefitsofmovingtojust-in-timepurchasing（thoughthetransitionwouldrarelybeaccomplishedaseasilyasthisexamplesuggests）.However,thecompanywouldbenobetteroffifitleftmuchofitscapitaltiedupincash--ithasmerelysubstitutedoneassetforanother.Ataminimum,theexcesscashshouldbeinaninterestbearingaccount--theinterestearnedorforgoneisoneofthecostsofinventory.
Schedulea:
SalesBudgetJanuaryFebruaryMarch
Totalsales（100%oncredit）$248,000$280,000$152,000
Scheduleb:
CashCollections
60%ofcurrentmonth'ssales$148,800$168,000$91,200
30%ofpreviousmonth'ssales30,00074,40084,000
10%ofsecondpreviousmonth'ssales10,00010,00024,800
Totalcollections$188,800$252,400$200,000
DecemberJanuaryFebruaryMarch
Schedulec:
PurchasesBudget
Desiredendinginventory$156,200$24,000*$24,000$24,000
Costofgoodssold50,000124,000140,00076,000
Totalneeded$206,200$148,000$164,000$100,000
Beginninginventory64,000156,20032,20024,000
Purchases$142,200$-$131,800$76,000
*ActualendingJanuary（andbeginningFebruary）inventorylevelis$32,200,asinventorylevelsaredrawndowntowarddesiredlevelof$24,000.
Scheduled:
DisbursementsforPurchases
100%ofpreviousmonth'spurchases$142,200$-$131,800
March31accountspayable$76,000
ExhibitI
WALLABYKITE
CashBudget
FortheThreeMonthsEndingMarch31,20X2
JanuaryFebruaryMarch
Cashbalance,beginning$20,000$20,400$138,767
Minimumcashbalancedesired20,00020,00020,000
（a）Availablecashbalance0400118,767
Cashreceiptsanddisbursements:
Collectionsfromcustomers
（Scheduleb）188,800252,400200,000
Paymentsformerchandise
（Scheduled）（142,200）-（131,800）
Rent（32,200）（1,000）（1,000）
Wagesandsalaries（60,000）（60,000）（60,000）
Miscellaneousexpenses（10,000）（10,000）（10,000）
Dividends（6,000）-
Purchaseoffixtures--（12,000）
（b）Netcashreceipts&disbursements$（61,600）$181,400$（14,800）
Excess（deficiency）ofcash
beforefinancing（a+b）$（61,600）$181,800$103,967
Financing:
Borrowing,atbeginningofperiod$62,000$-$-
Repayment,atendofperiod-（62,000）
Simpleinterest,10%monthly-（1,033）
（c）Totalcashincrease（decrease）
fromfinancing$62,000$（63,033）$-
（d）Cashbalance,end（beginning
balance+c+b）$20,400$138,767$123,967
ExhibitII
WALLABYKITE
BudgetedIncomeStatement
FortheThreeMonthsEndingMarch31,20X2
Sales（Schedulea）$680,000
Costofgoodssold（Schedulec）340,000
Grossmargin$340,000
Operatingexpenses:
Rent*$67,000
Wagesandsalaries180,000
Depreciation.3,000
Insurance1,500
Miscellaneous30,000281,500
Netincomefromoperations$58,500
Interestexpense1,033
Netincome$57,467
*（January-Marchsalesless$40,000）×.10plus3×$1,000
ExhibitIII
WALLABYKITE
BudgetedBalanceSheet
March31,20X2
Assets
Currentassets:
Cash（ExhibitI）$123,967
Accountsreceivable*88,800
Merchandiseinventory（Schedulec）24,000
Unexpiredinsurance4,500$241,267
Fixedassets,net:
$50,000+$12,000-$3,00059,000
Totalassets$300,267
LiabilitiesandStockholders'Equity
Liabilities:
Accountspayable（Scheduled）$76,000
Rentpayable.64,000
Dividendspayable6,000$146,000
Stockholders'equity**154,267
Totalliabilitiesandstockholders'equity.$300,267
*Februarysales（.10×$280,000）plusMarchsales（.40×$152,000）=$88,800
**Balance,December31,20X1$102,800
Add:
Netincome57,467
Total$160,267
Less:
Dividendspaid6,000
Balance,March31,20X2$154,267
7-1Budgeting1）providesanopportunityformanagerstoreevaluateexistingactivitiesandevaluatepossiblenewactivi
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