All categories

3 years ago

LO 7.3What is the process for developing a budgeted balance sheet?

Business

1 answer:

nasty-shy [4]3 years ago

5 0

Answer and explanation:

The budgeted balance sheet is an accounting report stating the current period's initial balance for each account according to the results of the previous period. After that, managers consider the investment and expenditure plans for the current period to schedule the company inflows and outflows. Finally, government policies are taken into consideration to find out how they can affect the company's projection in the short and long run.

You might be interested in

Smarton Company is in the process of preparing its budgeted income statement. It has determined its estimated gross margin to be

Oksanka [162]

Answer:

A) $48,000

Explanation:

$$$$Gross Margin$$$- S&A expenses$$$Equals to Operative Income$

Then:

$$$$Operative Income $$$- Interest Expense$$$Net Income$

Assuming there is no tax rate

$90,000 - 30,000 - 12,000 = 48,000$

48,000 would be the net income

3 0

3 years ago

On July 8, Alton Co. issued an $80,000, 6%, 120-day note payable to Seller Co. Assume that the fiscal year of Alton Co. ends Jul

shtirl [24]

Answer:

$306.67

Explanation:

The accrued interest is of 23 days which must be accounted for in the books of accounts.

The interest for 120 days = $80,000 * 6% * 120 / 360 = $1600

Now we will find interest for 23 days (July 31 MINUS 8 July).

Interest for 23 days = $1600 * 23 / 120 = $306.67

So the interest that has accrued at the end of the year is of 23 days and is $306.67.

8 0

3 years ago

Fact Pattern: Management discovers that a supervisor at one of its restaurant locations removes excess cash and resets sales tot

sasho [114]

Answer: The accounting for customer food checks by the supervisor.

An unfitting classification of responsibilities existed because the supervisor was accountable for accounting for customer food checks and depositing acknowledgment and had the quality to set POS totals .

Therefore, the correct option is (a)

3 0

3 years ago

What are some potential consequences of families having inadequate savings?

soldier1979 [14.2K]

Https://www.wsws.org/en/articles/2013/06/26/payc-j26.html

this websight should help

6 0

3 years ago

A recent college graduate has job offers for a sales position in two computer firms. Job A pays $45,000 per year plus 15% commis

otez555 [7]

Answer:

For the salesman to more lucrative, the yearly business should be greater than $142857.1429.

Explanation:

let $x be the yearly business that the salesman must do

35,000 + 22%x > 45,000 + 15%x

7x/100 > 10000

7x > 1,000,000

x > $142857.1429

Therefore, for the salesman to more lucrative, the yearly business should be greater than $142857.1429.

4 0

3 years ago