Preparing Master Budget And Financial Statement Homework Help
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1.Comment on the various ways that financial statement information is presented in this article on Nokia.
Research Assignment Different presentation formats
The August 10, 1998, issue of BusinessWeek includes the article “Nokia” (p. 54). Read this article and complete the following requirements.
a. Comment on the various ways that financial statement information is presented in this article.
b. Does the article focus on horizontal or vertical analysis? Explain why you think the article chose the focus you have identified.
c. Provide some examples of information presented in absolute dollar amounts and in percentages. Explain why a reader may be interested in data that are presented in both absolute and percentage values.
2.Ellen Crawley owns a small restaurant in New York City. Ms. Crawley provided her accountant with the following summary information regarding expectations for the month of June. The balance in accounts receivable as of May 31 is $55,000. Budgeted cash and credit sales for June are $105,000 and $525,000, respectively. Credit sales are made through Visa and MasterCard and are collected rapidly. Ninety percent of credit sales is collected in the month of sale, and the remainder is collected in the following month. Ms. Crawley’s suppliers do not extend credit. Consequently, she pays suppliers on the last day of the month. Cash payments for June are expected to be $640,000. Ms. Crawley has a line of credit that enables the restaurant to borrow funds on demand; however, they must be borrowed on the last day of the month. Interest is paid in cash also on the last day of the month. Ms. Crawley desires to maintain a $30,000 cash balance before the interest payment. Her annual interest rate is 9 percent.
Disregard any credit card fees.
a. Compute the amount of funds Ms. Crawley needs to borrow for June, assuming that the beginning cash balance is zero.
b. Determine the amount of interest expense the restaurant will report on the June pro forma income statement.
c. What amount will the restaurant report as interest expense on the July pro forma income statement?
3.Resha Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2009. The company president formed a planning committee to prepare a master budget for the first three months of operation. He assigned you, the budget coordinator, the following tasks.
a. October sales are estimated to be $120,000 of which 40 percent will be cash and 60 percent will be credit. The company expects sales to increase at the rate of 25 percent per month. Prepare a sales budget.
b. The company expects to collect 100 percent of the accounts receivable generated by credit sales in the month following the sale. Prepare a schedule of cash receipts.
c. The cost of goods sold is 60 percent of sales. The company desires to maintain a minimum ending inventory equal to 10 percent of the next month’s cost of goods sold. Ending inventory at December 31 is expected to be $12,000. Assume that all purchases are made on account. Prepare an inventory purchases budget.
d. The company pays 70 percent of accounts payable in the month of purchase and the remaining 30 percent in the following month. Prepare a cash payments budget for inventory purchases.
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e. Budgeted selling and administrative expenses per month follow.
|Salary expense (fixed)||$18,000|
|Sales commissions||5 percent of Sales|
|Supplies expense||2 percent of Sales|
|Depreciation on store equipment (fixed)*||$4,000|
Use this information to prepare a selling and administrative expenses budget.
f. Utilities and sales commissions are paid the month after they are incurred; all other expenses are paid in the month in which they are incurred. Prepare a cash payments budget for selling and administrative expenses.
g. Resha borrows funds, in increments of $1,000, and repays them on the last day of the month. The company also pays its vendors on the last day of the month. It pays interest of 1 percent per month in cash on the last day of the month. To be prudent, the company desires to maintain a $12,000 cash cushion. Prepare a cash budget.
h. Prepare a pro forma income statement for the quarter.
i. Prepare a pro forma balance sheet at the end of the quarter.
j. Prepare a pro forma statement of cash flows for the quarter.
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