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Introduction to Managerial Accounting Assignment

Question 1a Calculate the cash that TabComp can expect to collect during April. Show all of your calculations.

1b Determine the number of computer hardware units that should be ordered in January.

Solution:

1a. Statement showing Amount to be collected in the month of April:

 Month Cash (25%) Bank Credit Card (30%) Open Account (45%) February - - 5,00,000 x 45% x 28%  = 63,000 March - - 480,0000 x 45% x 70% = 151,200 April 4,00,000 x 25% = 1,00,000 4,00,000 x 30% x (1 - .04) =115200 - Total 100,000 115,200 214,200 Grand Total 429,400

1b. Number of computer hardware units that should be ordered in January

The order will be required to be made for March requirements. Statement showing the required Units:

 Particulars (March) Calculation Units Units Sold 110 Add: Closing Stock required 90 x 30% 27 Less: Opening Stock Available 110 x 30% (33) Number of units required to be ordered 104

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Question 2a Prepare a schedule of expected cash collections from sales, by month and in total, for the fourth quarter.

2b Assume that the company will prepare a budgeted balance sheet as of September 30. Compute the accounts receivable as of that date.

Solution:

2a. Schedule of Expected Cash collections from sales

 Month October November December Total From August Sales 5% 3500 3500 From September Sales 70% 126000 126000 5% 9000 9000 From October Sales 25% 100000 100000 70% 280000 280000 5% 20000 20000 From November Sales 25% 200000 200000 70% 560000 560000 From December Sales 25% 175000 175000 Total 229500 489000 755000 1473500

2b.Statement showing Accounts Receivable as on September 30:

 Month Calculation October Receivable from August Sales 70,000 x 5% 3,500 Receivable from September Sales 180,000 x 75% 1,35,000 Accounts Receivable as on Sept 30 1,38,500

Question 3 An incomplete monthly flexible budget is given below for Bubbles Inc., a company that owns and operates a large automatic car wash facility.

Fill in the missing data in the flexible budget.

Solution: Flexible Budget

 Bubbles Inc. Flexible Budget Monthly Activity (car washed) Per Car 7,000 8,000 9,000 Sales 10 70,000 \$80,000 90,000 Variable expenses: Cleaning supplies 0.75 5250 6,000 6750 Utilities 0.60 4200 4,800 5400 Maintenance 0.15 1050 1,200 1350 Total variable expenses 1.50 10500 12,000 13500 Contribution margin 8.50 59500 68,000 76500 Fixed expenses: Operator wages 10,000 10,000 10,000 Depreciation 20,000 20,000 20,000 Rent 8,000 8,000 8,000 Insurance 1,000 1,000 1,000 Selling and administrative 4,000 4,000 4,000 Total fixed expenses 43,000 43,000 43,000 Operating income 16,500 25,000 33,500

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Question 4 a) How does the budgeting process Coulson and Smith used at CSS differ from recommended practice?

4 b What are the behavioural implications of the way Coulson and Hill went about preparing the master budget?

Solution:

4 a. The recommended practices as per budgeting processes are formulation of the committee for budget preparation, determination of period for which budget is prepared, specification of guidelines for budget, budget preparation from top to bottom and the proper approval from the top management and timely review. Coulson and Smith have not used the sales of the previous year for the preparation of the budget for the current year. They must have based the budget on the past projections and the changing market requirements. The budgets prepared by the departmental managers are very high and it is very difficult to achieve them. The individual units of the budget are being completed at the individual level and then they reach to a final level after proper review and are said to be completed after proper approval from the management. And in this case, they both have themselves prepared the master budgets and are just using the top down approach and no active involvement of departmental managers is being done.

4 b. The behavioral implication of the master budget prepared by Coulson and Smith is that they have not estimated the actual working ability of their team which had led to a high budget in which it is very difficult to achieve the goals. The main purpose of the budgeting is to encourage the staff in achieving the goals of the organization set at monetary levels. The pattern of preparing budgets may lead to high level of dissatisfaction amongst the staff and thereby the reduction in the productivity. Hence it may also adversely affect the bonus and incentives of the employee as the level of targets are very high. As the targets are very high and the employees may not be able to achieve them thus it may create environment of tension and loss of trust amongst the organization.

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