Managerial Work4Me Accounting Simulations. Problem Seven
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1 Managerial Work4Me Accounting Simulations 1 st Web-Based Edition Problem Seven Profit Planning Page 1
2 INTRODUCTION Starlight Packaging produces a single product that it sells to public storage facilities. Starlight prepares its quarterly budgets during the last quarter of the current year, using the current year financial statements, market projections for the coming year, and budget requests from its various production, selling, and administrative departments. Problem Assignment: Your task is to complete the master budget for Starlight, using PKL Spreadsheets, and complete an analysis of the budgets by answering the questions in the examination for Problem 7 Profit Planning. Using pre-designed PKL Spreadsheets, you will complete a Master Budget consisting of: A) Sales Budget, Schedule of Expected Cash Collections, and Production Budget B) Direct Materials Budget and Schedule of Cash Disbursements for Materials C) Direct Labor Budget and Manufacturing Overhead Budget D) Selling and Administrative Expense Budget E) Cash Budget ************************************************************************ A. Sales Budget, Schedule of Expected Cash Collections and Production Budget. Information for preparing the Sales Budget, Schedule of Expected Cash Collections, and the Production Budget: Quarters 1 st 2 nd 3 rd 4 th Budgeted Sales Units pre Quarter 12,000 8,000 9,000 11, Beginning Accounts Receivable balance is $45, Percent of sales collected in quarter of sale: 80% 3. Desired quarter-ending inventory is 20% of following quarter sales units 4. The sales price of $20.00 per unit is already inputted into the pre-designed form The budgeted sales units for the 1 st quarter of the subsequent year are estimated to be the same as the first quarter budgeted for the current year. Log In to Managerial Accounting Work4Me. From the program Menu Bar select Problems, then select Problem 7 Profit Planning. Move the pointer to Budgets on the Menu Bar and select Sales and Production Budgets. Page 2
3 1. Tab through the budgeted sales for each quarter and enter the budgeted sales for each quarter (commas are not required) 2. Tab to the Beginning Balance of Accounts Receivable and enter Tab to Percentage of Sales Collected in Period of Sale and enter Tab to the Percentage of Desired Ending Inventory and enter Click on Budgets The Total Cash Collections for the 4 th quarter should be $212, Click on Print and print the budget. Set the printer preference to Landscape. ************************************************************************ B. Direct Materials Budget and Schedule of Cash Disbursements for Materials Information for preparing the Direct Materials Budget and the Schedule of Cash Disbursements for Materials: 1. The desired ending inventory of raw materials is 10% of the required production units of the following quarter 2. The beginning balance of Accounts Payable is $3, The percent of credit purchases paid during the quarter of purchase is 70% If you are still running Problem 7, select Budgets from the program Menu Bar and select Direct Materials Budget. If you have exited the program, Log In to Managerial Accounting Work4Me, from the program Menu Bar select Problems, then select Problem 7 Profit Planning. Move the pointer to Budgets on the Menu Bar and select Direct Materials Budget. 1. Enter the Percentage of Desired Ending Inventory as.1 2. Enter the Beginning Balance of Accounts Payable as Enter the Percentage of Purchases Paid in Period of Purchases a.7 4. Click on Budgets The required production units are carried forward from the Production Budget and automatically placed in the Direct Materials Budget. The Total Cash Disbursements for the 4 th quarter should be $10, Click on Print and print the budget. Set the printer preference to Landscape. Page 3
4 ************************************************************************ C. Direct Labor Budget and Manufacturing Overhead Budget Information for preparing the Direct Labor Budget and the Manufacturing Overhead Budget: 1. The direct labor-hours per unit is 6 minutes per unit (.10 per hour) 2. The direct labor cost per hour is $15 3. The variable cost per labor hour is $2 4. The fixed manufacturing overhead is $15, Depreciation on the manufacturing equipment is $1,000 per quarter If you are still running Problem 7, select Budgets from the program Menu Bar and select Direct Labor Budget. If you have exited the program, Log In to Managerial Accounting Work4Me, from the program Menu Bar select Problems, then select Problem 7 Profit Planning. Move the pointer to Budgets on the Menu Bar and select Direct Labor Budget. 1. Enter the Labor Hours per Unit as.1 2. Enter the Labor Cost per Hour as Enter the Variable Cost per Labor Hour as 2 4. Enter the Fixed Manufacturing Overhead as Enter the Depreciation as Click on Budgets The required production units are carried forward from the Production Budget and automatically placed in the Direct Materials Budget. Cash Disbursements for Manufacturing Overhead for the 2nd quarter should be $15, Click on Print and print the budget. Set the printer preference to Landscape. Page 4
5 ************************************************************************ D. Selling and Administrative Expense Budget Information for preparing the Selling and Administrative Expense Budget: 1. Advertising is $16, Salaries is $18, Insurance is $1, Property Taxes is $1, Depreciation is $4, Variable selling and administrative expenses is $2.40 per unit. If you are still running Problem 7, select Budgets from the program Menu Bar and select Selling and Administrative Budget. If you have exited the program, Log In to Managerial Accounting Work4Me, from the program Menu Bar select Problems, then select Problem 7 Profit Planning. Move the pointer to Budgets on the Menu Bar and select Selling and Administrative Budget. 1. Enter Advertising as Enter Salaries as Enter Insurance as Enter Property Taxes as Enter Depreciation as Enter Variable Selling and Administrative Expenses as Click on Budgets The required budgets sales units are carried forward from the Sales Budget and automatically placed in the Selling and Administrative Budget. Cash Disbursements for Selling and Administrative Expense for the 1 st quarter should be $65, Click on Print and print the budget. Set the printer preference to Landscape. Page 5
6 ************************************************************************ E. Cash Budget Information for preparing the Cash Budget: 1. The Capital Expenditure are: a. 1 st quarter, $140,000 b. 2 nd quarter. $54,000 c. 3 rd quarter, $48,000 d. 4 th quarter, $23, The Beginning Cash Balance is $30, The Minimum Cash balance is $25, The Dividends per quarter are $12,000 If you are still running Problem 7, select Budgets from the program Menu Bar and select Cash Budget. If you have exited the program, Log In to Managerial Accounting Work4Me, from the program Menu Bar select Problems, then select Problem 7 Profit Planning. Move the pointer to Budgets on the Menu Bar and select Cash Budget. 1. Enter Capital Expenditures as: a. First Quarter, b. Second Quarter, c. Third Quarter, d. Fourth Quarter, Enter Beginning Cash Balance as Enter Minimum Cash Balances as Enter Dividends per Quarter as The budgeted disbursements for Direct Materials, Direct Labor, Manufacturing Overhead, and Selling and Administrative Expenses are carried forward from Budgets A, B, C, and D, and automatically placed in the Cash Budget. When the cash balance is less than the required minimum cash balance, the company borrows from its bank an amount necessary to maintain the minimum cash balance. The bank requires that these loans must be in increments of $10,000. Any such financing is paid at the end of the fourth quarter, with interest at simple interest of 15%. The amount financed is automatically entered into the PKL spreadsheet for the Cash Budget. 5. Click on Print and print the budget. Set the printer preference to Landscape. Page 6
7 Using the printouts of the budgets, and your knowledge of budget preparation, answer the questions on the Examination for Problem 7 Profit Planning. If the examination and the examination results are to be ed to your instructor, move the pointer to Examinations, select Problem 7 Profit Planning, and follow the directions on the examination. Page 7
8 MANAGERIAL WORK4ME PROBLEM 7 PROFIT PLANNING NAME CLASS DAY AND TIME DATE 1. What were the sales in the fourth quarter of the previous year? 2. Compared to the fourth quarter sales of the previous year, the projected sales for the first quarter of the current year are: A. less than the previous quarter B. greater than the previous quarter 3. If the sales price is increased to $21.00 per unit in the fourth quarter, how much total cash will be collected in cash in the fourth quarter? 4. What will be the balance of Accounts Receivable at the end of the fourth quarter, at $20 per unit? 5. What will be the balance of Accounts Payable at the end of the fourth quarter? 6. What is the cost of raw materials per unit of finished product? 7. What were the raw materials purchases in the fourth quarter of the previous year? 8. What is the total manufacturing overhead for the second quarter? 9. What is the ending finished goods inventory at the end of the fourth quarter (Production Budget)? 10. What is the unit product cost? 11. What is the total dollar value of the ending inventory? 12. What is the total of selling and administrative expenses for the second quarter? 13. What is the total of cash disbursements for selling and administrative expenses for the third quarter? Page 8
9 MANAGERIAL WORK4ME - PROBLEM How much cash must be borrowed at the end of the first quarter to maintain the minimum cash balance? 15. What would have been the ending cash balance of the second quarter if the minimum cash balance was not met at the end of the first quarter? 16. If the cash balance at the end of the first quarter before borrowing had been $5,600, how much would have had to be borrowed according the bank agreement for making the loan? 17. What are the total sales for the year? 18. What is the cost of goods sold for the year? 19. What is the gross margin for the year? 20. What is the net operating income for the year? Page 9
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