亨格瑞管理会计英文第15版练习答案07解析

CHAPTER 7 COVERAGE OF LEARNING OBJECTIVES

Introduction to Budgets and Preparing the Master Budget

7-A1 (60-90 min.)

1. Exhibit I

RAPIDBUY ELECTRONICS, INC.

Mall of America Store

Budgeted Income Statement

For the Three Months Ending August 31, 20X8

Sales $300,000 Cost of goods sold (.62 × $300,000) 186,000 Gross profit $114,000 Operating expenses:

Salaries, wages, commissions $60,000

Other expenses 12,000

Depreciation 1,500

Rent, taxes and other fixed expenses 33,000 106,500 Income from operations. $ 7,500 Interest expense* 1,338 Net income $ 6,162 * See schedule g for calculation of interest.

RAPIDBUY ELECTRONICS, INC.

Mall of America Store

Cash Budget

For the Three Months Ending August 31, 20X8

June July August Beginning cash balance $ 5,800 $ 5,600 $ 5,079 Minimum cash balance desired 5,000 5,000 5,000 (a) Available cash balance $ 800 $ 600 $ 79

Cash receipts & disbursements:

Collections from customers

(schedule b) $ 75,200 $121,400 $ 90,800 Payments for merchandise

(schedule d) (86,800) (49,600) (49,600) Fixtures (purchased in May) (11,000) - - Payments for operating

expenses (schedule f) (44,600) (30,200) (30,200) (b) Net cash receipts & disbursements $(67,200) $ 41,600 $ 11,000

Excess (deficiency) of cash before

financing (a + b) (66,400) 42,200 11,079 Financing:

Borrowing, at beginning of period $ 67,000 $ - $ - Repayment, at end of period - (41,000) (10,000) Interest, 10% per annum - (1,121)* (217)* (c) Total cash increase (decrease)

from financing $ 67,000 $(42,121) $(10,217) (d) Ending cash balance (beginning

balance + b + c) $ 5,600 $ 5,079 $ 5,862 * See schedule g

RAPIDBUY ELECTRONICS, INC.

Mall of America Store

Budgeted Balance Sheet

August 31, 20X8

Assets Liabilities and Owners’ Equity

Cash (Exhibit II) $ 5,862 Accounts payable $ 37,200 Accounts receivable* 86,400 Notes payable 16,000** Merchandise inventory 37,200 Total current liabilities $ 53,200 Total current assets $129,462

Net fixed assets: Owners' equity:

$33,600 less $102,200 plus net

depreciation of $1,500 32,100 income of $6,162 108,362 Total assets $161,562 Total equities $161,562 *July sales, 20% × 90% × $80,000 $ 14,400

August sales, 100% × 90% × $80,000 72,000

Accounts receivable $86,400

** See schedule g

June July August Total Schedule a: Sales Budget

Credit sales (90%) $126,000 $72,000 $72,000 $270,000

Cash sales (10%) 14,000 8,000 8,000 30,000

Total sales (to Exhibit I) $140,000 $80,000 $80,000 $300,000 Schedule b: Cash Collections

June July August

Cash sales $ 14,000 $ 8,000 $ 8,000

On accounts receivable from:

April sales 10,800 - -

May sales 50,400 12,600 -

June sales - 100,800 25,200

July sales - - 57,600

Total collections (to Exhibit II) $75,200 $121,400 $90,800 Schedule c: Purchases Budget May June July August Desired purchases:

62% × next month's sales $86,800 $49,600 $49,600 $37,200 Schedule d: Disbursements for PurchasesJune July August

Last month's purchases (to Exhibit II) $86,800 $49,600 $49,600