23.6 – Elements of the Budget Identify the budgets in Column B from which dollar amounts are transferred directly in constructing the budgets listed in Column A: 1. Budgeted income statement a. Direct materials budget 2. Budgeted balance sheet b. Cost of goods sold budget 3. Cash flow budget c. Production budget 4. Cost of goods sold budget d. Payables budget 5. Production budget e. Sales budget 6. f. Budgeted income statement 1. Budgeted income statement – e. Sales budget 2. Budgeted balance sheet
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Problem P9-1A Zelmer Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2012. 1. Sales: Quarter 1 28‚000 bags; Quarter 2 42‚000 bags. Selling price is $60.00 per bag. 2. Direct materials: Each bag of Snare requires 4 pounds of Gumm at a cost of $4.00 per pound and 6 pounds of Tarr at $1.50 per pound. 3. Desired inventory levels:
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companies means these companies with effective budgetary control and distribute the amount of budget to the necessary section could decrease the amount of expenditure in the company and also increase the amount of profit. In today’s world the Planning and control are major activities of management in all organizations. Budgets are central to the process of planning and control. The involvement with budgets places the management accountant as a key player in the provision of management information
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investments to accomplish its strategic goal and objectives. These external factors may include competition‚ ethical‚ legally and technical changes happening around the world which also includes economic and political environment. PESTLE PESTLE analysis (political‚ economic‚ socio-cultural‚ technological‚ legal and environmental) describes a framework of macro-environmental factors used in the environmental scanning component of strategic management. It is a strategic tool for understanding market
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Curbing Graft and Corruption A DBM Job That Goes Beyond Budgeting Itself By: John E. Lansangan Department of Budget and Management With the financial crisis slowly creeping out itself from the Asian economic landscape‚ many countries in Asia have realized how crucial the policy and structural reforms that they laid down in the past two decades were. Many weaknesses were exposed ranging from governmental to economic‚ financial to political‚ and social to moral. One area that has been
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worked time‚ how does the firm bill their clients properly? What about future audits for the same company? If underreporting your worked hours brings you under budget‚ then the managers will expect the same in the future. So the managers do not receive all the information that they need to make a proper decision and a realistic budget. Then you are just making it tougher for yourself in the future. In the case of Lauren Hutchison‚ I believe she did behave unethically. She has made it look
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in under budget Con: Skipping audit steps can lead to inaccurate audit decisions. Misstatements could go unnoticed leading to an inaccurate audit opinion. This alternative also raises a serious ethical issue with serious consequences for the auditors. * Eating time Pro: “Eating time” will mean a lot of extra “off-line” work for Brent‚ but he will come in under budget and he may be as a true asset to the company. Con: “Eating time” will create inaccurate and tighter budgets in the future
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hours being cut at job all of clients do still come in but they come in for a cheaper price like during specials week and the holidays. Since most females tend to be the ones to do most of the household finances they will always fit it in the family budget why? Because‚ it’s their down time away from being a mom‚ worker‚ wife etc… so no matter what happens in the world or how it may or may not change women will always dish out the money they need to get friend died and laid to the side.
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Final Assessment Question 1 Carey Manufacturing‚ Inc.‚ is considering reorganizing its plant into manufacturing cells. The following estimates have been prepared to evaluate the benefits from the reorganization: Before the change After the change Total annual sales $ 700‚000 $850‚000 Costs as percentage of sales: Direct materials 10% 9% Direct labor 6% 4% Support costs 9% 7% Work-in -process inventory $200‚000 $120‚000 Inventory carrying costs are estimated
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Company does not have explicit problems‚ it has a number of weaknesses in its systems. First is in the style of their budget preparation. Their sales budget preparation had little flexibility when it was already approved before the start of the year and were already fixed objectives. This kind of system has an advantage of pushing its managers to strive and meet the objective budgets. However‚ it is a disadvantage when there are unforeseen relevant costs that are inevitable and must be incurred during
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