亨格瑞管理会计15版-7-10章答案

Copyright©2011PearsonEducation1CHAPTER7COVERAGEOFLEARNINGOBJECTIVESCHAPTER7IntroductiontoBudgetsandPreparingtheMasterBudget7-A1(60-90min.)1.ExhibitIRAPIDBUYELECTRONICS,INC.MallofAmericaStoreBudgetedIncomeStatementFortheThreeMonthsEndingAugust31,20X8Sales$300,000Costofgoodssold(.62×$300,000)186,000Grossprofit$114,000Operatingexpenses:Salaries,wages,commissions$60,000Otherexpenses12,000Depreciation1,500Rent,taxesandotherfixedexpenses33,000106,500Incomefromoperations.$7,500Interestexpense*1,338Netincome$6,162*Seeschedulegforcalculationofinterest.Copyright©2011PearsonEducation2ExhibitIIRAPIDBUYELECTRONICS,INC.MallofAmericaStoreCashBudgetFortheThreeMonthsEndingAugust31,20X8JuneJulyAugustBeginningcashbalance$5,800$5,600$5,079Minimumcashbalancedesired5,0005,0005,000(a)Availablecashbalance$800$600$79Cashreceipts&disbursements:Collectionsfromcustomers(scheduleb)$75,200$121,400$90,800Paymentsformerchandise(scheduled)(86,800)(49,600)(49,600)Fixtures(purchasedinMay)(11,000)--Paymentsforoperatingexpenses(schedulef)(44,600)(30,200)(30,200)(b)Netcashreceipts&disbursements$(67,200)$41,600$11,000Excess(deficiency)ofcashbeforefinancing(a+b)(66,400)42,20011,079Financing: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(beginningbalance+b+c)$5,600$5,079$5,862*SeeschedulegCopyright©2011PearsonEducation3ExhibitIIIRAPIDBUYELECTRONICS,INC.MallofAmericaStoreBudgetedBalanceSheetAugust31,20X8AssetsLiabilitiesandOwners’EquityCash(ExhibitII)$5,862Accountspayable$37,200Accountsreceivable*86,400Notespayable16,000**Merchandiseinventory37,200Totalcurrentliabilities$53,200Totalcurrentassets$129,462Netfixedassets:Owners'equity:$33,600less$102,200plusnetdepreciationof$1,50032,100incomeof$6,162108,362Totalassets$161,562Totalequities$161,562*Julysales,20%×90%×$80,000$14,400Augustsales,100%×90%×$80,00072,000Accountsreceivable$86,400**SeeschedulegJuneJulyAugustTotalSchedulea:SalesBudgetCreditsales(90%)$126,000$72,000$72,000$270,000Cashsales(10%)14,0008,0008,00030,000Totalsales(toExhibitI)$140,000$80,000$80,000$300,000Scheduleb:CashCollectionsJuneJulyAugustCashsales$14,000$8,000$8,000Onaccountsreceivablefrom:Aprilsales10,800--Maysales50,40012,600-Junesales-100,80025,200Julysales--57,600Totalcollections(toExhibitII)$75,200$121,400$90,800Schedulec:PurchasesBudgetMayJuneJulyAugustDesiredpurchases:62%×nextmonth'ssales$86,800$49,600$49,600$37,200Scheduled:DisbursementsforPurchasesJuneJulyAugustLastmonth'spurchases(toExhibitII)$86,800$49,600$49,600OtherrequireditemsrelatedtopurchasesCopyright©2011PearsonEducation4Accountspayable,August31,2008(62%×Septembersales-toExhibitIII)$37,200Costofgoodssold(toExhibitI)$86,800$49,600$49,600Schedulee:OperatingExpenseBudgetJuneJulyAugustTotalSalaries,wages,commissions$28,000$16,000$16,000$60,000OtherVariableexpenses5,6003,2003,20012,000Fixedexpenses11,00011,00011,00033,000Depreciation5005005001,500Totaloperatingexpenses$45,100$30,700$30,700$106,500Schedulef:PaymentsforOperatingExpensesJuneJulyAugustVariableexpenses$33,600$19,200$19,200Fixedexpenses11,00011,00011,000Totalpaymentsforoperatingexpenses$44,600$30,200$30,200Scheduleg:InterestcalculationsJuneJulyAugustBeginningbalance$67,000$67,558$26,000Monthlyinterestexpense@10%558563217Endingbalancebeforerepayment$67,55868,12126,217Principalrepayment(fromstatementofreceiptsanddisbursements)(41,000)(10,000)Interestpayment(1,121)(217)Endingbalance$26,000$16,0002.Thisisanexampleoftheclassicshort-term,self-liquidatingloan.Theneedforsuchaloanoftenarisesbecauseoftheseasonalnatureofabusiness.Thebasicsourceofcashisproceedsfromsalestocustomers.Intimesofpeaksales,thereisalagbetweenthesaleandthecollectionofthecash,yetthepayrollandsuppliersmustbepaidincashrightaway.Whenthecashiscollected,itinturnmaybeusedtorepaytheloan.Theamountoftheloanandthetimingoftherepaymentareheavilydependentonthecredittermsthatpertaintoboththepurchasingandsellingfunctionsofthebusiness.Copyright©2011PearsonEducation57-25Akeytoemployeeacceptanceofabudgetisparticipation.Budgetscreatedwiththeactiveparticipationofallaffectedemployeesaregenerallymoreeffectivethanbudgetsimposedonsubordinates.Ifabudgetistohelpdirectfutureactivities,employeesmustacceptthebudget.Acceptancemeansbelievingthatthebudgetreflectsadesiredfuturepathfortheorganization.Ifamanagerhasbeenaparticipantindeterminingthefuturepath–thatis,helpeddevelopthebudget–heorsheismorelikelytoacceptitasadesirableobjective.7-36(20-25min.)ThecollectionsfromMarchsalesareabittricky.NotethatthereceivablebalancefromMarchsalesatMarch31is$450,000;therefore,fourfifths(because40/50willbecollectedinApriland10/50willbecollectedinMay)willbereceivedinApril.MERRILLNEWSANDGIFTSBudgetedStatementofCashReceiptsandDisbursementsFortheMonthEndingApril30,20X7Cashbalance,March31,20X7$100,000Addreceipts,collectionsfromcustomers:FromAprilsales,1/2×$1,000,000$500,000FromMarchsales,4/5×$450,000360,000FromFebruarysales80,000940,000Totalcasha