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Alenkasestr [34]
3 years ago
5

Brainard Corporation's budgeted sales for the upcoming quarter are $400,000. Its supporting budgets and schedules show a beginni

ng finished goods inventory of $15,000, budgeted cost of goods manufactured of $185,000, and a projected ending finished goods inventory of $25,000. Its selling and administrative budget projects expenses of $148,000, its budgeted interest expense is $7,000, and its tax rate averages 40%. 1. The company's budgeted gross profit for the upcoming quarter is $ . 2. The company's budgeted income before taxes for the upcoming quarter is $ . 3. The company's budgeted income taxes for the upcoming quarter are $ . 4. The company's budgeted net income for the upcoming quarter is $ .
Business
1 answer:
Paul [167]3 years ago
3 0

Answer:

Brainard Corporation

1. The company's budgeted gross profit for the upcoming quarter is $225,000.

2. The company's budgeted income before taxes for the upcoming quarter is $70,000.

3. The company's budgeted income taxes for the upcoming quarter are $28,000.

4. The company's budgeted net income for the upcoming quarter is $42,000.

Explanation:

a) Data and Calculations:

Budgeted Income Statement for the quarter:

Budgeted sales                                       $400,000

Cost of goods sold:

Beginning inventory                $15,000

Cost of goods manufactured  185,000

Cost of goods available       $200,000

less Ending inventory               25,000    175,000

Gross profit                                            $225,000

Selling and administrative    $148,000

Interest expense                        7,000    155,000

Income before tax                                   $70,000

Income taxes (40%)                                   28,000

Net income                                              $42,000

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Over [174]

Answer:

$187,584.20

Explanation:

Firstly, we need to calculate the total future value (FV) of the bond account and stock account after 10 year from now (when you come to retirement age):

FV_bond at retirement = 169,000 x (1 + 7.25%)^10 + 7,100 x (1 + 7.25%)^9 + 7,100 x (1 + 7.25%)^8 + … 7,100 x (1 + 7.25%)^0 = 426,230.93

FV_stock at retirement = 609,000 x (1 + 10.75%)^10 = 1,690,653.63

Total FV of your investment portfolio = 2,116,884.57

Because you plan to use up all the funds in your account after 21 equal amount withdrawals after retirement, total present value <em>(at the time you retire not now)</em> of these withdrawals <em>(discounted at 6.5%)</em> have to be equal to the value of your invesment 10 years from now, or:

2,116,884.57 = C/(1+6.5%) + C/(1+6.5%)^2 + … + C/(1+6.5%)^21, with C is the amount you plan to withdraw each year.

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5 0
3 years ago
A partial listing of costs incurred during March at Febbo Corporation appears below: Factory supplies $ 9,000 Administrative wag
Anika [276]

Answer:

$ 68,000

Explanation:

The total manufacturing overhead costs should include the following heads:

Factory Supplies                                           $    9,000

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(E). local and national norms

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8 0
3 years ago
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