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Posted: February 28th, 2022
accounting
Bart and Lisa function a producing operation in southern New Brunswick. They make a single product. With the intention to Help guarantee a profitable 12 months they’ve engaged you to arrange a whole grasp funds for the upcoming quarter. Lisa is a professional engineer however not overly subtle in monetary issues. Bart handles the design and advertising of their firm’s merchandise.
You could have gathered the next data as of March 31, 2019:
B&L Manufacturing
Steadiness Sheet
March 2019
Money $40,000
Accounts Receivable 490,000
Stock 204,000
Internet Capital Property 1,180,000
Complete Property 1,914,000
Accounts Payable 24,000
Widespread Inventory 100,000
Shareholder’s Fairness (SE) 1,790,000
Complete Liabilities and SE 1,914,000
Stock is made up of the next balances:
Uncooked Supplies $ 24,000 four,800 models
WIP $ 60,000
Completed Items $120,000 four,000 models
Latest and Projected Gross sales
$ Items
February $300,000 6,000
March 400,000 eight,000
April 400,000 eight,000
Could 400,000 eight,000
June 300,000 6,000
July 400,000 eight,000
August 500,000 10,000
September 500,000 10,000
Credit score accounts are collected 70% within the month following the sale and 30% within the subsequent
month following. There are not any dangerous money owed. Collections are present; the March A/R steadiness
is made up of uncollected quantities from February and March gross sales. Chances are you’ll assume no
adjustments to the WIP balances.
Every unit produced requires $10.00 of uncooked supplies (representing 2.zero models of fabric
with a purchase order value of $5.00 per unit) and $14.00 of direct labour (2 hours of direct
labour are required for every unit). There’s a minimal of 5,000 labour hours per 30 days
no matter how a lot time is labored. All labour is paid at $7 per hour (i.e. no additional time
is paid.) Overhead is utilized on the idea of direct labour hours. Variable overhead is
estimated to be $1.5 per direct labour hour. The specified completed items stock is 50%
of the subsequent month’s gross sales. The specified uncooked supplies stock is 30% of the subsequent month’s
manufacturing necessities. All purchases are paid within the month following the acquisition and
all A/P is present.
Mounted manufacturing overhead is estimated at $24,000 per 30 days. The overall depreciation
per 30 days for manufacturing belongings is $four,000.
Salaries, wages and commissions common 10% of gross sales, all different bills excluding
depreciation is 5% of gross sales. Mounted promoting and administrative bills for hire, property
taxes and different gadgets are $40,000 per 30 days. Depreciation is $Three,000 per 30 days.
There’s a deliberate acquisition of a brand new machine in April for $120,000 which might be paid
for in April.
A dividend of $100,000 might be paid in Could.
Any borrowing the corporate makes are efficient at first of the month and all
repayments are made on the finish of the month. Ignore curiosity for the needs of this
task. The corporate doesn’t wish to start a month with lower than $20,000 in
starting money. Revenue taxes may be ignored.
Required:
Put together month-to-month budgeted earnings statements and money movement statements for the quarter
(April, Could & June) together with all of the supporting budgets and a Steadiness Sheet as of June
30, 2019). Every funds part ought to be ready on a separate sheet. This should be
ready utilizing Excel (DO NOT USE ANOTHER SPREADSHEET PROGRAM) and
submitted electronically through electronic mail. PLEASE INCLUDE THE NAMES OF ALL GROUP
MEMBERS ON THE FIRST SHEET OF YOUR EXCEL FILE. AS PER COURSE
OUTLINE, THIS ASSIGNMENT MUST BE DONE IN TEAMS OF 2-Three.
HINT: If every part is appropriate you must get the next numbers:
Price per unit of Completed Items: $30.27
Complete Property: $2,016,091
Revenue: $150,091
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