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charter oak acc102 week 10 test part 1

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Question;?;4.4117 out of 4.4117 points;1. The benefits of;budgeting include all of the following except;Answer;?;Question 2;4.4117 out;of 4.4117 points;2. When budgeted amounts are set at reasonable;and achievable levels;Answer;?;Question 3;4.4117 out;of 4.4117 points;3. What is the starting point in the preparation;of the master budget?;Answer;?;Question 4;4.4117 out;of 4.4117 points;4. Which of the following is considered an;operating budget estimate?;Answer;?;Question 5;4.4117 out;of 4.4117 points;5. The production schedule in units;Answer;?;Question 6;4.4117 out;of 4.4117 points;6. Preparation of a budgeted income statement;does not require;Answer;?;Question 7;4.4117 out;of 4.4117 points;7. In a cash budget, the budgeted level of cash;receipts depends on all of the following except;Answer;?;Question 8;4.4117 out;of 4.4117 points;8. A flexible budget is one that;Answer;?;Question 9;4.4117 out;of 4.4117 points;Use the following to answer questions 9-10;The following information is from the;manufacturing budget and budgeted financial statements of Taylor Corp.;Direct;materials inventory, 1/1...............................................;$ 82,000;Direct;materials inventory, 12/31............................................;98,000;Direct;materials budgeted for use during year.........................;340,000;Accounts;payable to suppliers, 1/1.........................................;50,000;Accounts;payable to suppliers, 12/31......................................;60,000;9. Refer to the information above. For the year;budgeted purchases of direct materials amounted to;Answer;?;Question 10;4.4117 out;of 4.4117 points;10. Refer to the information above. For the year;budgeted cash payments to suppliers amounted to;Answer;?;Question 11;4.4117 out;of 4.4117 points;11. Goldcoast Corporation has budgeted a total of;$356,800 in costs and expenses for the upcoming quarter. Of this amount;$40,000 represents depreciation expense and $6,800 represents the expiration;of prepayments. Goldcoast's current payables balance is $260,000 at the;beginning of the quarter. Budgeted payments on current payables for the;quarter amount to $365,000. The company's estimated current payables balance;at the end of the quarter is;Answer;?;Question 12;4.4117 out;of 4.4117 points;Use the following to answer questions 12-14;On October 1 of the current year, Winston;Corporation prepared a cash budget for October, November, and December. All;of Winston's sales are made on account. The following information was used in;preparing estimated cash collections;August;sales (actual)...........................................................;$45,000;September;sales (actual)......................................................;55,000;October;sales (estimated).....................................................;25,000;November;sales (estimated)..................................................;75,000;December;sales (estimated)..................................................;65,000;Approximately 60% of all sales are collected in;the month of the sale, 30% is collected in the following month, and 10% is;collected in the month thereafter.;12. Refer to the information above. Budgeted;collections from customers in October total;Answer;?;Question 13;4.4117 out;of 4.4117 points;13. Refer to the information above. Budgeted;collections from customers in November total;Answer;?;Question 14;4.4117 out;of 4.4117 points;14. Refer to the information above. Budgeted;collections from customers in December total;Answer;?;Question 15;4.4117 out;of 4.4117 points;Use the following to answer questions 15-17;Monroe Promotions, Inc. sells T-shirts decorated;for a variety of concert performers. The company has developed the following;budget for the coming year based on a sales forecast of 80,000 T-shirts;Sales.............................................................................;$1,200,000;Cost;of Goods Sold........................................................;720,000;Gross;Profit...................................................................;480,000;Operating;Expenses ($100,000 is fixed)...........................;316,000;Operating;Income..........................................................;164,000;Income;Taxes (30% of operating income).......................;49,200;Net;Income...................................................................;$ 114,800;Cost of goods sold and variable operating;expenses vary directly with sales, and the income tax rate is 30% at all;levels of operating income.;If the concert season is slow due to poor;weather, Monroe/>/> estimates that sales could fall to as low as 60,000;T-shirts.;15. Refer to the information above. In a flexible;budget for sales of 60,000 T-shirts, how much would Monroe/>/> budget;for operating expenses?;Answer;?;Question 16;4.4117 out;of 4.4117 points;16. Refer to the information above. What unit;cost did Monroe/>/> use in budgeting the cost of goods sold for the;year?;Answer;?;Question 17;4.4117 out;of 4.4117 points;17. Refer to the information above. Assume;Monroe/>/> actually achieves the 60,000 unit sales level, and that net;income actually earned at this level was $70,000. A performance report would;indicate that net income was;Answer

 

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