Public Manufacturing Company (PMC) is preparing their budgeted financial statements for the coming year, and has accumulated the following data: Beginning-of-period balances: Cash $40,000 Accounts Receivable $50,000 Raw Materials Inventory $14,000 Work-in-Process Inventory $160,000 Finished Goods Inventory $6,000 Equipment (historical value) $200,000 Accumulated Depreciation $130,000 Accounts Payable $62,000 Estimates for end-of-period balances: Accounts Receivable $55,000 Raw Materials Inventory $10,000 Work-in-Process Inventory $120,000 Finished Goods Inventory $5,000 Accumulated Depreciation $124,000 Accounts Payable $50,000 Budgeted activity levels for the period: Sales 12,000 units @ a sales price of $300/unit Purchases of Direct Materials $500,000 Direct Labor Wages $340,000 Manufacturing Overhead $1,400,000 Selling and Administrative Expenses $1,300,000 What is the budgeted cash received from customers?

Public Manufacturing Company (PMC) is preparing their budgeted financial statements for the coming year, and has accumulated the following data: Beginning-of-period balances: Cash $40,000 Accounts Receivable $50,000 Raw Materials Inventory $14,000 Work-in-Process Inventory $160,000 Finished Goods Inventory $6,000 Equipment (historical value) $200,000 Accumulated Depreciation $130,000 Accounts Payable $62,000 Estimates for end-of-period balances: Accounts Receivable $55,000 Raw Materials Inventory $10,000 Work-in-Process Inventory $120,000 Finished Goods Inventory $5,000 Accumulated Depreciation $124,000 Accounts Payable $50,000 Budgeted activity levels for the period: Sales 12,000 units @ a sales price of $300/unit Purchases of Direct Materials $500,000 Direct Labor Wages $340,000 Manufacturing Overhead $1,400,000 Selling and Administrative Expenses $1,300,000 What is the budgeted cash received from customers?

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 1BE: At the beginning of the period, the Fabricating Department budgeted direct labor of 72,000 and...

See similar textbooks

Similar questions

Forest Trails is preparing their budgeted financial statements for the coming period, and has accumulated the following data: Beginning-of-period balances: Cash: $13,500 Accounts Receivable: $54,000 Raw Materials Inventory: $16,000 Work in Process Inventory: $60,000 Finished Goods Inventory: $24,000 Equipment (historical value): $480,000 Accumulated Depreciation: $288,000 Accounts Payable: $27,000 Estimates for end-of-period balances: Accounts Receivable: $67,500 Raw Materials Inventory: $10,000 Work in Process Inventory: $50,000 Finished Goods Inventory: $29,000 Accumulated Depreciation: $296,000 Accounts Payable: $18,000 Budgeted activity levels for the period: Sales: 3,125 units, at an average sales price of $80/unit Purchases of Direct Materials: $44,800 Direct Labor Wages: $75,000 Manufacturing Overhead: $25,000 Selling and Administrative Expenses: $42,000 All sales are on account. Only raw materials are purchased on account. The company has no debt aside from current liabilities.…
Forest Trails is preparing their budgeted financial statements for the coming period, and has accumulated the following data: Beginning-of-period balances: Cash: $18,900 Accounts Receivable: $75,600 Raw Materials Inventory: $22,400 Work in Process Inventory: $84,000 Finished Goods Inventory: $33,600 Equipment (historical value): $672,000 Accumulated Depreciation: $403,200 Accounts Payable: $37,800 Estimates for end-of-period balances: Accounts Receivable: $94,500 Raw Materials Inventory: $14,000 Work in Process Inventory: $70,000 Finished Goods Inventory: $4 0,600 Accumulated Depreciation: $414,400 Accounts Payable: $25,200 Budgeted activity levels for the period: Sales: 3,12 5 units, at an average sales price of $112 per unit Purchases of Direct Materials: $62,720 Direct Labor Wages: $105,000 Manufacturing Overhead: $35,000 Selling and Administrative Expenses: $58,800 All sales are on account. Only raw materials are purchased on account. The company has no debt aside from current…
Forest Trails is preparing their budgeted financial statements for the coming period, and has accumulated the following data: Beginning of - period balances: Cash: $18,900 Accounts Receivable: $75, 600 Raw Materials Inventory: $22,400 Work in Process Inventory: $84,000 Finished Goods Inventory: $33, 600 Equipment (historical value): $672,000 Accumulated Depreciation: $403, 200 Accounts Payable: $37,800 Estimates for end-of-period balances: Accounts Receivable: $94, 500 Raw Materials Inventory: $14,000 Work in Process Inventory: $70,000 Finished Goods Inventory: $ 40,600 Accumulated Depreciation: $414,400 Accounts Payable: $25,200 Budgeted activity levels for the period: Sales: 3,125 units, at an average sales price of $112 per unit Purchases of Direct Materials: $62, 720 Direct Labor Wages: $ 105,000 Manufacturing Overhead: $35,000 Selling and Administrative Expenses: $58,800 All sales are on account. Only raw materials are purchased on account. The company has no debt aside from…
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash ? Accounts receivable $ 9,700 Supplies inventory $ 3,800 Equipment $ 42,000 Accumulated depreciation $ 17,000 Accounts payable $ 3,400 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $33,000, net income is budgeted to be $16,900, and dividends are budgeted to be $3,500. Required: Prepare the company’s budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash ? Accounts receivable $ 10,100 Supplies inventory $ 4,600 Equipment $ 44,000 Accumulated depreciation $ 17,800 Accounts payable $ 3,800 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300. Prepare the company’s budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Valley Trails is preparing the Cash Budget for the upcoming period, and is concerned about their ability to meet their financial obligations in the short term. Following is information relating to Valley’s financial performance: Beginning-of-period balances:Accounts Receivable: $135,000Accounts Payable: $67,500Accumulated Factory Depreciation: $720,000Cash: $33,750 Estimates for end-of-period balances:Accounts Receivable: $168,750Accounts Payable: $45,000Accumulated Factory Depreciation: $740,000 Budgeted activity levels for the period:Sales: $625,000Purchases of Direct Materials: $112,000Direct Labor Wages: $187,500Manufacturing Overhead: $62,500Selling and Administrative Expenses: $105,000 Except for purchases of direct materials, all expenses are paid as incurred. What is the budgeted ending cash balance for the period? Select one: a. None of these options are correct. b. $223,000 c. $191,750 d. $175,500 e. $155,500
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash ? Accounts receivable $ 8,400 Supplies inventory $ 4,500 Equipment $ 35,500 Accumulated depreciation $ 14,400 Accounts payable $ 2,100 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $31,000, net income is budgeted to be $15,100, and dividends are budgeted to be $5,000.
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year. Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Common stock Retained earnings Ending Balances $ ? 8,300 $ 3,200 $ 35,000 $14,200 $ 2,000 $ 5,000 7 The beginning balance of retained earnings was $30,000, net Income is budgeted to be $13,900, and dividends are budgeted to be $3,100. Required: Prepare the company's budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.) Mecca Copy Budgeted Balance Sheet Current assets: Assets Total current assets Plant and equipment Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity
Assume that a merchandising company provided the following beginning and ending budgeted balance sheets for a forthcoming month: Beginning Balances Ending Balances Cash $30,000 $38,000 Accounts Receivable $13,000 $16,000 Inventory $20,000 $18,000 Buildings and equipment $100,000 $100,000 Accumulated depreciation (25,000) (30,000) Total Assets From above: 138,000 $142,000 Accounts payable $4,000 $5,000 Common stock $60,000 $60,000 Retained earnings $74,000 $ 77,000 Total liabilities and stockholders' equity $138,000 $142,000 Assume that all of the company's sales are on account and it has no uncollectible accounts. If the cash collected from customers during the period is $120,000, then how much sales must be shown on the company's budgeted income statement?
Domino Consulting, budgeted overhead and other expenses as follows for the year ended December 31, 2023: Overhead: Rent $ 25,000 Repairs 10,000 Fuel 35,000 Maintenance 15,750 Supplies 6,100 Heat and light 20,250 Depreciation-computer 9,400 Miscellaneous 6,000 Depreciation-building 18,000 Depreciation-equipment…
Roaring Brook Company’s total selling and administrative expenses for the fourth quarter are budgeted at $60,000, which include depreciation of $8,000 and cash disbursements of $52,000. What amount of selling and administrative expenses should be reported on the company’s budgeted income statement for the fourth quarter? a)$60,000 b)$44,000 c)$68,000 d)$52,000
shown below are the totals from 2018 period budgets. Revenue badget P 100,000 Materials usage from production budget 15,000 Labor cost budget 20,000 Manufacturing overhead budget 20,000 General and administrative budget 30,000 Capital Expenditure budget 20,000 Work in progress inventories Beginning of 2018 10,000 End of 2018 5,000 Finished goods inventory Beginning of 2018 15,000 End of 2018 10,000 Tax Rate 40% 1. prepared a forecasts income statement for the year.

SEE MORE QUESTIONS

Recommended textbooks for you

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

Managerial Accounting

Accounting

ISBN:

9781337912020

Author:

Carl Warren, Ph.d. Cma William B. Tayler

Publisher:

South-Western College Pub

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Beginning-of-period balances:
Cash	$40,000
Accounts Receivable	$50,000
Raw Materials Inventory	$14,000
Work-in-Process Inventory	$160,000
Finished Goods Inventory	$6,000
Equipment (historical value)	$200,000
Accumulated Depreciation	$130,000
Accounts Payable	$62,000

Estimates for end-of-period balances:
Accounts Receivable	$55,000
Raw Materials Inventory	$10,000
Work-in-Process Inventory	$120,000
Finished Goods Inventory	$5,000
Accumulated Depreciation	$124,000
Accounts Payable	$50,000

Budgeted activity levels for the period:
Sales	12,000 units @ a sales price of $300/unit
Purchases of Direct Materials	$500,000
Direct Labor Wages	$340,000
Manufacturing Overhead	$1,400,000
Selling and Administrative Expenses	$1,300,000