06 Dec A1234BCDFText: Excel Applications for Accounting P
A1234BCDFText: Excel Applications for Accounting Principals 4ePage: 196To receive full credit, please complete the spreadsheet template. Completing all book excercises is not required.BIGBUDThree-Month Master Budget567891011121314Thorny Corp.Balance Sheet, December 31CashAccounts receivableRaw materialsFinished goodsLandPlant and equipmentLess: accumulated depreciation15Total assets$41,700192,000102,24064,40050,000$500,000112,000388,000$838,34016Accounts payable to suppliersCommon StockRetained Earnings20Total liabilities and equity171819$40,000$100,000698,3402122232425262728293031323334EBudgeted Gizmo sales in unitsJanuaryFebruaryMarchAprilMaySelling priceCollections from customersCollected in month of saleCollected the following monthDesired finished goods inventory(% of next month’s unit sales)7,0008,00010,0008,0007,000$6040%60%20%798,340$838,340GAB3536373839404142434445464748495051525354555657585960Desired raw material inventory(% of next month’s production needs)Raw material units needed to produce one GizmoWhatHuhBeginning inventory units & costGizmoWhatHuhPurchasesPaid in the month of purchasePaid in the subsequent month61Sales of Gizmos (units)Direct labor time to produce one GizmoCost of direct laborFactory overheadSelling and administrative expensesEFG25%531,40018,00010,800$46.00$4.00$2.8070%30%$10,000 fixed10% variable$12,000 per yearPlant and equipment depreciationThorny Corp.Sales BudgetJanuarySales of Gizmos (dollars)6465666768D0.5 hours$24 per hour$12 per direct labor hr.6263CThorny Corp.Production BudgetFebruaryMarchTotalScratch PadAprilMay8,0007,000AGizmosEstimated sales (units)Desired ending inventoryTotal units neededLess beginning inventory74 Production needed6970717273BCDEFGJanuaryFebruaryMarchTotalAprilMay75767778798081828384Thorny Corp.Raw Materials Purchases BudgetWhatJanuaryFebruaryMarchTotalAprilJanuaryFebruaryMarchTotalAprilJanuaryFebruaryMarchTotalProduction needsDesired ending inventorySubtotalLess beginning inventory85 Purchases required86HuhProduction needsDesired ending inventorySubtotalLess beginning inventory92 Purchases required878889909193Purchase costsWhatHuh97 Purchases required9495969899100101102Thorny Corp.Cash BudgetA103104105106107108109110111112113114115116BCDEJanuaryFebruaryMarchTotalCost/RateTotalCostMarchTotalSales collectionsPrevious monthCurrent monthTotal collectionsDisbursementsPrevious month purchasesCurrent month purchasesDirect laborFactory overheadSelling & administrativeTotal disbursementsChange in cashBeginning balance117 Ending balance118119120121122123124125126127128129Thorny Corp.Budgeted Product Cost for the QuarterQuantityRaw materialsWhatHuhDirect laborFactory overhead130 Budgeted cost to produce one Gizmo5 units3 units0.5 hours0.5 hours131132133134135136Thorny Corp.Budgeted Income StatementJanuaryFebruaryFGABCDFebruaryMarchSalesCost of salesGross profitSelling & administrative141 Net income137138139140142143144145146147148149150151152153154CashAccounts receivableRaw materialsFinished goodsLandPlant & equipmentAccumulated depreciation155 Total Assets156Accounts payableCommon stockRetained earnings160 Total Liabillities157158159161Thorny Corp.Budgeted Balance SheetJanuaryEFG
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