Running Head: COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c 1
7-2 Final Project II Submission
ACC311
Southern New Hampshire University
June 20,2022
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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Introduction
The SRS Educational Supply Company offers educational supplies and materials to
educational institutes, especially K-12 schools. Some of the major offerings of the business entity
include visual aids for classrooms, workbooks, art supplies, administrative office supplies,
support materials for instructors, etc. Even though the sales turnover of the business varies from
one month to another, there is a specific pattern that K-12 school follows that influences the
financial performance of the business. The company has succeeded in showcasing exceptional
performance in the year 2017. This is evident from the revenue (USD 8,000) that the company
was able to generate in the specific period of time. c
The company makes strategic use of budgeting in order to effectively predict its financial
aspects and make vital business decisions. Budgeting is considered to be a good business practice
since it enables accompanies across diverse industries and sectors to make an in-depth
comparison between their predictions and the actual performance. The information can be used to
identify the reasons for variance and take the necessary corrective measures in the future so that
the financial performance of the entity can be improved (Sulaymonov, 2018). In the context of
SRS, budgeting plays an instrumental role since it aids in the planning as well as cash flow
purposes.
The report gives an in-depth insight into the financial aspects of the organization. The
financial information from diverse departments of the organization, namely sales, purchase,
operations, and finance, has been used for creating a master budget that can influence the decision-
making process within the organization. The master budget, as well as the other departmental
budgets, can be of great help for the managerial and strategic team of SRS while making key
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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business decisions. In the initial section of the report, the relevance of departmental budgets for
different departments has been identified. Then an in-depth insight into each of the departmental
budgets spanning from July to September has been presented for making predictions relating to
sales, production levels, expenses, and purchases during the specific period. The main variance
areas have also been identified and examined since they might act as a cause of concern for SRS.
Relevance of budgets for diverse departments within SRS
In an organizational context, a budget acts as a useful strategic tool since it helps the
leadership team for planning out the expenses and reaching the business goals and objectives in a
cost-efficient manner. Apart from creating value at the macro or organizational level, a budget can
also be of high use at the micro level. In other words, budgets can also act as important strategic
tools that can be used by business units or departments which carry out their respective functions.
The essence of budgeting involves the preparation of interconnected plans relating to the financial
and economic activities of a firm and its divisions on the basis of its tactical and strategic
functioning targets (Kovaleva et al., 2016).
Sales budget –
In the SRS organization, budgets can be of great help for all the departments that work
within the entity. For instance, in the case of the sales department, the sales budget can act as a
vital strategic component that can help in forecasting the sales and making the optimum use of
available organizational resources. Additionally, the information can also enable the sales
manager within the organization to determine the appropriate selling price that can help the firm
to maximize its revenue (Grønhaug & Ims, 1988).
Purchase budget –
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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The purchase budget can also be of immense help in the organizational setting since it can
shed light on the volume of inventory that SRS will have to procure during the budgeted period in
order to meet its obligations towards its customers and clients. The purchase managers can use the
information captured in the purchase budgets to keep a tab on the price of the raw materials and
inventory items. Additionally, they will be able to keep track of the time when additional
purchases will have to be made so that SRS can consistently conduct its business operations.
Operations budget –
The operations budget is another important kind of budget that enables a firm to carry out
its business operation in an efficient manner. In the case of the SRS entity, the operations budget
can shed light on the selling and administrative aspects. The information can be utilized for the
purpose of making plans relating to the fixed and variable costs during a specific period of time.
The insight can help organizations to improve their efficiency in relation to the utilization of
available financial resources to run the business on a day-to-day basis (Wedyan et al., 2017).
Cash budget –
A cash budget can be defined as the estimation relating to cash flows of a business entity
over a particular period of time. Such a budget can be of high value for a business entity since it
can help to evaluate whether the firm has ample financial resources available or not to carry out its
operations in the future (Kareem et al., 2019). In the context of the SRS organization, the
information from the cash budget can be used by the financial team to ascertain whether ample
capital is available or not to accomplish the business goals. c
Sales Budget
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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According to the sales budget of SRS for the period July to September, the total amount of
sales that has been estimated for the quarter is USD 1,985,000. The monthly sales of the entity
have helped to make the budget for the specific period. The numbers that have been presented in
the table are based on the previous sales figures of the business entity. Some of the considerations
that have been made while preparing the sales budget of SRS include the vacation and holiday
seasons in the academic setting of K-12 schools.
The figures that have been presented in the cash collections section show that 30 % of
revenue was collected in the current month, and the remaining 70 % was collected in the
subsequent month. For example, in July month only 30 % of the sales amount was collected in the
same month which amounted to USD 180,000, and the remaining 70 % i.e., USD 420,000 was
collected in the month of August. The same principles have been applied for the following months
as well, including August and September. It has been estimated that in the July month, SRS will
collect a total of USD 5,20,000. However, its sales figure is expected to gradually increase in the
coming months because in August and September, it is expected that the figure will reach USD
693,000 and USD 779,500, respectively. During the entire budgeted quarter, the collections that
the business will make is USD 1,992,500 which will include sales for the three months and the
Accounts Receivable that already exists in the balance sheet for the former months’ sales.
Sales Budget (in USD)
July
August
September
Quarter
Sales
600,000
910,000
475,000
1,985,000
Cash Collections - Schedule
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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July
August
September
Quarter
June Sales (Accounts
Receivable from Balance
Sheet beginning)
340,000
340,000
July Sales (collected in the
current month – 30 %)
180,000
180,000
July Sales (collected in the
subsequent month – 70 %)
420,000
420,000
August Sales (collected in the
current month)
273,000
273,000
August Sales (collected in the
subsequent month)
637,000
637,000
September Sales (collected in
the current month)
142,500
142,500
Total expected cash
collections
520,000
693,000
779,500
1,992,500
Total Sales for the Quarter (July to September)
1,985,000
(Accounts Receivable from B/S beginning)
332,500
Purchasing Budget
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The purchasing budget that has been prepared for SRS covering July, August, and
September months gives an insight into how much inventory the company would require so that it
can maintain its sales budgets. The starting inventory for each month has been taken into
consideration while creating the purchase budgets for the respective months. The cost of
merchandise as a % of sales that has been taken for the budgeting purpose is 45 %. For every
month during the budgeted period, the desired ending inventory has been computed at 20 %.
Thus, in the months of July, August and September, SRS will have USD 81,900, USD 42,750, and
USD 34,650, which will enable it to carry out its business operations without any halt due to the
lack of raw materials or inventory items. c In order to determine the exact inventory that will have
to be purchased by the company each month, the beginning inventory figures have been deducted.
In the month of August, the business will have to make maximum purchases out of the three
months, which will amount to USD 370,350. The budget can act as a useful guide that can be used
by the purchasing team to manage the finances so that the business will have adequate funds with
itself to effectively carry out its disbursement obligations. While arriving at the final figure of the
total disbursement, the ‘Accounts payable from balance sheet’ has also been taken into
consideration since it is a financial obligation that must be fulfilled within the budgeted period.
Inventory Purchase Budget (in USD)
July
August
September
Sales
600,000
910,000
475,000
Cost of merchandise as % of sales
45%
45%
45%
Budgeted cost of sold merchandise
270,000
409,500
213,750
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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Subsequent month's COGS
409,500
213,750
173,250
Intended ending inventory %
20%
20%
20%
Intended ending inventory in USD
81,900
42,750
34,650
Budgeted cost of sold merchandise
270,000
409,500
213,750
(Add)Intended ending inventory in USD
81,900
42,750
34,650
Total inventory requirement
351,900
452,250
248,400
(Less) Beginning inventory
50,000
81,900
42,750
Purchases Needed
301,900
370,350
205,650
Schedule for expected cash
disbursements - Purchases
Purchases
July
August
September
Quarter
June (Accounts payable from the balance
sheet)
130,000
130,000
July
150,950
150,950
301,900
August
185,175
185,175
370,350
September
102,825
102,825
Total Disbursements
280,950
336,125
288,000
905,075
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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Budgeted Cost of Merchandise sold (Quarter)
893,250
Ending inventory at the Quarter end
34,650
Ending Accounts payable at the Quarter end
102,825
Operations Budget
The operations budget of SRS sheds light on a diverse range of areas in which the business
will have to incur expenses during the budgeted quarter. The expenses have been categorized into
variable and fixed expenses. The variable expenses might fluctuate based on the volume of
production of the business entity. However, the fixed expenses will have to be incurred by the
entity irrespective of the output that is generated by the entity while conducting the business
operations. While creating a budget, it is vital to differentiate between the expense items that
belong to the variable expense category and that belong to the fixed expense category since it can
influence the accuracy of the budgeted figures during the quarter. The information that has been
captured can be of high value for the operations manager so that the business entity will have
adequate funds available with itself to carry out its day-to-day business operations.
While computing the final sales and administrative expenses, the non-cash items such as
the depreciation for the specific quarter as well as the prepaid insurance amount have been
excluded since they will not be a part of the cash disbursement. The two main variable expense
items that have been taken into consideration in the operations budget include shipping expenses
and expenses that are associated with sales. These items are variable in nature as they are tied with
the sales turnover that the business will have during the budgeted quarter.
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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Operations (Selling and Administrative) Budget
July
August
September
Quarter
Sales
600,000
910,000
475,000
1,985,000
Shipping as a % of sales
5 %
5 %
5 %
5 %
Other expense items as a % of sales
8 %
8 %
8 %
8 %
Variable Expenses:
Shipping
30,000
45,500
23,750
99,250
Other expenses
48,000
72,800
38,000
158,800
Total Variable Expenses
78,000
118,300
61,750
258,050
Fixed Expenses:
Salary, Remuneration, and Wages
85,000
85,000
85,000
255,000
Advertising
50,000
50,000
50,000
150,000
Prepaid Insurance
3,000
3,000
3,000
9,000
Depreciation
25,000
25,000
25,000
75,000
Total Fixed Expenses
163,000
163,000
163,000
489,000
Total Selling and Administrative
Expenses
241,000
281,300
224,750
747,050
(Less) Non-cash components
(Depreciation and Prepaid insurance)
28,000
28,000
28,000
84,000
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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Total Cash Disbursements
213,000
253,300
196,750
663,050
Prepaid Insurance expensed during the budgeted period
9,000
Depreciation amount recognized during the budgeted period
75,000
Cash Budget
The cash budget captures the main areas in which cash flows, including both inflows as
well as outflows, will take place during the forecasted months. While working in the cash budget,
the cash that will be generated from the budgeted sales has also been taken into consideration
since they will have a direct influence on the cash position of the SRS entity. The total cash
disbursement for the month of July has been estimated at USD 743,950. Since it is higher than the
available cash with the business, it might give rise to financial constraints for the business during
the specific month. As there exists a shortage of cash worth USD 183,950, a feasible solution that
has been designed to address the cash deficiency issue is that SRS will have to take a loan from a
financial institution.
By choosing a suitable financing option, it will be possible for the firm to address the
shortage of cash in July month so that a positive balance can be maintained. During the budgeted
quarter, it has also been assumed that the business will be able to repay the loan that it would
borrow from an external source. In August, the business would pay off USD 11,000, whereas, in
the subsequent month, it would pay off the remaining USD 208,000. Thus, by the end of the
quarter, it will not have any more unfulfilled financial obligations relating to the loan that would
be taken in the July month. The repayment pattern that will be adopted by the firm has been
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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divided between the two remaining months of the quarter so that it would not face finical
complications while paying off the borrowed amount to its creditor.
Cash Budget
July
August
September
Quarter
Cash Balance (beginning)
40,000
35,050
35,435
110,485
(Add) cash collections from sales
budget
520,000
693,000
779,500
1,992,500
Total Cash Available
560,000
728,050
814,935
2,102,985
Less Cash Disbursement:
For inventory
280,950
336,125
288,000
905,075
For selling and administrative expenses
213,000
253,300
196,750
663,050
For equipment
200,000
90,000
c c c c c c c c c c c c c c
c c - c c
290,000
For cash dividend
50,000
c c c c c c c c
c c - c c
c c c c c c c c c c c c c c
c c - c c
50,000
For interest
c c c c c c c c c c c c c c
c c - c c
2,190
2,080
4,270
Total Cash Disbursement
743,950
681,615
486,830
1,912,395
Excess/Deficiency of Cash
(183,950)
46,435
328,105
190,590
Financing:
Borrowing
219,000
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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Repayment
(11,000)
(2,08,000)
(2,19,000)
Total Financing
2,19,000
(11,000)
(2,08,000)
Cash Balance
35,050
35,435
120,105
190,590
Source: (Raji, 2019)
Budgeted Profit and Loss Account (Income Statement)
The budgeted income statement for the SRS business has been designed, which highlights
the estimated net profit that it is expected to generate during the forecasted quarter covering July,
August and September. The budgeted cost of goods sold has been deducted from the total
budgeted sales turnover to arrive at the gross revenue of USD 1,091,750. The only expense items
that have been adjusted for arriving at the net profit of the company include selling and
administrative expenses and interest expenses. While considering the operations expenses, the
non-cash elements, i.e., depreciation and prepaid insurance, have also been taken into
consideration, due to which the value of the total operations expenses is USD 747,050.
Budgeted Income Statement
Budgeted sales for the quarter
c c c c c c 1,985,000
(Less) Budgeted cost of goods sold
c c c c c c c c c 893,250
Gross Profit
c c c c c c 1,091,750
Total sales and administrative expenses
c c c c c c 747,050
Interest
c c c c c c c c c c c c 4,270
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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c c c c c c
c c c c c c c c c 751,320
Net Profit
c c c c c c c c c 340,430
Master Budget Balance Sheet
A proforma master budget balance sheet has been prepared for the company for the
budgeted quarter. Such a financial instrument must be designed since it can help in safeguarding
the firm’s assets, equity and liability on the basis of the estimations. After taking into
consideration the projections that have been made, the value of SRS’s total current assets is USD
496,250. The other assets that have been taken into consideration in the proforma balance sheet of
the organization include ‘building & equipment’ worth USD 1,075,000. After taking into
consideration both the items, the total asset of the company has been projected at USD 1,571,255.
In the liability section of the balance sheet, the key elements that have been taken into
consideration include the
Master Budget Balance Sheet
Assets
Amount (in
USD)
Liabilities
Amount (in
USD)
Current Assets
c c c c c c c c c 496,255
Accounts
payable and
Stockholder
equity
1,571,255
Building &
Equipment
c c c c c 1,075,000
c c c c c c 1,571,255
1,571,255
c
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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Summary of departmental budget and large variances
The budget of each of the departments, namely the sales, purchasing, operations and
finance departments for the months, shows that the SRS business is likely to demonstrate strong
financial performance. The sales budget has revealed that with the passage of the months, the total
expected cash collections for the firm will rise. Thus, at the end of the budgeted quarter, its total
cash collection is budgeted to be USD 1,992,500. It will encompass the total sales turnover for the
business during the budgeted quarter as well as the accounts receivable amount that already exists
in the firm’s balance sheet. The purchasing budget has revealed that the in the month of August,
SRS will have to spend maximum expenses on purchasing its inventory items. It has also been
assumed that the business will maintain a 20 % inventory at the end of each month so that there
will be no sudden shortage of raw materials that could adversely affect the business operations.
According to the operations budget, the maximum variable expenses of the business will be
incurred in the month of August because of the high sales in the specific month. However, the
total fixed expenses will remain consistent throughout the months. The cash budget has revealed
that there may be a deficit of cash in July, due to which SRS will have to borrow from outsiders
such as a bank. However, in the following two months, the amount will be repaid since the
company’s financial viability will improve.
A large variance that may arise in the specific business context is related to the
requirement for additional funds during the budgeted months. Such a requirement could arise
because of diverse factors, such as the urgent need of educational supplies by a K-12 educational
institute. In the budgeted forecasts, it has been identified is that in spite of the solid budget
estimates relating to sales, there will be a deficit of USD 183,950 in the month of July. Thus, the
availability of limited funds could act as a major issue for the SRS organization. Another large
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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variance that may arise is related to the availability of borrowings from an appropriate source. In
case the firm is unable to address the financial shortage that has been identified in its cash budget
for the month of July, its ability to run the business operations in a smooth and effective manner
may be hampered. The business entity must choose a suitable financing decision to address the
variance so that the lack of finance can be effectively managed. Another large variance that has
been identified in the case of the SRS business is related to disruption in the normal functioning of
schools due to environmental factors such as a pandemic, lockdowns, or other variables. It could
negatively affect the demand for SRS’ offerings and adversely affect its sales performance.
Two large variances that may cause concern
One of the main variances that may act as a source of concern for the SRS business entity
is the limited availability of financial resources to make the necessary disbursements that arise on
a monthly basis. In the highly dynamic and unpredictable business landscape, the unavailability of
finds is a key issue that needs to be addressed in a strategic manner. For example, the business
entity could adopt a number of measures such as optimum utilization of available resources and
control of avoidable costs so that the specific variance can be tackled in an effective manner.
Based on the master budget, the company could strengthen its resource allocation capability (Raji,
2019).
Another key variance that may give rise to complexities for the SRS company in the future
is the misalignment between the required volume of inventory items and the actual items that have
been procured. Such a variance could give rise to unnecessary cash or financial burden for the
company and adversely affect its performance. For example, the availability of excessive
inventory items without adequate market demand can give rise to unnecessary opportunity costs
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
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for SRS. The proper identification and control of opportunity costs in the business landscape are
of critical importance (Karpac & Bartosova, 2020). It can enable the business entity to make
strategic financial decisions that can enhance its financial viability and stability in the long-run.
Conclusion
Budgeting is considered to be of paramount importance for every business since it helps to
make estimations relating to diverse financial aspects of a firm. In the context of the SRS
Educational Supply Company, the budgeting techniques have been implemented, and several
budgets have been created, such as sales budget, purchasing budget, selling and administrative
(operations) budget and cash budget. Each of these budgets is of high value for the sales
department, purchase department, operations department and financial department. The budget
that has been created for the months of July, August and September for the company can be used
by the managers from the respective areas to make strategic decisions and action plans so that
they can stick to the respective budgets and the possibility of variance can be diminished to a
considerable extent. The budgeting forecasts that have been done indicate that the business is
likely to showcase favorable performance in terms of sales turnover. For maintaining its sales, it
will have to spend funds in areas such as the purchase of inventories as well as the operations
expenses. Apart from these areas, it is vital for the firm to ensure the proper flow of cash within
the firm so that it can smoothly function.
COMPANY FINANCIALS c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c c
18
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