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
FUNDAMENTALASSIGNMENTMATERIAL
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:
Useaspreadsheet
41,42
todevelopabudget（Appendix7）.
CHAPTER7
IntroductiontoBudgetsandPreparingtheMasterBudget
7-A1（60-90min.）
1.ExhibitI
RAPIDBUYELECTRONICS,INC.
MallofAmericaStore
BudgetedIncomeStatement
FortheThreeMonthsEndingAugust31,20X8
Sales
$300,000
Costofgoodssold（.62x$300,000）
186,000
Grossprofit
$114,000
Operatingexpenses:
Salaries,wages,commissions
$60,000
Otherexpenses
12,000
Depreciation
1,500
Rent,taxesandotherfixedexpenses
33,000
106,500
Incomefromoperations.
$7,500
Interestexpense*
1,338
Netincome
$6,162
Seeschedulegforcalculationofinterest.
ExhibitII
RAPIDBUYELECTRONICS,INC.
MallofAmericaStore
CashBudget
FortheThreeMonthsEndingAugust31,20X8
June
July
August
Beginningcashbalanee
$5,800
$5,600
$5,079
Minimumcashbalaneedesired
5,000
5,000
5,000
（a）Availablecashbalanee
$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）
42,200
11,079
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）Endingcashbalanee（beginning
balanee+b+c）
$5,600
$5,079
$5,862
Seescheduleg
ExhibitIII
RAPIDBUYELECTRONICS,INC.MallofAmericaStoreBudgetedBalaneeSheet
Assets
August31,20X8
Cash（ExhibitII）
$5,862
Accountspayable
$37,200
Accountsreceivable*
86,400
Notespayable
16,000**
Merchandiseinventory
37,200
Totalcurrentliabilities
$53,200
Totalcurrentassets
$129,462
Netfixedassets:
Owners'equity:
$33,600less
$102,200plusnet
depreciationof$1,500
32,100
incomeof$6,162
108,362
Totalassets
$161,562
Totalequities
$161,562
*Julysales,20%x
90%x$80,000
$14,400
Augustsales,100%
x90%x$80,000
72,000
Accountsreceivable
$86,400
**Seescheduleg
LiabilitiesandOwnersEquity
JulyAugustTotal
$72,000$270,000
8,00030,000
$80,000$300,000
Desiredpurchases:
62%xnextmonth'ssales$86,800
$49,600
$49,600
$37,200
Scheduled:
DisbursementsforPurchases
June
July
August
Lastmonth'spurchases（toExhibitII）
$86,800
$49,600
$49,600
Otherrequireditemsrelatedtopurchases
Accountspayable,August31,2008
（62%xSeptembersales-toExhibitIII）Costofgoodssold（toExhibitI）
$86,800
$49,600
$37,200
$49,600
Schedulee:
OperatingExpenseBudget
June
July
August
Total
Salaries,wages,commissions
$28,000
$16,000
$16,000
$60,000
OtherVariableexpenses
5,600
3,200
3,200
12,000
Fixedexpenses
11,000
11,000
11,000
33,000
Depreciation
500
500
500
1,500
Totaloperatingexpenses
$45,100
$30,700
$30,700
$106,500
Schedulef:
PaymentsforOperatingExpenses
June
July
August
Variableexpenses
$33,600
$19,200
$19,200
Fixedexpenses
11,000
11,000
11,000
Totalpaymentsforoperatingexpenses
$44,600
$30,200
$30,200
Scheduleg:
Interestcalculations
June
July
August
Beginningbalanee
$67,000
$67,558
$26,000
Monthlyinterestexpense@10%
558
563
217
Endingbalaneebeforerepayment
$67,558
68,121
26,217
Principalrepayment（from
statementofreceiptsanddisbursements）
（41,000）
（10,000）
Interestpayment
（1,121）
（217）
Endingbalanee
$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.Thecashbudgetandbalaneesheetclearlyshowthebenefitsofmovingtojust-in-timepurchasing（thoughthetransitionwouldrarelybeaccomplishedaseasilyasthisexamplesuggests）.However,thecompanywouldbenobetteroffifitleftmuchofitscapitaltiedupincash--ithasmerelysubstitutedoneassetforanother.Ataminimum,theexcesscashshouldbeinaninterestbearingaccount--theinterestearnedorforgoneisoneofthecostsofinventory.
$156,200
50,000
$24,000
124,000
$24,000$24,000
140,00076,000
$206,200
64,000
$148,000
156,200
$164,000$100,000
32,20024,000
$142,200$
-
$131,800$76,000
DecemberJanuaryFebruaryMarch
Schedulec:
PurchasesBudget
ExhibitI
WALLABYKITE
CashBudget
FortheThreeMonthsEndingMarch31,20X2
JanuaryFebruaryMarch
Cashbalanee,beginning
$20,000
$20,400
$138,767
Minimumcashbalaneedesired
20,000
20,000
20,000
（a）
Availablecashbalanee
0
400
118,767
Cashreceiptsanddisbursements:
Collectionsfromcustomers（Scheduleb）
Paymentsformerchandise
188,800
252,400
200,000
（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
Purchaseoffixtures
（6,000）
-
（12,000）
（b）
Netcashreceipts&disbursementsExcess（deficiency）ofcash
$（61,600）
$181,400
$（14,800）
beforefinancing（a+b）
Financing:
$（61,600）
$181,800
$103,967
Borrowing,atbeginningofperiod
$62,000$
-$-
Repayment,atendofperiod
-
（62,000）
Simpleinterest,10%monthly
-
（1,033）
（c）
Totalcashincrease（decrease）
fromfinancing
$62,000
$（63,033）$
-
（d）
Cashbalanee,end（beginning
balanee+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
Wagesandsalaries
180,000
Depreciation.
3,000
Insuranee
1,500
Miscellaneous
30,000
281,500
Netincomefromoperations
$58,500
Interestexpense
1,033
Netincome
$57,467
*（January-Marchsalesless$4
0,000）x.10plus3
x$1,000
Exhibit山WALLABYKITE
BudgetedBalaneeSheet
March31,20X2
Assets
Currentassets:
Totalliabilitiesandstockholders'equity.
*Februarysales（.10x$280,000）plusMarchsales（.40x$152,000）$88,800
**Balanee,December31,20X1$102,800
Add:
Netincome57,467
Total$160,267
Less:
Dividendspaid6,000
Balanee,March31,20X2$154,267
7-1Budgeting1）providesanopportunityformanagerstoreevaluateexistingactivitiesandevaluatepossiblenewactivities,2）compels
managerstothinkaheadbyformalizingtheirresponsibilitiesforplanning,3）aidsmanagersincommunicatingobjectivestounitsandcoordinatingactionsacrosstheorganization,and4）provides
benchmarkstoevaluatesubsequentperformanee.
7-2Budgetingisprimarilyattentiondirectingbecauseithelps
managerstofocusonoperatingorfinancialproblemsearlyenoughforeffectiveplanningoraction.
7-3Strategicplanningcoversnospecifictimeperiod,isquitegeneral,andoftenisnotbuiltaroundfinancialstatements.Long-rangeplanningusuallyhasa5-or10-yearhorizonandconsistsoffinancialstatementswithoutmuchdetail.Budgetingusuallyhasahorizonofoneyearorless,andconsistsoffinancialstatementswithmuchdetail.
7-4Continuousbudgetsaddamonth（orquarter）inthefutureasthe
month（orquarter）justendedisdropped.Therefore,thecontinuousbudgetprovidesacontinuallyupdatedbudgetlookingtwelvemonthsahead.Whenthenewmonth（orquarter）isadded,thebudgetfortheremainderofthecurrentyearmayalsoberevised.Whencompaniesrevisethebudgetsfortheremainderofthecurrentyear,theyusuallycomparesubsequentresultstotheoriginalbudget（afixedtarget）inaddit
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