Need some help with Budget Assignment?,Assignment needs to be done in Excel spreadsheet. Thanks.,When do you think you'll finish this assignment?,It is 5:15pm, will you finish by 6:00pm?,when you done, send me file ASAP really need it by 5:00pm tomorrow. 25th.,I can't get your respond. please review the assignmet agein. I did attached answer from another tutor for similar assignment. Attachment for the Greenville below. I need the same structure for the Ten Pin. Inc. The December 31, 2007, balance sheet of Greenville, Inc. is presented below: Greenville, Inc. Balance sheet December 31, 2007 Cash $ 5,000 Accounts Payable* $ 5,000 Accounts Receivable 2,000 Bonds Payable 20,000 Raw Materials (500 x $8) 4,000 Total Liabilities 25,000 Finished Goods (1,000 x $14) 14,000 Common Stock 5,000 Fixed Assets 25,000 Retained Earnings 15,000 Accumulated Depreciation (5,000) Total SE 20,000 Total Assets $ 45,000 Total Liabilities & SE $ 45,000 *($4,000 from raw materials purchases and $1,000 from electricity) Other Information: Greenville anticipates sales of products to occur as follows: Units 2008 1st Half 1,200 2008 2nd Half 1,400 2009 1st Half 1,800 2009 2nd Half 1,200 One-half of sales are cash sales. The other one-half are credit sales, which are collected in the following period. All items are sold for $24 each. Production costs per unit are as follows: Raw Materials $ 8.00 Direct Labor 2.00 Variable Overhead 1.00 Fixed Overhead ($4,000/2,500) 1.60 Total Unit Cost $ 12.60 ? Variable overhead represents electricity. Electricity costs are paid in the period following their use. ? Fixed overhead represents deprecation of fixed assets. All depreciation is a factory cost. Greenville?s fixed assets have a remaining life of 5 years. Greenville has adopted the policy for finished goods that at the end of any period, one-half of the next period?s needs should be on hand. There are 1,000 units of inventory on hand January 1, 2008. Each unit of finished goods requires one unit of raw materials, which cost $8 per unit. Greenville had adopted the policy that at the end of any period, all of the raw materials needed for the next period should be on hand. There are 500 units of raw materials on hand January 1, 2008. Raw materials are purchased on account, and are paid for in the period following purchase. Each unit produced requires one-quarter of labor at $8 per hour. Labor costs are paid in the cash as incurred. Each unit produced requires $1 of electricity. Electricity is paid in the period following its use. Fixed overhead represents depreciation of fixed assets, and is incurred at the rate of $2,000 per period (one-half year). Greenville?s sales and administrative costs are paid in cash as incurred. Sales and administrative costs are $3,000 per period (one-half year) fixed, plus $2 per unit sold. Required: Prepare a master budget for Greenville, Inc. for 2008 (broken down in 6 month increments). The master budget should include the following components: 1. Sales budget 2. Production budget 3. Direct materials purchases budget 4. Direct labor budget 5. Overhead budget 6. Selling and administrative expenses budget 7. Ending finished goods inventory budget/Cost of goods sold budget 8. Cash budget 9. Pro forma income statement for the year ending December 31, 2008. [Income taxes of $4,000 are paid in cash in the second half of 2008.] 10. Pro forma balance sheet as of December 31, 2008. ? For its cash budget, Greenville has adopted a minimum cash balance of $2,000. If excess/deficiency of cash exists, Greenville can borrow or repay in increments of $1,000. Interest of 5% per period is paid in cash in the period following the borrowing. ? One-half of Greenville?s bonds payable are due in the first half of 2008. ? Greenville?s bonds require $300 of interest expense. The expense is paid during the second half of 2008.
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