company's CEO has a meeting with the sales manager to discuss plans to close the gap between the forecast and the original budgeted sales for the nex at is this process an example of? edback control activity-based budget ling budget -forward control
Q: High-Low Method; Scattergraph Analysis The following data below relates to units shipped and total…
A: Scattergraph Method is a method by which the mixed costs are separated into fixed costs and variable…
Q: What was the favourable yield variance for the Opop for June? Select... Gelect... 25 40 5 2
A: $725 was the favorable yield variance for the Opop for June.
Q: On July 1, Job 46 had a beginning balance of $1,235. During July, prime costs added to the job…
A: A cost sheet is a method of allocation of the total cost of the product into different categories.…
Q: The accounting records of Calvin Architects include the following selected, unadjusted balances at…
A: Balance of office supplies account is $ 600 And given that office supplies in hand is $100 So…
Q: Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The…
A: Common Stock: The ownership stake in a company that is represented by securities known as common…
Q: Financial statement analysis The financial statements for Nike, Inc., are presented in Appendix D at…
A: Ratios are those financial instrument which states the line items in ratio form and it is easily…
Q: Work in process, beginning.............Php 40,000 Costs added to production.........Php280,000 Costs…
A: The transfer in costs are accumulated costs that belong to beginning work in process.
Q: The incorporation of a partnership is one cause of its dissolution. O True False
A:
Q: 1. Of the cafeteria plans listed, which is NOT a voluntary nontaxable deduction? Answer: A.…
A: * As per Bartleby policy, if multiple different questions are asked then answer first only.…
Q: May and Jun are partners with profit and loss ratio of 55:45 and capital balances of ₱530,000 and…
A:
Q: Who of the following is an activity-based pricing limitation? Each important action accumulates…
A: Activity based pricing is method where cost is allocated basis the cost drivers. ABC systems…
Q: Suppose the credit terms offered to your firm by your suppliers are 2/10, net 30 days. Out of…
A: Credit terms 2/10, net 30 means customer will get a discount of 2%, if payment is made within 10…
Q: Cash balance per bank $4,500 Outstanding checks $200 Deposits in transit $1,000 Credit memo for…
A: Introduction: Bank reconciliation statement: To reconcile the differences between cash and pass book…
Q: cs Ltd is considering a proposed investment to manufacture medical equipment for a large-scale…
A: Terminal after tax cash flow is the cash flow of the final when project need to be terminated and…
Q: 4/3 Paid the Gazette $200 to place an employment advertisement for an accounting clerk.
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…
Q: ears? :An engineer deposits $ 1000 in an account. If the bank pays interest rate of 6% per year.…
A: Simple Interest: It is the amount which is given by the borrower to lender at agreed rate of…
Q: Computers VG Systems Total Sales $700,000 $300,000 $1,000,000 Variable costs 420,000 210,000 630,000…
A:
Q: 4/2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining…
A: >Journal entries are recorded when a financial transaction takes place. >It’s the second…
Q: Purchase of machine Momay Ltd ordered a new machine on 20 September 2021 and paid a deposit of…
A: Placing an order for machine on 22 September does not attract VAT Provisions. So question of…
Q: Received rent from ruck in 2019 $87,000 Municipal bond income $111,000 Depreciation for tax purposes…
A: Any payment individual receives or company that is used to determine tax liability is considered…
Q: FOREIGN CURRENCY FINANCIAL ASSETS International reserves Deposits with foreign banks Other cash…
A: Investment refers to the assets which are invested in order to build the wealth as well as save…
Q: Prepare income statement Particulars Sales Purchases Salaries Ali Mamat Enterprise Trial Balance as…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: 5" Journal entry 1 March Olga started the business with $30,000 in cash 2 March Bought goods for…
A: Journal entries are record of business transactions of a company in a particular format by following…
Q: Caves Beach Tiles is reviewing a capital investment proposal. The initial cost of the project and…
A: Introduction: The average cost of buying your existing inventory is the initial cost of adding your…
Q: Age Interval Not due 1-30 days past due Est. Percentage Uncollectible Balance $63,000 2% 7,100 5%
A: Formula: Estimated Uncollectible amount = Balance amount x Estimated percentage uncollectible.…
Q: How to journalize entries from accounting for sales with frieght transaction
A: The journal entry is a way of recording business transactions. It is the event when business…
Q: The Request for Taxpayer Identification Number and Certification is also known as Form _____.…
A: Since the questions asked are different,As per our guidelines ,we are allowed to answer only first…
Q: PART 2: MULTIPLE CHOICE QUESTIONS (QUALITATIVE QUESTIONS) . Please choose the correct one 1.…
A: Managerial accounting, sometimes known as managerial accounting, is a type of accounting that…
Q: Famous detergents 2019 income statement showed pretax accounting income of 1,500,000. To compute…
A: Deferred tax can be future tax liability or asset for an organisation with respect to differences…
Q: 5" Journal entry 1 March Olga started the business with $30,000 in cash 2 March Bought goods for…
A: Journal entries record list of transactions of the business during its course of normal operations…
Q: 2, 3) produces and sells custom parts for power The company uses a costing system based on actual…
A: Absorption costing is used according to GAAP requirement whereas variable costing system if used for…
Q: 37)At Dec 31, Michael Corp has the following bank information: Cash balance per bank $4,500…
A: Adjusted cash balance is the amount of money that we should have in our bank account on a particular…
Q: ployer's share and employee share. 10% for SSS, 3% for Philhealth, 1% for Pag-ibig contribution.…
A: Contribution from the salary income of the Factory employees: For SSS, Philhealth and Pag-ibig…
Q: Lewis Corporation is considering switching from FIFO to LIFO to reduce its income tax expense.…
A: FIFO Method- The FIFO method of costing presupposes that assets with old costs are reflected in the…
Q: Northwood Company manufactures basketballs. The company has a ball that sells for $25. At present,…
A: Solution 1-a: Sales Price 25 Less: Variable cost per unit 15 Contribution Margin per unit 10…
Q: Prepare journal entry for delivery of equipment. A leading vegetable organic farm named Fresh…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: Otingo Equipment Co. wants to prepare interim financial statements for the first quarter. The…
A: Working notes Net sales = Sales - Sales returns = $3,760,260 - $79,300 = $3,680,960 Gross profit…
Q: Can experts help me do this question , thanks. Via Vineyards grows grapes which are then sold on to…
A: Particulars Debit/Credit Amount ($) Amount ($) Being $25,000 spent on fertilisers…
Q: 1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year Ended December…
A: Income statement is one of the form of income statement which shows all incomes and all expenses of…
Q: What is meant by Not-for-profit accounting?
A: Accounting represents the system of maintaining records of day-to-day business operations of an…
Q: A company maintains its non-current assets at cost. Accumulated provision for depreciation accounts…
A: Depreciation is being charged in order to reduce value of fixed assets over the period of time. This…
Q: 1. An individual has year-to-date earnings prior to the current period of $168,500, earns $3,600…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: IV. (27%) Linton Ltd. purchased 70 Horner AG 9%, 10-year, €1,000 bonds on January 1, 2022, for…
A: In simple terms, a bond is loan from an investor to a borrower such as a company or government. The…
Q: SECA stands for _____. Answer: A. Self-Employment Contributions Act B.…
A: Note: As per the Policy, We’ll answer the first question since the exact one wasn’t specified.…
Q: tems. Item Quantity List Price Per Unit (RM) Tire 12 370 Battery 15 210 Sport Rim ? 140 The…
A: Trade Discount and Cash Discount: Trade discount is the discount which given on the list price or…
Q: Which of the following is not a source of international economic law?
A: You have asked various question and among the questions there are business law questions as well…
Q: Eryn Ltd is a forestry company that owns a plantation forest of silver firs trees. Typically, silver…
A: Earnings before interest and taxes is the net operating income less the operating expenses including…
Q: Net program expense is a measure of the extent to which a program is self-financing (versus needs…
A: A statement of activities states the reporting of the expenses and revenue of the nonprofit…
Q: Question 4 a) Auditors are regulated by professional bodies and should follow recognized auditing…
A: (Since you have posted multiple questions, we will solve the first question for you. For the…
Q: Big Co. would like to buy Small Co. for a 30% control premium. Currently Big Co.’s stock price is…
A: EPS stands for "Earning per share" and the formula of the same is EPS=Total Earnings/Outstanding…
Step by step
Solved in 2 steps
- Moses Moonrocks Inc. has developed a balanced scorecard with a measure map that suggests that the number of erroneous shipments has a direct effect on operating profit. The company estimates that every shipment error leads to a reduction of revenue by 3,000 and increased costs of about 2,000. If the company has the following budgeted sales and costs for next month (without accounting for any possible shipping errors), determine how many shipping errors the company can afford to have and still break even:How does the budgeting process translate long-term goals into operating objectives? Suppose Framecraft has an Information Processing Division that provides database management services for the professional photographers and artists who buy its frames. The division uses state-of-the-art equipment and employs five information specialists. Each specialist works an average of 160 hours a month. The division’s controller has com piled the following information: Actual Data for Past Year Forecasted Data for This Year November December January February March Client billings (sales) $25,000 $35,000 $25,000 $20,000 $40,000 Selling and administrative expenses 12,000 13,000 12,000 11,000 12,500 Operating supplies 2,500 3,500 2,500 2,500 4,000 Processing overhead 3,200 3,500 3,000 2,500 3,500 Of the client billings, 60 percent are cash sales collected during the month of sale, 30 per cent are collected in the first month following the sale, and 10 percent are collected in the second month…Assume that you manage one store in a chain of sporting goods retailers. Each month, your store is evaluated by comparing actual operating results to budgeted results. During December of the current year, your store's sales were up 25% from sales projected on the budget. As a result of this increase in sales, would you expect any other items to come in over (or under) their budgeted amounts? If so, list the items and describe why they would vary from the budget.
- arrow_forward Question .(iii) To help achieve the budgeted sales for the year, Sampson is about to introduce bonuses for itssales staff. The bonuses will be an increasing percentage of the gross sales made, by eachsalesperson, above certain monthly targets.(iv) The company is using a new general ledger software package. The financial controller is impressedwith the new system, because management accounts are easily produced and allow detailedcomparisons with budgets and prior-period figures across product lines and geographical areas.The conversion to the new system occurred with a minimum of fuss. As it is a popular computerpackage, it required only minor modifications.(v) As part of the conversion, the position of systems administrator was created. This position isresponsible for all systems maintenance, including data backups and modifications. These taskswere the responsibility of the accountant.Required:For each of the scenarios above, explain how the components of…The College of Business at Northeast College is accumulating data as a first step in the preparation of next year's budget development. One cost that is being looked at closely is administrative costs as a function of student credit hours. Data on administrative costs and credit hours for the past thirteen months are shown below: Month July August September October November December January February March April May June July Total Average Multiple R R Square Adjusted R Square Standard Error Observations ANOVA Administrative Costs $ 130, 151 Regression Residual Total 83,293 226,090 216,734 258,433 185,299 219,817 245, 510 209,802 192,095 250,828 171,098 128,677 $ 2,517,827 $ 193,679 SUMMARY OUTPUT Regression Statistics The controller's office has analyzed the data and has given you the results from the regression analysis: Credit Hours df 1 11 12 1,100 557 1,834 1,442 1,751 1,554 1,781 1,815 1,506 1,565 1,802 862 757 18,326 1,410 0.9169697 0.840833374 0.826363681 22,082.14006 13 SS…Cloie Boel, financial manager of Swimwear, Inc., is currently forecasting the company's a needs for the first half of next year. Swimwear's sales are highly seasonal, with most of its s occurring in the spring, just prior to the summer swimming season. The firm's marketing purtment forecasts sales as follows: Chapter 7 Business Planning and Short-Term Budgetary Systems November P 50,000 April May June July P925,000 725,000 475,000 300,000 December 75,000 300,000 la January February March 400,000 550,000 000 S 000 a Collection estimates obtained from the credit and collection departments aré as follows 20% of peso sales will be collected in the month of sale; 60% will be collected the mon following the sale; and 20% will be collected two months following the sale. Wages and materials costs related to production, and hence to sales. The production
- You have just been hired into a management position which requires the application of your budgeting skills. You find out that budgeting has not been a priority of the company. You have contacted various areas on the organization and have accumulated the information below to assist you in preparing a comprehensive budget. Manufacturing Inc. produces a part used in the production of engines. Actual Sales and Projected sales in units: March (Actual) 38,000 April 40,000 May 42,000 June 45,000 July 44,000 Sales are the following type: 51% Cash sales collected in month of sale 49% Credit sales collected in the following month of sale…he marketing department of XYZ Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account): Activity Cost Pool (Activity Measure) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted unit sales 9000 10000 11000 12000 The selling price of the company’s product is $19.00 per unit. Management expects to collect 75% of sales in the quarter in which the sales are made, 20% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $65,800. The company expects to start the first quarter with 1,350 units in finished goods inventory. Management desires an ending finished goods inventory in each quarter equal to 15% of the next quarter’s budgeted sales. The desired ending finished goods inventory for the fourth quarter is 1,900 units. Required:1. Calculate the estimated sales…Mungus Coffee has recently recruited you to assist them with the financial aspect of their business. One component of your job is prepare budgets. The Income Statement for last year is presented below and you are required to create a Proforma Income Statement for July 31st 2021 using the fixed variable method. The company expects Sales to increase by 5%. Mungus Coffee Income Statement For the period July 31st 2020 Sales 126,000 Less Cost of Goods Sold 54,000 (variable) Gross Profit 72,000 Less Operating Expenses: Marketing Expense 28,400 (6000 variable and 22,400 fixed) General and Admin. Expense 8,600 (3000 variable and 5,600 fixed) Total Operting Expense 37,000 Operating Income 35,000 Less Interest Expense 1,800 (fixed)…
- Hi, can explain to me step by step? TQ Squillace Corporation uses customers served as its measure of activity. During October, the company budgeted for 38,000 customers, but actually served 35,000 customers. The company has provided the following data concerning the formulas used in its budgeting and its actual results for October:A manager is preparing a revenue budget for next month. The following is the manager’s current month actual operating results. ACTUAL OPERATING RESULTS CURRENT MONTH Revenue Source Number of Guests Average Sale per Guest Sales Restaurant 3492 $20.50 $71,586 Lounge 515 $12.00 $ 6,180 Banquet room 388 $28.50 $11,058 Total 4395 $20.21 $88,824 Create the revenue forecast for next month based on the following assumptions. Restaurant guest counts will be 3,600 with an average sale per guest of $21.00. Lounge guests to be served are estimated at 525 with a 10 percent increase in average sale per guest. The banquet room will serve 425 customers and generate $12,750 in sales. NEXT MONTH BUDGET Revenue Source Number of Guests Average Sale per Guest Sales Restaurant 3,600.00 ? ? Lounge ? ? ? Banquet room ? ? ? Total ? ? ? What will be the manager’s revenue forecast for next month?…Regal Furnitures produces and sells high-quality reading tables. One of the very popular models in the reading table lineup is RT360. The management accountant of the company is in the process of preparing its Selling and Administrative Expense Budget for the first quarter of the year. The following budget data are available: Assume that all of these expenses (except depreciation) are paid in cash in the month they are incurred. Answer the following questions:a) If Regal Furnitures has budgeted to sell 19,000 RT360 tables in January, then what will be the total budgeted selling and administrative expenses for January?b) If the company has budgeted to sell 16,000 RT360 tables in February, then what will be the budgeted total cash disbursements for selling and administrative expenses for February?c) If the budgeted total cash disbursements for selling and administrative expenses for March total Tk. 459,200, then how many RT360 table does the company plan to sell in March?