29 Jun Question Week Four Assignment
Question
Week Four Assignment
Please complete the following 3 exercises below in either Excel or a word document (but must be single document). You must show your work where appropriate (leaving the calculations within Excel cells is acceptable). Save the document, and submit it in the appropriate week using the Assignment Submission button.
1. Comprehensive budgeting
The balance sheet of Williams Company as of December 31, 20X8, follows.
WILLIAMS COMPANY
Balance Sheet
December 31, 12X8
Assets
Cash
Accounts receivable
Finished goods (575 units x $7.00)
Direct materials (2,760 units x $0.50)
Plant & equipment
Less: Accumulated depreciation
Total assets
Liabilities & Stockholders’ Equity
Accounts payable to suppliers
Common stock
Retained earnings
Total liabilities &. stockholders’ equity
$4,595
10,000
4,025
1,380
$50,000
10,000
40,000
$60,000
$14,000
$25,000
21,000
46,000
$60,000
The following information has been extracted from the firm’s accounting records:
1. All sales are made on account at $20 per unit. Sixty percent of the sales are collected in the month of sale;
the remaining 40% are collected in the following month. Forecasted sales for the first five months of
20X9 are: January, 1,600 units,- February, 1,700 units; March, 1,900 units; April, 2,100 units; May, 2,200
units.
2. Management wants to maintain the finished goods inventory at 30% of the following month’s sales.
3. Williams uses four units of direct material in each finished unit. The direct material price has been stable
and is expected to remain so over the next six months. Management wants to maintain the ending direct
materials inventory at 60% of the following month’s production needs.
4. Seventy percent of all purchases are paid in the month of purchase; the remaining 30% are paid in the
subsequent month.
5. Williams’ product requires 30 minutes of direct labor time. Each hour of direct labor costs $9.
B
Instructions:
a. Rounding computations to the nearest dollar, prepare the following for January through March:
1) Sales budget
2) Schedule of cash collections
3) Production budget
4) Direct material purchases budget
5) Schedule of cash disbursements for material purchases
6) Direct labor budget
b. Determine the balances in the following accounts as of March 31:
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