acct 505 ,devry acct 505,devry acct 505 complete course,devry acct 505entire course Flashcards
DEVRY ACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for Decisions
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For more classes visit http://www.assignmentcloud.com/ Question : (TCO D) Return on investment (ROI) is equal to the margin multiplied by 2. Question : (TCO D) For which of the following decisions are opportunity costs relevant? The decision to make or buy a needed part The desision to keep or drop a product line (A) Yes Yes (B) Yes No (C) No Yes (D) No No 3. Question : (TCO D) Last year, the House of Orange had sales of $826,650, net operating income of $81,000, and operating assets of $84,000 at the beginning of the year and $90,000 at the end of the year. What was the company's turnover, rounded to the nearest tenth? 1. Question : (TCO D) Data for December concerning Dinnocenzo Corporation's two major business segments-Fibers and Feedstocks-appear below: Sales revenues, Fibers $870,000 Sales revenues, Feedstocks $820,000 Variable expenses, Fibers $426,000 Variable expenses, Feedstocks $344,000 Traceable fixed expenses, Fibers $148,000 Traceable fixed expenses, Feedstocks S156,000 Common fixed expenses totaled $314,000 and were allocated as follows: $129,000 to the Fibers business segment and $185,000 to the Feedstocks business segment.
Required:
Prepare a segmented income statement in the contribution format for the company. Omit percentages; show only dollar amounts.
2.
Question :
(TCO D) Wryski Corporation had net operating income of $150,000 and average operating assets of $500,000. The company requires a return on investment of 19%.
Required:
i. Calculate the company’s current return on investment and residual income.
ii. The company is investigating an investment of $400,000 in a project that will generate annual net operating income of $78,000. What is the ROI of the project? What is the residual income of the project? Should the company invest in this project? 3. Question : (TCO D) Tjelmeland Corporation is considering dropping product S85U. Data from the company's accounting system appear below. Sales $360,000 Variable Expenses $158,000 Fixed Manufacturing Expenses $119,000 Fixed Selling and Administrative Expenses $94,000
All fixed expenses of the company are fully allocated to products in the company’s accounting system. Further investigation has revealed that $55,000 of the fixed manufacturing expenses and $71,000 of the fixed selling and administrative expenses are avoidable if product S85U is discontinued.
Required:
i. According to the company’s accounting system, what is the net operating income earned by product S85U? Show your work!
ii. What would be the effect on the company's overall net operating income of dropping product S85U? Should the product be dropped? Show your work! 4. Question : (TCO D) Fouch Company makes 30,000 units per year of a part it uses in the products it manufactures. The unit product cost of this part is computed as follows. Direct Materials $15.70 Direct Labor $17.50 Variable Manufacturing Overhead $4.50 Fixed Manufacturing Overhead $14.60 Unit Product Cost $52.30
An outside supplier has offered to sell the company all of these parts it needs for $51.90 a unit. If the company accepts this offer, the facilities now being used to make the part could be used to make more units of a product that is in high demand. The additional contribution margin on this other product would be $219,000 per year.
If the part were purchased from the outside supplier, all of the direct labor cost of the part would be avoided. However, $6.20 of the fixed manufacturing overhead cost being applied to the part would continue even if the part were purchased from the outside supplier. This fixed manufacturing overhead cost would be applied to the company’s remaining products.
Required:
i. How much of the unit product cost of $52.30 is relevant in the decision of whether to make or buy the part?
ii. What is the net total dollar advantage (disadvantage) of purchasing the part rather than making it?
iii. What is the maximum amount the company should be willing to pay an outside supplier per unit for the part if the supplier commits to supplying all 30,000 units required each year? 5. Question : (TCO D) Biello Co. manufactures and sells medals for winners of athletic and other events. Its manufacturing plant has the capacity to produce 15,000 medals each month; current monthly production is 14,250 medals. The company normally charges $115 per medal. Cost data for the current level of production are shown below. Variable Costs Direct Materials $969,000 Direct Labor $270,750 Selling and Administrative $270,075 Fixed Costs Manufacturing $370,550 Selling and Administrative $89,775
The company has just received a special one-time order for 600 medals at $102 each. For this particular order, no variable selling and administrative costs would be incurred. This order would also have no effect on fixed costs.
Required:
Should the company accept this special order? Why?
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DEVRY ACCT 505 Entire Course
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ACCT 505 Week 1-7 All Discussion Questions
ACCT 505 Week 1 Case Study
ACCT 505 Week 2 Quiz Job Order and Process Costing Systems
ACCT 505 Week 3 Case Study II
ACCT 505 Week 4 Midterm Exam
ACCT 505 Week 5 Measuring Performance - Course Project A
ACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for Decisions
ACCT 505 Week 7 Capital Budgeting Course Project
ACCT 505 Week 2 Case 3-29 Ethics and the Manager
ACCT 505 Week 3 Case Study 4_20 Ethics and the Manager
ACCT 505 Week 6 Case Study Balanced Scorecard Case
ACCT 505 Week 7 Course Project 2 Capital Budgeting Decision (New) correct
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DEVRY ACCT 505 Week 1 Case Study
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Top Switch Inc. designs and manufactures switches used in telecommunications. Serious flooding throughout the state of Tennessee affected Top Switch’s facilities. Inventory was completely ruined, and the company’s computer system, including all accounting records, was destroyed.
Before the unfortunate incident, recovery specialists cleaned the buildings. The company controller is very nervous and anxious to recover whatever records he can to support the insurance claim for the destroyed inventory. After consulting with the cost accountant, they decide to retrieve the previous year’s annual report for the beginning inventory numbers. In addition, they also agreed that they need first quarter cost data.
The cost accountant was working on the first quarter results before the storm hit, and to his surprise, the report was still in his desk drawer. After reviewing the data , the information shows the following information: Material purchases were $ 325,000; Direct Labor was $ 220,000. Further discussions between the controller and the cost accountant revealed that sales were $ 1,350,000 and the gross margin was 30% of sales. The cost accountant also discovered, while sifting through the information, that cost of goods available for sale was $ 1,020,000 at cost. While assessing the damage, the controller determined that the prime costs were $ 545,000 up to the time of the damage and that manufacturing overhead is 65% of conversion cost. The cost accountant is not sure about all of this, but he decides to see what he can do with the information.
The beginning inventory numbers are as follows:
Raw Materials, $ 41,000
Work in Process, $ 56,000
Finished Goods, $ 35,000
Required:
Determine the amount of cost in the Raw Materials, Work in Process, and Finished Goods Inventory as of the date of the storm. ( Hint: You may wish to reconstruct the various schedules and statements that would have been affected by the company’s accounts during the period.)
Grading Rubric for Case Study I:
Category
Points
%
Description
Documentation &
Formatting
10
22%
Worksheet will be done in Excel and will contain formulas to receive maximum credit
Organization and Cohesiveness
15
33%
Calculations for all parts should be organized and correctly labeled.
Content
20
45%
A quality case study will have all required work completed and will be correct.
Total
45
100%
A quality project will meet or exceed all of the above requirements.
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DEVRY ACCT 505 Week 1 to 7 All Discussion Questions
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Week 1 DQ 1 Cost Terms, Classifications, and Behavior
Week 1 DQ 2 Research and Application
Week 2 DQ 1 Job Order and Process Costing Systems
Week 2 DQ 2 Research and Application
Week 3 DQ 1 Variable Costing and CVP Concepts
Week 3 DQ 2 Research and Application
Week 4 DQ 1 Budgeting Case Study
Week 4 DQ 2 Exam Review
Week 5 DQ 1 Standards, Variances, Flexible Budgets
Week 5 DQ 2 Research and Application
Week 6 DQ 1 Segment Reporting and Relevant Costs
Week 6 DQ 2 Research and Application
Week 7 DQ 1 Capital Budgeting
Week 7 DQ 2 Exam Review
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DEVRY ACCT 505 Week 7 Capital Budgeting Course Project
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Here is Part B:
Clark Paints: The production department has been investigating possible ways to trim total production costs. One possibility currently being examined is to make the paint cans instead of purchasing them. The equipment needed would cost $200,000 with a disposal value of $40,000 and would be able to produce 5,500,000 cans over the life of the machinery. The production department estimates that approximately 1,100,000 cans would be needed for each of the next five years.
The company would hire three new employees. These three individuals would be full-time employees working 2,000 hours per year and earning $12.00 per hour. They would also receive the same benefits as other production employees, 18% of wages in addition to $2,500 of health benefits.
It is estimated that the raw materials will cost 25¢ per can and that other variable costs would be 5¢ per can. Since there is currently unused space in the factory, no additional fixed costs would be incurred if this proposal is accepted.
It is expected that cans would cost 45¢ per can if purchased from the current supplier. The company’s minimum rate of return (hurdle rate) has been determined to be 12% for all new projects, and the current tax rate of 35% is anticipated to remain unchanged. The pricing for a gallon of paint as well as number of units sold will not be affected by this decision. The unit-of-production depreciation method would be used if the new equipment is purchased.
Required:
- Based on the above information and using Excel, calculate the following items for this proposed equipment purchase:
Annual cash flows over the expected life of the equipment Payback period Annual rate of return Net present value Internal rate of return - Would you recommend the acceptance of this proposal? Why or why not. Prepare a short double spaced Word paper elaborating and supporting your answer.
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DEVRY ACCT 505 Week 2 Case 3-29 Ethics and the Manager NEW
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CASE 3–29 Ethics and the Manager [Course Objective B] Terri Ronsin had recently been transferred to the Home Security Systems Division of National Home Products. Shortly after taking over her new position as divisional controller, she was asked to develop the division’s predetermined overhead rate for the upcoming year. The accuracy of the rate is important because it is used throughout the year and any overapplied or underapplied over- head is closed out to Cost of Goods Sold at the end of the year. National Home Products uses direct labor-hours in all of its divisions as the allocation base for manufacturing overhead.
To compute the predetermined overhead rate, Terri divided her estimate of the total manufacturing overhead for the coming year by the production manager’s estimate of the total direct labor-hours for the coming year. She took her computations to the division’s general manager for approval but was quite surprised when he suggested a modification in the base. Her conversation with the general manager of the Home Security Systems Division, Harry Irving, went like this:
Ronsin: Here are my calculations for next year’s predetermined overhead rate. If you approve, we can enter the rate into the computer on January 1 and be up and running in the job-order costing system right away this year.
Irving: Thanks for coming up with the calculations so quickly, and they look just fine. There is, how- ever, one slight modification I would like to see. Your estimate of the total direct labor-hours for the year is 440,000 hours. How about cutting that to about 420,000 hours?
Ronsin: I don’t know if I can do that. The production manager says she will need about 440,000 direct labor-hours to meet the sales projections for the year. Besides, there are going to be over 430,000 direct labor-hours during the current year and sales are projected to be higher next year.
Irving: Teri, I know all of that. I would still like to reduce the direct labor-hours in the base to some- thing like 420,000 hours. You probably don’t know that I had an agreement with your predecessor as divisional controller to shave 5% or so off the estimated direct labor-hours every year. That way, we kept a reserve that usually resulted in a big boost to net operating income at the end of the fiscal year in December. We called it our Christmas bonus. Corporate headquarters always seemed as pleased as punch that we could pull off such a miracle at the end of the year. This system has worked well for many years, and I don’t want to change it now.
Required:
Assume the following information:
Direct Materials $40 per unit
Direct Labor $20 per unit
Total Estimated Manufacturing Overhead
$8,400,000
Manufacturing overhead is allocated based on estimated direct-labor hours.
Each unit of product requires 1 direct labor hour.
1. Calculate the cost of one unit of product, assuming that the overhead per unit is based on Terri Ronson’s estimate of 440,000 hours. (Round all dollar figures to two decimal places.)
a. If 441,000 units were produced, how much overhead was applied to work in process.
2. Calculate the cost of one unit of product, assuming that the overhead per unit is based on her supervisors preferred estimate of 420,000 hours. (Round all dollar figures to two decimal places.)
a. If 441,000 units were produced, how much overhead was applied to work in process.
3. During the year, the company produced and sold 441,000 units, and incurred actual overhead of $8,500,000, what is the under/overapplied overhead if:
a. The estimated Direct Labor Hours is 440,000.
b. The estimated Direct Labor Hours is 420,000.
c. All over-applied and under-applied overhead applied directly to cost of goods sold. Assume that the company had $1,000,000 in net operating income before the over/under applied overhead adjustment is made. What is the revised net income after the over/underapplied overhead adjustment?
4. Should Terri Ronson go along with the general manager’s request to reduce the direct labor hours in the predetermined overhead rate computation to 420,000 hours? Be sure to discuss the operational and ethical issues related to this decision.
Deliverables:
1. Submit an Excel spreadsheet that documents the calculations made for steps 1-3 above. All items should be clearly labeled, and appropriate formulas should be used to perform your calculations.
2. For step 4, submit a 5-7 minute narrated PowerPoint (preferably using VoiceThread) that highlights your discussion of the operational and ethical issues that Teri is facing as a result of the request to reduce the direct labor hours. Be sure to make a recommendation in regard to making this decision. The presentation should be 3-4 slides.
3. Post your PowerPoint and workbook on behalf of your team to the Week 2 Dropbox for the case study.
4. NOTE: as a team project, a team collaboration tool (such as Cisco Spark) should be used for the students to collaborate on the project!
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DEVRY ACCT 505 Week 2 Quiz Job Order and Process Costing Systems
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1.Question :(TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs
rather than a process costing system?
2.Question :(TCO F) Process costing would be appropriate for each of the following except:
3.Question :(TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning
of the process in the Forming Department, which is the first of two stages in its production process. Information concerning operations in the Forming Department in October follows:
Units
Material Cost
Work in process on October 1
6,000
$3,000
Units started in October
50,000
$25,560
Units completed and transferred to next Department during October
44,000
What was the materials cost of work in process at on October 31?
4.Question :(TCO F) In a job-order costing system, the use of direct materials that have been previously purchased is recorded as a debit to:
5.Question :(TCO F) During December at Ingrim Corporation, $74,000 of raw materials were requisitioned from the storeroom for use in production.
These raw materials included both direct and indirect materials. The indirect materials totaled $6,000. The journal entry to record the requisition from the storeroom would include a:
6.Question :(TCO F) Valles Corporation had $22,000 of raw materials on hand on February 1. During the month, the company purchased an additional $75,000 of raw materials. The journal entry to record the purchase of raw materials would include a:
1.Question :(TCO F) Whether a company uses process costing or job-order costing depends on its industry. A number of companies in different industries are listed below:
i. Brick manufacturer
ii. Contract printer that produces posters, books, and pamphlets to order
iii. Natural gas production company
iv. Dairy farm
v. Coal mining company
vi. Specialty coffee roaster (roasts small batches of specialty coffee beans)
For each company, indicate whether the company is most likely to use job-order costing or process costing.
i. Brick manufacturer Process Costing ii. Contract printer that produces posters, books, and pamphlets to order Job Order Costing iii. Natural gas production company Process Costing iv. Dairy farm Process Costing v. Coal mining company Process Costing vi. Specialty coffee roaster (roasts small batches of specialty coffee beans) Job Order Costing
2.Question :(TCO F) Job 484 was recently completed. The following data have been recorded on its job cost sheet:
Direct materials
$57,240
Direct labor hours
1,692 DLHs
Direct labor wage rate
$12 per DLHS
Number of units completed
3,600 units
The company applies manufacturing overhead on the basis of direct labor-hours. The predetermined overhead rate is $24 per direct labor-hour.
Compute the unit product cost that would appear on the job cost sheet for this job.
3.Question :(TCO F) Miller Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company’s inventory and cost records for the most recently completed year revealed the following information:
Units
Materials
Conversion
Work in process. Jan. 1 (80% complete with respect to conversion costs)
100,000
$100,000
$157,500
Units started into production
500,000
Costs added during the year:
Materials
$650,000
Conversion
$997,500
Units completed during the year
450,000
The company uses the weighted-average cost method in its process costing system. The ending inventory is 50% complete with respect to conversion costs.
Required:
i. Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs.
ii. Determine the cost transferred to finished goods.
iii. Determine the amount of cost that should be assigned to the ending work in process inventory.
4.
Question :
(TCO F) Weisinger Corporation has provided the following data for the month of January:
Inventories
Beginning
Ending
Raw materials
$28,000
$29,000
Work In process
$16,000
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DEVRY ACCT 505 Week 3 Case Study II
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For more classes visit http://www.assignmentcloud.com/ Springfield Express is a luxury passenger carrier in Texas. All seats are first class, and the following data are available: Number of seats per passenger train car 90 Average load factor (percentage of seats filled) 70% Average full passenger fare $160 Average variable cost per passenger $70 Fixed operating cost per month $3,150,000 What is the break-even point in passengers and revenues per month? What is the break-even point in number of passenger train cars per month? If Springfield Express raises its average passenger fare to $ 190, it is estimated that the average load factor will decrease to 60 percent. What will be the monthly break-even point in number of passenger cars? (Refer to original data.) Fuel cost is a significant variable cost to any railway. If crude oil increases by $ 20 per barrel, it is estimated that variable cost per passenger will rise to $ 90. What will be the new break-even point in passengers and in number of passenger train cars? Springfield Express has experienced an increase in variable cost per passenger to $ 85 and an increase in total fixed cost to $ 3,600,000. The company has decided to raise the average fare to $ 205. If the tax rate is 30 percent, how many passengers per month are needed to generate an after-tax profit of $ 750,000? (Use original data). Springfield Express is considering offering a discounted fare of $ 120, which the company believes would increase the load factor to 80 percent. Only the additional seats would be sold at the discounted fare. Additional monthly advertising cost would be $ 180,000. How much pre-tax income would the discounted fare provide Springfield Express if the company has 50 passenger train cars per day, 30 days per month? Springfield Express has an opportunity to obtain a new route that would be traveled 20 times per month. The company believes it can sell seats at $ 175 on the route, but the load factor would be only 60 percent. Fixed cost would increase by $ 250,000 per month for additional personnel, additional passenger train cars, maintenance, and so on. Variable cost per passenger would remain at $ 70. Should the company obtain the route? How many passenger train cars must Springfield Express operate to earn pre-tax income of $ 120,000 per month on this route? If the load factor could be increased to 75 percent, how many passenger train cars must be operated to earn pre-tax income of $ 120,000 per month on this route? What qualitative factors should be considered by Springfield Express in making its decision about acquiring this route? Grading Rubric for Case Study II: Category Points % Description Documentation & Formatting 5 11% Case Study will be completed in Word or Excel and contain necessary formulas to receive maximum credit Organization & Cohesiveness 5 11% Calculations for all parts should be organized and correctly labeled. In a quality case study, all questions should be addressed in a clear, concise manner. Editing 5 11% Quality work will be free of any spelling, punctuation or grammatical errors. Sentences and paragraphs ( where appropriate) will be clear, concise and factually correct Content 30
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DEVRY ACCT 505 Week 4 Midterm Exam
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1.
Question :
(TCO A) Wages paid to an assembly line worker in a factory are a
2.
Question :
(TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n)
3.
Question :
(TCO A) Depreciation of office buildings and office equipment is also known as
4.
Question :
(TCO A) When the activity level is expected to increase within the relevant range, what effects would be anticipated with respect to each of the following?
5.
Question :
(TCO F) Which of the following statements is true?
I. Overhead application may be made slowly as a job is worked on.
II. Overhead application may be made in a single application at the time of completion of the job.
III. Overhead application should be made to any job not completed at year end in order to properly value the work in process inventory.
6.
Question :
(TCO F) A job-order cost system is employed in those situations where
7.
Question :
(TCO F) The FIFO method only provides a major advantage over the weighted-average method in that
8.
Question :
(TCO B) The contribution margin ratio always decreases when the
9.
Question :
(TCO B) Which of the following would not affect the break-even point?
10.
Question :
(TCO E) In an income statement prepared using the variable costing method, variable selling and administrative expenses would
1.
Question :
(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just-completed year:
Sales………………………………………………………………………
$910
Purchases of raw materials…………………………………………
$225
Direct labor……………………………………………………………..
$245
Manufacturing overhead…………………………………………….
$265
Administrative expenses…………………………………………….
$150
Selling expenses……………………………………………………….
$140
Raw materials inventory, beginning……………………………….
$15
Raw materials inventory, ending…………………………………..
$45
Work-in-process inventory, beginning……………………………
$20
Work-in-process inventory, ending……………………………….
$55
Finished goods inventory, beginning……………………………..
$100
Finished goods inventory, ending…………………………………
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DEVRY ACCT 505 Week 6 Case Study Balanced Scorecard Case (700 words Paper) NEW
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ACCT505 – Managerial Accounting
Team Case Study 3 – Week 6
Balanced Scorecard Case
(Course Objective G)
Many companies are using the Balanced Scorecard System to assist in their performance management. According to Garrison, Noreen, and Brewer (2015) a balanced scorecard “consists of integrated set of performance measures that are derived from and support a company’s strategy” (p. 490). In a Balanced Scorecard System the company’s strategy is translated into a system of performance measures that are used to monitor the company’s performance in meeting its strategic objectives.
As part of a two-member team, your task is to identify and discuss the key performance measures of a balanced scorecard. Then, find three companies that are currently using a Balanced Scorecard System by doing an internet and library database search. Internet searches as well searches of financial databases, such as Yahoo Finance, should help you in your efforts. Then discuss in as much detail as possible the specifics of the balanced scorecard that is being used by these companies.
Deliverable
Your team should prepare a 700 words Paper, explaining the specifics of the balanced scorecard system of the three companies you selected in your research. This presentation should include your analysis of the advantages and disadvantages of each company’s Balanced Scorecard System. Be sure to clearly document the performance measures being used by each of the three companies.
Your PowerPoint presentation should be narrated using Voice Thread or similar technology. All team members must participate in the narration of the PowerPoint presentation.
APA standards are required to be followed for this presentation.
Reference
Garrison, R.H., Noreen, E.C, & Brewer, Brewer, P.C. (2015). Managerial Accounting (15th ed.). New York, NY: McGraw-Hill.
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DEVRY ACCT 505 Week 5 Measuring Performance - Course Project A
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Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets:
· 1.
a. A sales budget, by month and in total.
b. A schedule of expected cash collections from sales, by month and in total.
c. A merchandise purchases budget in units and in dollars. Show the budget by month and in total.
d. A schedule of expected cash disbursements for merchandise purchases, by month and in total.
· 2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $50,000.
· 3. A budgeted income statement for the three-month period ending June 30. Use the contribution approach.
· 4. A budgeted balance sheet as of June 30.
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