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Vlada [557]
3 years ago
5

Which of the following represents the normal sequence in which the below budgets are prepared? a. Sales budget, budgeted balance

sheet, budgeted income statement b. Budgeted balance sheet, sales budget, budgeted income statement c. Sales budget, budgeted income statement, budgeted balance sheet d. Budgeted income statement, sales budget, budgeted balance sheet
Business
1 answer:
zloy xaker [14]3 years ago
6 0

Answer:

c. Sales budget, budgeted income statement, budgeted balance sheet

Explanation:

First, we calculate the sales for the period. It would also calculatethe cash proceeds from sales, which will be useful for the balance sheet.

With that, we can plug sales revenue into the income statement and calcualte the net income.

And with the income statement, we can solve for retained earnings and build up the balance sheet. Among other data

Doing it in any other order, we are going to leave blanks and need to do the next one to fill them. In the proposed orde,r we do not need information from the subsequent budget to complete the previous one, which is good.

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High-Low Cost Estimation and Profit Planning Comparative 2007 and 2008 income statements for Dakota Products Inc. follow: DAKOTA
Vika [28.1K]

Answer:

(a)

5,500 units

(b)

6,125 units

Explanation:

First, we need to calculate the per unit selling price.

                        2007       2008

Unit sales        5,000      8,000

Sales revenue $60,000 $96,000

Selling Price    $12           $12

Now we need th separate the vairbale and fixed cost from total expense using high low method

Variable cost = ( Higher activity Expense - Lower activity Expense ) / ( Higher activity - Lower activity )

Variable cost = ( $76,000 - $64,000 ) / ( 8,000 units - 5,000 units )

Variable cost = $12,000 / 3,000 units = $4 per unit

Fixed cost = $76,000 - ( $4 x 8,000 units ) = $44,000

Contribution Margin = Selling Price - Variable cost = $12 - $4 = $8

(a)

Breakeven Point = Fixed Cost  / Contributin margin per unit

Breakeven Point = $44,000 / $8 = 5,500 units

(b)

Target sales = ( Fixed cost + Desired Profit ) / Contribution margin per unit

Target sales = ( $44,000 + $5,000 ) / $8 = 6,125 units

8 0
3 years ago
Winter Company earned revenues of​ $150,000 in cash and​ $200,000 on account during 2018. Of the​ $200,000 on​ account, $63,000
ICE Princess25 [194]

Answer:

$235,000

Explanation:

Under the accrual accounting system, expenses are recognized in the period incurred and not necessarily in the period cash is paid.

Revenue is also recognized in the period earned and not necessarily when cash is collected.

Total revenue in 2018 = $200,000 + $150,000

= $350,000

Net income is the difference between the revenue and expense

Net income in 2018 = $350,000 - $115,000

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3 years ago
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