Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
3) The company "Leader SA" presents its balance sheet at December 31, 2001 and calls for the preparation of the statement of for 2002:
BALANCE SHEET
At December 31, 2001 ASSETS CURRENT Cash Customers Finished Goods Inventory TOTAL CURRENT NO CURRENT Ground Building and Equipment Accumulated Depreciation TOTAL NON-CURRENT LIABILITIES SHORT TERM suppliers Notes payable
$ $ $ $
TOTAL ASSETS
100,000
It also provides the following information: 1) The sales budget is $ 90,000 budgeted Sales = $ 90,000
2)The materials budget required is equal to 25% of sales budget budgeted Sales = Required MP = Required MP = 3) The materials purchases budget is $ 32,000 $ 90,000 25% Ventas presupuestadas 22,500
Purchase Materials = 4)The work budget is equal to 30% of budgeted sales budgeted Sales = Labor = Labor =
32,000
5) The budget of indirect manufacturing costs is 10% higher than the labor budgeted Sales = Labor = Labor= $ 90,000 30% budgeted Sales 27,000 Indirect manufacturing costs = Indirect manufacturing costs = Indirect manufacturing costs =
6) The operating expense budget is $ 7000 Operating Expenses = Depreciation budgeted = Operating Expenses = $ $ 7,000 Con deprec $ 2,000 5,000 sin deprec
7) The desired ending inventory of finished goods is $ 4,600 Desired Ending Inventory of Finished Goods = $ 4,600
8) 85% of 2002 sales are charged in that period while 15% will be charged on the following collection: 2002 = 2003 = 85% 15% Sales Sales 2002 2003 90,000 $ 76,500 $ 13,500
budgeted Sales 9) The 2001 account customers will be charged in 2002 Account Customers 2001 = TOTAL
10) It will pay 80% of purchases of materials in 2002. The remaining 20% will be paid in the next period Payments: 2002 = 2003 = 80% 20% Purchase Materials Purchase Materials 2002 2003
Compra de Materiales
32,000 $
25,600 $
6,400
11)The budgeted depreciation is $ 2000 (corresponds to GIF) Depreciation budgeted = $ 12) It will borrow $ 15,000 short-term Short term loan = 13)They settled accounts payable 2001 pay Suppliers 2001 = $ $ 15,000 2,000
14) The minimum cash balance that must be maintained is $ 2000 Minimum cash balance = $ 2,000
STATEMENT
El Lder S.A
to December 31, 2002 Sales (-) Cost of Sales (=) Gross profit on sales (-) Operating Expenses (=) Operating Income $ $ $ $ $ 90,000 (79,600) 10,400 (7,000) 3,400
$ $ $ $ $ $ $ $ $
TOTAL ASSETS
105,600
SHEET
31, 2001
$ $ $
Obligations payable TOTAL LIABILITIES CAPITAL ACCOUNTANT Capital contributed TOTAL CAPITAL TOTAL LIABILITIES + HERITAGE
$ $
5,000 40,000
$ $ $ $
$ $
TOTAL $ 90,000
TOTAL
32,000
N 7.3
COST OF SALES BUDGETED Raw Material Used (+) Direct Labor (+) Manufacturing expenses (=)COST OF PRODUCTION (+) Opening Stock of Finished Goods (=) Finished Goods Available (-) Finished Goods Ending Inventory (=) COST OF SALES
BUDGETED
S.A
31, 2002 $ $ $ $ $ $ $ $ 22,500 27,000 29,700 79,200 5,000 84,200 (4,600) 79,600
MENT
S.A
31, 2002
BUDGET
S.A
31, 2002 2002 76,500 15,000 15,000 106,500
$ $ $ $
$ $ $ $ $ $ $ $
$ $ $
T BUDGETED
S.A
bre de 2002
$ $ $
Obligations payable TOTAL LIABILITIES CAPITAL ACCOUNTANT Capital contributed TOTAL CAPITAL TOTAL LIABILITIES + HERITAGE
$ $
5,000 42,200
$ $ $ $