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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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