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Libro 7.3 Ingles
Libro 7.3 Ingles
3) The company "Leader SA" presents its balance sheet at December 31, 2001 and calls for the preparation of the s budgeted for 2002:
BALANCE SHEET
At December 31, 2001 ASSETS CURRENT Cash Customers Finished Goods Inventory TOTAL CURRENT NO CURRENT Ground Building and Equipment Accumulated Depreciation TOTAL NON-CURRENT LIABILITIES SHORT TERM suppliers Notes payable
$ $ $ $
TOTAL ASSETS
100,000
It also provides the following information: 1) The sales budget is $ 90,000 budgeted Sales = $ 90,000
2)The materials budget required is equal to 25% of sales budget budgeted Sales = Required MP = Required MP = $ 90,000 25% Ventas presupuestadas 22,500
3) The materials purchases budget is $ 32,000 Purchase Materials = 4)The work budget is equal to 30% of budgeted sales budgeted Sales = Labor = Labor = $ 90,000 30% Ventas presupuestadas 27,000 $ 32,000
5) The budget of indirect manufacturing costs is 10% higher than the labor budgeted Sales = Labor = Labor= $ 90,000 30% budgeted Sales 27,000 Indirect manufacturing costs = Indirect manufacturing costs = Indirect manufacturing costs =
6) The operating expense budget is $ 7000 Operating Expenses = Depreciation budgeted = Operating Expenses = $ $ 7,000 Con deprec $ 2,000 5,000 sin deprec
7) The desired ending inventory of finished goods is $ 4,600 Desired Ending Inventory of Finished Goods = $ 4,600
8) 85% of 2002 sales are charged in that period while 15% will be charged on the following collection: 2002 = 2003 = 85% 15% Sales Sales 2002 2003 76,500 $ 13,500
budgeted Sales 9) The 2001 account customers will be charged in 2002 Account Customers 2001 = TOTAL
90,000 $
10) It will pay 80% of purchases of materials in 2002. The remaining 20% will be paid in the next period Payments:
2002 = 2003 =
80% 20%
Compra de Materiales
32,000 $
11)The budgeted depreciation is $ 2000 (corresponds to GIF) Depreciation budgeted = $ 12) It will borrow $ 15,000 short-term Short term loan = 13)They settled accounts payable 2001 pay Suppliers 2001 = $ $ 15,000 2,000
14) The minimum cash balance that must be maintained is $ 2000 Minimum cash balance = $ 2,000
(-) Cost of Sales (=)Gross profit on sales (-) Operating Expenses (=) Operating Income
(+) Direct Labor (+) Manufacturing expenses (=)COST OF PRODUCTION (+) Opening Stock of Finished Goods (=) Finished Goods Available (-) Finished Goods Ending Inventory (=) COST OF SALES
STATEMENT
El Lder S.A
to December 31, 2002 Sales (-) Cost of Sales (=) Gross profit on sales (-) Operating Expenses (=) Operating Income $ $ $ $ $ 90,000 (79,600) 10,400 (7,000) 3,400
TOTAL ENTRIES DEPARTURES Payments purchase of materials Accounts payable payment year (2001) Salaries Manufacturing expenses Operating Expenses TOTAL OUTPUT (=) DIFFERENCE (+) Initial Balance (=) Surplus or missing (+) Funding (=) BALANCE AL 31/12/2002
$ $ $ $ $ $ $ $ $
TOTAL ASSETS
105,600
$ $ $
$ $
5,000 40,000
$ $ $ $
$ $
TOTAL 90,000
TOTAL 32,000
aw Material Used
) Direct Labor ) Manufacturing expenses )COST OF PRODUCTION ) Opening Stock of Finished Goods ) Finished Goods Available Finished Goods Ending Inventory ) COST OF SALES
GETED
GET
$ $ $
106,500
$ $ $ $ $ $ $ $ $ $ $
25,600 30,000 27,000 29,700 5,000 117,300 (10,800) 2,000 (8,800) 10,800 2,000
GETED
2002
$ $ $
$ $
5,000 42,200
$ $ $ $