Managerial Accounting Budget Preparation Case Study Homework Help
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You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash.
Since you are well trained in budgeting, you have decided to prepare comprehensive budgets for the upcoming second quarter in order to show management the benefits that can be gained from an integrated budgeting program. To this end, you have worked with accounting and other areas to gather the following information assembled.
The company sells many styles of earrings, but all are sold for the same price, $10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings)
The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month.
Suppliers are paid $4 for a pair of earrings. One-half of a month’s purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit, with no discount, and payable within 15 days. The company has found, however, that only 20% of a month’s sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible.
Monthly operating expenses for the company follow
|Sales commissions||4% of sales|
Insurance is paid on an annual basis, in November of each year.
The company plans to purchase $16,000 in new equipment during May and $40,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $15,000 each quarter, payable in the first table month of the following quarter.
A listing of the company’s ledger accounts as of March 31 is given below
|Accounts receivable($26,000 February Sales,$320,000 March Sales)||346,000|
|Property and equipment(net)||950,000|
|Liabilities and Shareholders’ Equity|
|Accounts payable||$ 100,000|
|Total liabilities and shareholders’ equity||$1,495,000|
Part of the use of the budgeting program will be to establish an ongoing line of credit at a local bank. Therefore, determine the borrowing that will be needed to maintain a minimum cash balance of $50,000. All borrowing will be done at the beginning of a month; any repayments will be made at the end of a month.
The annual interest rate will be 12%. Interest will be computed and paid at the end of each quarter on all loans outstanding during the quarter. Compute interest on whole months (1/12, 2/12, and so forth).
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1.Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets
a. A sales budget, by month and in total.
b. A schedule of expected cash collections from sales, by month and in total.
c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total.
d. A schedule of expected cash disbursements for merchandise purchases, by month and in total.
2. A cash budget. Show the budget by month and in total.
3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach.
4. A budgeted balance sheet as of June 30.
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