Total return on sales at December 20X5 was:
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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Net sales Cost of goods sold Gross profit 2022 Selling expenses $754,000 465,218 122,148 61,828 33,176 71,630 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.) BRAMBLE CORPORATION Condensed Income Statements For the Years Ended December 31 2022 Amount $754,000 465,218 288,782 2021 122.148 $605,000 392,645 69,575 54,450 21,780 66,550 Percent 100 % 65 % Amount % $605,000 392,645 % 212,355.0 69,575 2021 Percent 100 % % % %Operating data for Blue Spruce Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $822,500 528,300 124,000 74,700 38,700 56,800 2021 $643,500 414,600 79,000 53,000 27,900 69,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($ in 000) Net sales $5,281,954 Costs and expenses Cost of products sold Marketing, administrative, and other expenses Interest expense 4,765,505 193,147 17,143 54,529 Other, net Total expenses before taxes Earnings before income taxes 5,030,324 251,630 (52,842) 198,788 3,046,660 (100,000) Provision for income taxes Net income Retained earnings at 1/1/20X1 Dividends on common stock Retained earnings at 12/31/20X1 $3,145,448 Additional facts gleaned from notes to Hardrock's financial statements follow (dollar amounts in thousands): a. Other, net for 20X1 included a corporate restructuring charge of $8,777 and a pre-tax profit of $12,000 on discontinued operations. The remainder of the category is composed of investment losses. b. Marketing, administrative, and other expenses for 20X1 included a…
- CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 448,600 297,150 151,450 98,600 5,000 47,850 19,276 $ 28,574 Cost of goods sold Gross profit Operating expenses Interest expense Profit before taxes Income tax expense Net profit Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Property, plant and equipment, net Total assets Req 1 and 2 Req 3 Req 4 CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity Req 5 8,000 Accounts payable 8,800 Accrued wages payable 32,400 Income taxes payable 2,750 Share capital 150,300 Retained earnings $ 238,400 Total liabilities and equity Complete this question by entering your answers in the tabs below. Compute the current ratio and acid-test ratio. 36,150 Long-term note payable, secured by mortgage on property, plant and equipment Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days'…The selling expenses 440 000 ID. administrative expenses 240 000 ID., income from operating 630 000 ID., other expenses and losses 90 000 ID., income tax 40 000 ID., cost of purchases 180 000 ID., the net income for the year is 680 000 ID. O 760 000 ID. 940 000 ID. O 500 000 ID. no one.how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00
- Below are the Income Statement of ABC Company for two consecutive years. ABC Company Net Sales Cost of Goods Soldxs3 Year 1 P 5,000,000 880,000 Year 2 P 6,500,000 950,000Revenues Costs of Goods Sold Gross Profit Selling, General and Admin Depreciation EBIT Income tax (35%) Net Income Capital Purchases Changes to NWC A. -$258,750.00 B. -$153,046.63 Year O O C. $195,972.79 O D. $201,324.52 -600,000 +36,000 Year 1 800,000 Year 2 Year 3 800,000 800,000 -320,000 -320,000 -320,000 480,000 480,000 480,000 -105,000 -105,000 -105,000 -200,000 -200,000 -200,000 175,000 175,000 175,000 Cromwell Industries is considering a new project which will have costs, revenues, etc. as shown by the data above. If the cost of capital is 8.5%, what is the net present value (NPV) of this project? -61,250 -61,250 -61,250 113,750 113,750 113,750 -12,000 -12,000 -12,000COMPUTATIONS: Given the following data for SUPERCALIFRAGILISTICEXPIALIDOCIOUS COMPANY for the year ended December 31, 200X: Cost of sales Distribution costs Administrative expenses PhP 5,400,000 1,350,000 1,000,000 200,000 Other income Php 1,400,000 320,000 9,000,000 50,000 Other expenses Net sales Finance costs Prepaid expenses Tax rate is at 30% 11..Gross income а. 3,600,000 b. 5,000,000 с. 2,130,000 d. 1,491,000 12. Total income а. 3,600,000 b. 5,000,000 с. 2,130,000 d. 1,491,000 13. Total expenses a. 1,320,000 b. 2,350,000 c. 2,870,000 d. 2,670,000 14. Income before tax a. 3,600,000 b. 1,491,000 c. 7,530,000 d. 2,130,000
- Income statement net sales $51,407.00 cost of products sold $25,076.00 gross profit $26,331.00 marketing, research, administrative exp $15,746.00 Depreciation $758.00 operating income(loss) $9,827.00 Interest expense $477.00 Earnings (loss)before income taxes $9,350.00 Income taxes $2,869.00 Net earnings(loss) $6,481.00 Balance Sheet Assets: Liablilites and Equity: cash and marketable securities $5,469.00 accounts payable $3,617.00 investment securities $423.00 accrued and other liablilties $7,689.00 accounts receivable $4,062.00 taxes payable $2,554.00 inventory $4,400.00 debt due within one year $8,287.00 deffered income taxes $958.00 total current liabilite $22,147.00 prepaid expense and other receivables $1,803.00 long term debt $12,554.00 total current assets $17,115.00 deferrred income taxes…Income statement net sales $51,407.00 cost of products sold $25,076.00 gross profit $26,331.00 marketing, research, administrative exp $15,746.00 Depreciation $758.00 operating income(loss) $9,827.00 Interest expense $477.00 Earnings (loss)before income taxes $9,350.00 Income taxes $2,869.00 Net earnings(loss) $6,481.00 Balance Sheet Assets: Liablilites and Equity: cash and marketable securities $5,469.00 accounts payable $3,617.00 investment securities $423.00 accrued and other liablilties $7,689.00 accounts receivable $4,062.00 taxes payable $2,554.00 inventory $4,400.00 debt due within one year $8,287.00 deffered income taxes $958.00 total current liabilite $22,147.00 prepaid expense and other receivables $1,803.00 long term debt $12,554.00 total current assets $17,115.00 deferrred income taxes…SONAD COMPANY Income Statement For Year Ended December 31 $ 1,828,000 991,000 Sales Cost of goods sold Gross profit Operating expenses 837,000 $ 245,535 44,200 49,600 4,200 18,125 Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense 361,660 475,340 Gain on sale of equipment 6,200 $ 481,540 Net income $ 30,500 increase Accounts payable 25,000 increase Salaries payable $ 12,500 decrease 3,500 decrease Accounts receivable Inventory