亨格瑞管理会计英文第15版练习答案07.doc

亨格瑞管理会计英文第15版练习答案07.doc

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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

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

Beginningcashbalance $5,800 $5,600 $5,079

Minimumcashbalancedesired 5,000 5,000 5,000

（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） 42,200 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）Endingcashbalance（beginning

balance+b+c） $5,600 $5,079 $5,862

*Seescheduleg

ExhibitIII

RAPIDBUYELECTRONICS,INC.

MallofAmericaStore

BudgetedBalanceSheet

August31,20X8

Assets LiabilitiesandOwners’Equity

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%×90%×$80,000 $14,400

Augustsales,100%×90%×$80,000 72,000

Accountsreceivable $86,400

**Seescheduleg

June July August Total

Schedulea:

SalesBudget

Creditsales（90%） $126,000 $72,000 $72,000 $270,000

Cashsales（10%） 14,000 8,000 8,000 30,000

Totalsales（toExhibitI） $140,000 $80,000 $80,000 $300,000

Scheduleb:

CashCollections

June July August

Cashsales $14,000 $8,000 $8,000

Onaccountsreceivablefrom:

Aprilsales 10,800 - -

Maysales 50,400 12,600 -

Junesales - 100,800 25,200

Julysales - - 57,600

Totalcollections（toExhibitII） $75,200 $121,400 $90,800

Schedulec:

PurchasesBudget May June July August

Desiredpurchases:

62%×nextmonth'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%×Septembersales-toExhibitIII） $37,200

Costofgoodssold（toExhibitI） $86,800 $49,600 $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

Beginningbalance $67,000 $67,558 $26,000

Monthlyinterestexpense@10% 558 563 217

Endingbalancebeforerepayment $67,558 68,121 26,217

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:

SalesBudget January February March

Totalsales（100%oncredit） $248,000 $280,000 $152,000

Scheduleb:

CashCollections

60%ofcurrentmonth'ssales $148,800 $168,000 $91,200

30%ofpreviousmonth'ssales 30,000 74,400 84,000

10%ofsecondpreviousmonth'ssales 10,000 10,000 24,800

Totalcollections $188,800 $252,400 $200,000

December January February March

Schedulec:

PurchasesBudget

Desiredendinginventory $156,200 $24,000* $24,000 $24,000

Costofgoodssold 50,000 124,000 140,000 76,000

Totalneeded $206,200 $148,000 $164,000 $100,000

Beginninginventory 64,000 156,200 32,200 24,000

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 $76,000ExhibitI

WALLABYKITE

CashBudget

FortheThreeMonthsEndingMarch31,20X2

January February March

Cashbalance,beginning $20,000 $20,400 $138,767

Minimumcashbalancedesired 20,000 20,000 20,000

（a） Availablecashbalance 0 400 118,767

Cashreceiptsanddisbursements:

Collectionsfromcustomers

（Scheduleb） 188,800 252,400 200,000

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

Wagesandsalaries 180,000

Depreciation. 3,000

Insurance 1,500

Miscellaneous 30,000 281,500

Netincomefromoperations $58,500

Interestexpense 1,033

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

Unexpiredinsurance