need help in accounting

budget_case_solution_template.xls

prelimnary budgets


SALES FORECAST	Jan	Feb	Mar	Apr	May	June
in Units
PRODUCTION BUDGET
Sales
EI
-BI
Production	-	-	-	-
RAW MATERIAL PURCHASES (packets--1 per unit)
Production
EI
BI
Purchases	-	-	-	-
Purchases in $ (@$80)	-	-	-
COST OF GOODS MANUFACTURED BUDGET
Production
Direct Material (@$80)	-	-
Direct Labor (10 hrs @$35/hr)	-	-	-
Overhead (50% DL$)	-	-	-
Total CGM	-	-	-
Average Cost/Unit	-	-	-
Projected Sellling Price	-	-	-


		January	February	March
Sales in Units
Sales (@$1210)		$ - 0	$ - 0	$ - 0
Cost of Sales (@605)		-	-	-
Gross Margin		-	-	-
Operating Expenses:
	Administrative salaries (given)
	Sales commissions (10% of sales)
	Rent (given)
	Insurance ($24,000 ÷ 6)
	Other general and administrative (15% of sales)
	Depreciation ($564,180 ÷ 60)
	Totals	-	-	-
Operating Income (Loss)		-	-	-
Inrterest Expense
	Capital Lease
	Operating Line
Income (Loss) Before Taxes		-	-	-
Estimated Income Taxes
Net Income (Loss)		$ - 0	$ - 0	$ - 0


Cash Forecast
			January	February	March
Cash Receipts:
	Sales (from I/S)
		collection in month (15%)
		collection in 2nd month (75%)
		collection in 3rd month (10%)
		Total Cash Receipts	$ - 0	$ - 0	$ - 0
Cash Disbursements:
	Direct Labor Costs Incurred (production)
		paid in mo (50%)
		paid in 2nd mo (50%)
		Total direct labor cash payments	$ - 0	$ - 0	$ - 0
	Administrative Salaries (Expense)
		paid in mo (50%)
		paid in 2nd mo (50%)
		Total adminstrative salary payments	$ - 0	$ - 0	$ - 0
	Sales commissions (Expense)
		paid in full in following mo	-
	Material purchases (Procurement)
		paid in full in following month
	MOH
		paid in month (25%)
		paid in 2nd mo (75%)
		Total MOH	$ - 0	$ - 0	$ - 0
	Other administrative costs (Expense)
		paid in full in following month	$ - 0	$ 90,750	$ 108,900
	Insurance		24,000
	Rent		8,000	8,000	8,000
	Capital Lease Principal			7,295	7,356
	Interest expense
		on capital lease (per schedule)	-	4,705	4,644
		on bank loan*	-	1,500	3,500
		Total interest	$ - 0	$ 6,205	$ 8,144
	Total disbursements		$ 32,000	$ 112,250	$ 132,400
Cash Receipts Less Cash Disbursements			(32,000)	(112,250)	(132,400)
Beginning Balance			100,000	189,750	195,400
Cash Available			68,000	77,500	63,000
Borrowings			300,000	100,000	50,000
Ending Cash Balance			$ 368,000	$ 177,500	$ 113,000
	*


	Assets	January 1	January 31	February 28	March 31
Current Assets:
	Cash
	Accounts Receivable
	Raw Marterial Inventory
	Finished Goods Inventory
	Prepaid Insurance
	Total Current Assets	-	-	-	-
Property and Equipment:
	Equipment on Capital Lease
	Accumulated Depreciation	-
	Net Property and Equipment	-	-	-	-
		-	-	-	-
	Liabilities and Stockholders' Equity
Current Liabilities:
	Accounts Payable
	Wages Payable
	Bank Note Payable
	Interest Payable
	Income Taxes Payable
	Capital Lease Payable-Current Portion
	Total Current Liabilities	-	-	-	-
Capital Lease - Amount Due After One Year		-
		-	-	-	-
Stockholders' Equity:
	Common Stock
	Retained Earnings (Deficit)
	Total Stockholders' Equity	-	-	-	-
		$ - 0	$ - 0	$ - 0	$ - 0