亨格瑞管理会计英文第15版练习答案07

查尔斯亨格瑞管理会计英文版第15版北京大学出版社练习答案07

CHAPTER 7

COVERAGE OF LEARNING OBJECTIVES

查尔斯亨格瑞管理会计英文版第15版北京大学出版社练习答案07

CHAPTER 7

Introduction to Budgets and Preparing the Master Budget

1.

Exhibit I

RAPIDBUY ELECTRONICS, INC.

Mall of America Store Budgeted Income Statement

For the Three Months Ending August 31, 20X8

Sales

Cost of goods sold (.62 × $300,000) Gross profit

Operating expenses:

Salaries, wages, commissions $60,000 Other expenses 12,000 Depreciation

1,500 Rent, taxes and other fixed expenses Income from operations. Interest expense* Net income

* See schedule g for calculation of interest.

$300,000 $114,000

$ 7,500

查尔斯亨格瑞管理会计英文版第15版北京大学出版社练习答案07

RAPIDBUY ELECTRONICS, INC.

Mall of America Store

Cash Budget

For the Three Months Ending August 31, 20X8

Beginning cash balance

$ 5,800 $ 5,600 Minimum cash balance desired (a) Available cash balance

Cash receipts & disbursements: Collections from customers (schedule b)

$ 75,200 $121,400 Payments for merchandise (schedule d)

(86,800) (49,600) Fixtures (purchased in May) (11,000) - Payments for operating expenses (schedule f) (b) Net cash receipts & disbursements

$(67,200) $ 41,600 Excess (deficiency) of cash before financing (a + b) Financing:

Borrowing, at beginning of period $ 67,000

$ - Repayment, at end of period - (41,000)

Interest, 10% per annum (c) Total cash increase (decrease) from financing

(d) Ending cash balance (beginning balance + b + c)

* See schedule g

$ 5,079

$ 90,800 (49,600)

- $ 11,000

$ - (10,000)

查尔斯亨格瑞管理会计英文版第15版北京大学出版社练习答案07

RAPIDBUY ELECTRONICS, INC.

Mall of America Store Budgeted Balance Sheet August 31, 20X8

Cash (Exhibit II) $ 5,862 Accounts payable $ 37,200 Accounts receivable* 86,400 Notes payable Merchandise inventory 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 income of $6,162 Total assets Total equities

*July sales, 20% × 90% × $80,000 $ 14,400 August sales, 100% × 90% × $80,000 Accounts receivable ** See schedule g Credit sales (90%) $126,000 $72,000 $72,000 $270,000 Cash sales (10%) Total sales (to Exhibit I) 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 Total collections (to Exhibit II)

Desired purchases: 62% × next month's sales $86,800 Last month's purchases (to Exhibit II)

$49,600 $86,800

$49,600 $49,600

$37,200 $49,600

查尔斯亨格瑞管理会计英文版第15版北京大学出版社练习答案07

Accounts payable, August 31, 2008 (62% × September sales - to Exhibit III) $37,200 Cost of goods sold (to Exhibit I) $86,800 $49,600 $49,600

Salaries, wages, commissions $28,000 $16,000 $16,000 $60,000 Other Variable expenses 5,600 3,200 3,200 12,000 Fixed expenses 11,000 11,000 11,000 33,000 Depreciation Total operating expenses

Variable expenses $33,600 $19,200 $19,200 Fixed expenses Total payments for operating expenses

Beginning balance $67,000 $67,558 $26,000 Monthly interest expense @ 10% Ending balance before repayment 68,121 26,217 Principal repayment (from

statement of receipts and disbursements) (41,000) (10,000) Interest payment Ending balance

2. This is an example of the classic short-term, self-liquidating loan. The need for such a loan often arises because of the seasonal nature of a business. The basic source of cash is proceeds from sales to customers. In times of peak sales, there is a lag

between the sale and the collection of the cash, yet the payroll and suppliers must be paid in cash right away. When the cash is collected, it in turn may be used to repay the loan. The amount of the loan and the timing of the repayment are heavily

dependent on the credit terms that pertain to both the purchasing and selling functions of the business.

查尔斯亨格瑞管理会计英文版第15版北京大学出版社练习答案07

1. 2.

(60-120 min.) $ refers to Australian dollars.

See Exhibits I, II, and III and supporting schedules a, b, c, d.

The cash budget and balance sheet clearly show the benefits of moving to just-in-time purchasing (though the transition would rarely be accomplished as easily as this example suggests). However, the company would be no better off if it left much of its capital tied up in cash -- it has merely substituted one asset for

another. At a minimum, the excess cash should be in an interest bearing account -- the interest earned or forgone is one of the costs of inventory.

$148,800 30,000 $156,200 $206,200

$168,000 74,400

$91,200 84,000 $ 24,000 $100,000 Total sales (100% on credit)

60% of current month's sales 30% of previous month's sales

10% of second previous month's sales Total collections

Desired ending inventory Cost of goods sold Total needed

Beginning inventory Purchases

$ 24,000* $148,000 $ 24,000 $164,000 * Actual ending January (and beginning February) inventory level is $32,200, as inventory levels are drawn down toward desired level of $24,000.

100% of previous month's purchases March 31 accounts payable

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