23 Jun Question 6. Define “Rolling Budgets.”
Question 6. Define “Rolling Budgets.”
Rolling budgets are continually updated by periodically adding a new incremental time period and dropping the period just completed. These budget types are oftentimes referred to as continuous budgets.
Question 7. Big Bobs Discount Appliances expects sales of $5,000, $5,000, and $10,000 during April, May, and June (big sale in June). To build business, Big Bob lets all customers buy on credit, and all do so. In the past, 50% of Big Bobs sales have been collected during the month of sale, 40% are collected the following month, and 10% the month after that. If this trend continues, What will be Big Bobs total cash collections in the month of June?
Question 8. Little Louies expects to have $100 in cash on hand at the beginning of June, and the companys target cash balance is $100. Net cash flow for June is minus $300. Assuming that Little Louies borrows to meet short term cash needs and pays back as soon as surplus cash is available, what will be the companys ending cash balance after financing at the end of June?
Question 9. Ma & Pa Kettles Chili Company has begun selling a new chili recipe and they want you to help them with next years budgeted financial statements. Using the worksheet below, complete Ma & Pas forecast and answer the questions which follow.
Assumptions:
To begin with, Ma & Pa are sure sales will grow 50% next year. Assume that is true. Then assume that COGS, Current Assets, and Current Liabilities all vary directly with Sales (that means if sales grows a certain percentage, then the account in question will grow by that same percentage). Assume that fixed expenses will remain unchanged and that $1,000 worth of new Fixed Assets will be obtained next year. Lastly, t
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