Sheet1Answer 1. Budgeted statement of cost of goods sold Comfort F.docx

Sheet1Answer 1. Budgeted statement of cost of goods sold
Comfort FurnitureBudgeted cost of goods soldfor the year
ending December 31, 2017Finished goods inventory,
1/1/1724000Cost of goods manufacturedDirect Material
used62500Direct Labor50900Manufacturing Overhead
Applied48600162000Cost of goods available for
sale186000Less: Finished goods inventory, 31/12/17 (2500 units
@ $18)45000Cost of goods sold141000Answer 2. Budgeted
multiple-step income statement Comfort FurnitureBudgeted
income statementFor the year ending December 31, 2017Sales
Revenue 256000Less: COGS141000Gross Profit115000Less:
Selling and Admin Expenses75000Income from
operations40000Less: Interest Expense3500Income before
taxes36500Less: Tax @ 40%14600Net income21900Answer
3.Retained earnings statement for 2017 Comfort
FurnitureBudgeted Retained Earning StatementFor the year
ending on December 31, 2017Retained Earnings,
1/1/1725000Add: Net income2190046900Less:
Dividends8000Retained Earnings 31/12/201738900Answer 4.
Budgeted classified balance sheet at December 31,2017
Comfort Furniture PTY LtdBalance Sheet as on 31st December,
2017AssetsCurrent AssetsCash5880Accounts
receivable30720Finished goods inventory (1500
units)45000Total current assets81600Property, plant and
equipmentEquipment49000Less: Accumulated
depreciation14000Total Property, plant and
equipment35,000Total Assets116,600Total liabilities and
stockholders’ equityLiabilitiesNotes payable17000Accounts
payable15700Total Liabilities500037700Stockholders’
EquityCommon stock40000Retained earnings38900Total
stockholders’ equity78900Total liabilities and stockholders’
equity116,600Answer 5. Budgeted classified balance sheet at
December 31,2017 Comfort Furniture PTY LtdStatement of
budgeted cash balanceAmountsOpening Cash Balance7500Add:

Cash collected from receivables298780Less: Cash paid for
direct meterial91800Less: Equipment Purchase9000Less:
Dividend8000Less: Notes payable paid8000Less: Interest
payment3500Less: Taxes paid9600Less: Direct
Labor50900Less: Selling and administrative expenses (Less of
depreciation included)73000Less: Manufacturing overheads
(Less of depreciation included)46600Closing balance of
cash5,880NotesCash collected from receivables = Opening
balance of accounts receivable + sales made- closing balance of
AR73500+256000-(76800*40%)298780Cash paid to direct
meterial= Opening balance of AP + Direct meterial- closing
balance of AP45000+62500-(7200+(17000*50%))91800Answer
2 (a).primary benefits of budgeting 1. Budgeting helps in
guide the administration identifying with its future planning and
formulation of policies.2. Through budgeting substance can
control its money related issues effectively.3. Budgeting spares
the pressure of all of a sudden changing in accordance with lack
of funds since you didn't at first arrangement how to spend
them.4. Budgeting is utilized to assess the strategies and
objectives of an organization. Additionally, such approaches
and objectives are tried with the assistance of budgetary
control.5. Budgeting helps in coordinating both capital and
revenue resources in a profitable way.6. If an organization has
limited liquid assets available to put resources into fixed assets
and working capital and the budgeting procedure forces the
management to choose which resources are most worth putting
resources into.7. At the point when the organization make
budget and take a "major picture" view, it will see potential
cash issues ahead of time, and have the option to make
modifications before the issue shows up.8. Taking loan isn't
really a terrible thing if the loan is fundamental or organization
can manage the cost of it. Budgeting demonstrates how much an
loan load organization can reasonably take without being
pushed or if taking the loan burden is justified, despite all the
trouble.9. Budgeting, helps to recognizes and take out
unnecessary spending like late charges, punishments and

interests. These apparently little sparing can include after some
time.
Sheet2Comfort Furniture PTY LtdBalance Sheet as on 31st
December, 2017AssetsCurrent AssetsCash5880Accounts
receivable30720Finished goods inventory (1500
units)45000Total current assets81600Property, plant and
equipmentEquipment49000Less: Accumulated
depreciation14000Total Property, plant and
equipment35,000Total Assets116,600Total liabilities and
stockholders’ equityLiabilitiesNotes payable17000Accounts
payable15700Total Liabilities500037700Stockholders’
EquityCommon stock40000Retained earnings38900Total
stockholders’ equity78900Total liabilities and stockholders’
equity116,600Comfort Furniture PTY LtdStatement of budgeted
cash balanceAmountsOpening Cash Balance7500Add: Cash
collected from receivables298780Less: Cash paid for direct
meterial91800Less: Equipment Purchase9000Less:
Dividend8000Less: Notes payable paid8000Less: Interest
payment3500Less: Taxes paid9600Less: Direct
Labor50900Less: Selling and administrative expenses (Less of
depreciation included)73000Less: Manufacturing overheads
(Less of depreciation included)46600Closing balance of
cash5,880NotesCash collected from receivables = Opening
balance of accounts receivable + sales made- closing balance of
AR298780Cash paid to direct meterial= Opening balance of AP
+ Direct meterial- closing balance of AP918002Prepared the
budgeted balance sheet and explained the benefits of
budgetingComfort Furniture Pty LtdBalance SheetFor the year
ending December 31, 2017AssetsCurrent
AssetsCash5880Accounts receivable ($76,800 x
40%)30720Finished goods inventory (2,500 units x
$18)45000Total current assets81600Property, plant and
equipmentEquipment (40000+9000)49000Less: Accumulated
depreciation (10000+4000)14000Total Property, plant and
equipment35000Total Assets116600Total liabilities and
stockholders’ equityLiabilitiesNotes payable ($25,000-

$8,000)17000Income Tax Payable5000Accounts
payable7200Total liabilities29200Stockholders’ EquityCommon
stock40000Retained earnings47400Total stockholders’
equity87400Total liabilities and stockholders’
equity116600Comfort Furniture Pty LtdIncome StatementFor
the year ending December 31, 2017Sales budget (32,000 units at
$32)256000256000Cost of goods manufacturedDirect Material
Applied48600Selling and administrative
expenses75000237000Income before interest and
taxes19000Less: Interest Expense3500Income before
taxes15500Less income tax $15500 x 40%6200Income after
taxes9300
Sheet3Comfort FurnitureBudgeted cost of goods soldfor the
year ending December 31, 2017Finished goods inventory,
1/1/1724000Cost of goods manufacturedDirect Material
Applied48600162000Cost of goods available for
sale186000Less: Finished goods inventory, 31/12/17 (2500 units
@ $18)45000Cost of goods sold141000Comfort
FurnitureBudgeted income statementFor the year ending
December 31, 2017Sales Revenue 256000Less:
COGS141000Gross Profit115000Less: Selling and Admin
Expenses75000Income from operations40000Less: Interest
Expense3500Income before taxes36500Less: Tax @
40%14600Net income21900Comfort FurnitureBudgeted
Retained Earning StatementFor the year ending on December
31, 2017Retained Earnings, 1/1/1725000Add: Net
income2190046900Less: Dividends8000Retained Earnings
31/12/201738900
Rubic_Print_FormatCourse CodeClass CodeAssignment
TitleTotal PointsNRS-410VNRS-410V-O500Benchmark -
Nursing Process: Approach to
Care250.0CriteriaPercentageUnsatisfactory (0.00%)Less Than
Satisfactory (75.00%)Satisfactory (79.00%)Good

(89.00%)Excellent (100.00%)CommentsPoints
EarnedContent80.0%Diagnosis and Staging of Cancer15.0%A
description of the diagnosis and staging of cancer is omitted.A
partial description summarizes the diagnosis and staging of
cancer. There are significant omissions.A general description
summarizes the diagnosis and staging of cancer. There are
inaccuracies. Some information is needed.A description of the
diagnosis and staging of cancer is presented. There are very
minor inaccuracies. Some detail is needed for clarity.A detailed
description of the diagnosis and staging of cancer presented.
The description is informative and well-
developed.Complications of Cancer, Side Effects of Treatment,
and Methods to Lessen Physical and Psychological
Effects15.0%Three complications of cancer, side effects of
treatment, and methods to lessen the physical and psychological
effects are omitted.Fewer than two complications of cancer are
described. The side effects of treatment and methods to lessen
the physical and psychological effects are partially presented.
There are major inaccuracies.At least three complications of
cancer are generally described. The side effects of treatment
and methods to lessen the physical and psychological effects are
summarized. There are some inaccuracies.Three or more
complications of cancer are described. The side effects of
treatment and methods to lessen the physical and psychological
effects are generally described. Some detail is needed for clarity
or accuracy.Three or more complications of cancer are detailed.
The side effects of treatment and methods to lessen the physical
and psychological effects are thoroughly described.Factors
Contributing to Incident and Mortality Rates of Various Cancers
in Americans15.0%Factors contributing to the yearly incidence
and mortality rates of various cancers in Americans are
omitted.The factors contributing to the yearly incidence and
mortality rates of various cancers in Americans are partially
outlined. Key factors are missing. There are major
inaccuracies.Some key factors contributing to the yearly
incidence and mortality rates of various cancers in Americans

are generally discussed. There are some inaccuracies. The
discussion lacks rationale or evidence to support the key factors
presented.The major factors contributing to the yearly incidence
and mortality rates of various cancers in Americans are
discussed. The discussion provides general rationale or
evidence to support the factors presented.The discussion is
accurate, detailed, and presents all significant factors
contributing to the yearly incidence and mortality rates of
various cancers in Americans. Strong rationale and evidence
support the discussion.American Cancer Society
(ACS)15.0%Explanation for how the ACS might provide
education and support is omitted.A partial explanation for how
the ACS might provide education and support is presented.
Overall, the role and function of the ACS are unclear. There are
inaccuracies.A summary for how the ACS might provide
education and support is presented. Some additional information
is required to fully represent the role and function of the ACS.
There are some inaccuracies. General ACS services to be
recommended are referenced.An explanation for how the ACS
might provide education and support is presented. The role and
function of the ACS are apparent. Some ACS services to be
recommended are referenced. Detail is needed for clarity.A
detailed explanation for how the ACS might provide education
and support is presented. The role and function of the ACS are
clear and informative. ACS services to be recommended are
discussed and rationale is provided for the
recommendation.Utilization of Nursing Process Across the Life
Span (C3.1)15.0%Explanation of how the nursing process is
utilized to provide safe and effective care for cancer patients
across the life span is omitted; or, the explanation fails to
accurately represent the nursing process.A partial explanation
of how the nursing process is utilized to provide safe and
effective care for cancer patients across the life span is
presented. Major aspects of the nursing process are omitted
from the explanation. It is unclear the process provides safe and
effective care for patients across the life span.A general

explanation of how the nursing process is utilized to provide
safe and effective care for cancer patients across the life span is
presented. A summary outlines how the process provides safe
and effective care for patients across the life span. There are
some inaccuracies. Rationale or evidence is needed for
support.An explanation of how the nursing process is utilized to
provide safe and effective care for cancer patients across the
life span is presented. The explanation generally describes how
the process provides safe and effective care for patients across
the life span. Some rationale or evidence is needed for
support.A well-developed explanation of how the nursing
process is utilized to provide safe and effective care for cancer
patients across the life span is presented. The explanation
clearly describes how the process provides safe and effective
care for patients across the life span. Strong rationale or
evidence is provided for support. Insight into the nursing
process and its utilization to provide safe and effective care for
patients across the life span is demonstrated.Contribution of
Liberal Arts and Science Studies to Nursing Knowledge
(C2.1)5.0%Discussion on how undergraduate education in the
liberal arts and science studies contributes to the foundation of
nursing knowledge and prepares nurses to work with patients
utilizing the nursing process is omitted.An incomplete summary
on how undergraduate education in the liberal arts and science
studies contributes to the foundation of nursing knowledge and
prepares nurses to work with patients utilizing the nursing
process is presented. There are significant omissions. It is
unclear how undergraduate education contributed.A general
discussion on how undergraduate education in the liberal arts
and science studies contributes to the foundation of nursing
knowledge and prepares nurses to work with patients utilizing
the nursing process is presented. A general correlation for how
undergraduate education contributed to nursing knowledge is
established.A discussion on how undergraduate education in the
liberal arts and science studies contributes to the foundation of
nursing knowledge and prepares nurses to work with patients

utilizing the nursing process is presented. A correlation for how
undergraduate education contributed to nursing knowledge and
prepares nurses to work with patients utilizing the nursing
process is established. Some information or detail is needed for
clarity or support.A thorough discussion on how undergraduate
education in the liberal arts and science studies contributes to
the foundation of nursing knowledge and prepares nurses to
work with patients utilizing the nursing process is presented. A
strong correlation for how undergraduate education contributed
to nursing knowledge and prepares nurses to work with patients
utilizing the nursing process is clearly established. Insight into
the contribution of liberal arts and science studies to nursing
practice is demonstrated.Organization, Effectiveness, and
Format20.0%Thesis Development and Purpose5.0%Paper lacks
any discernible overall purpose or organizing claim.Thesis is
insufficiently developed or vague. Purpose is not clear.Thesis is
apparent and appropriate to purpose.Thesis is clear and
forecasts the development of the paper. Thesis is descriptive
and reflective of the arguments and appropriate to the
purpose.Thesis is comprehensive and contains the essence of the
paper. Thesis statement makes the purpose of the paper
clear.Argument Logic and Construction5.0%Statement of
purpose is not justified by the conclusion. The conclusion does
not support the claim made. Argument is incoherent and uses
noncredible sources.Sufficient justification of claims is lacking.
Argument lacks consistent unity. There are obvious flaws in the
logic. Some sources have questionable credibility.Argument is
orderly but may have a few inconsistencies. The argument
presents minimal justification of claims. Argument logically,
but not thoroughly, supports the purpose. Sources used are
credible. Introduction and conclusion bracket the
thesis.Argument shows logical progression. Techniques of
argumentation are evident. There is a smooth progression of
claims from introduction to conclusion. Most sources are
authoritative.Clear and convincing argument presents a
persuasive claim in a distinctive and compelling manner. All

sources are authoritative.Mechanics of Writing (includes
spelling, punctuation, grammar, language use)5.0%Surface
errors are pervasive enough that they impede communication of
meaning. Inappropriate word choice or sentence construction is
used.Frequent and repetitive mechanical errors distract the
reader. Inconsistencies in language choice (register), sentence
structure, or word choice are present.Some mechanical errors or
typos are present, but they are not overly distracting to the
reader. Correct sentence structure and audience-appropriate
language are used.Prose is largely free of mechanical errors,
although a few may be present. A variety of sentence structures
and effective figures of speech are used.Writer is clearly in
command of standard, written, academic English.Paper Format
(use of appropriate style for the major and
assignment)2.0%Template is not used appropriately, or
documentation format is rarely followed correctly.Appropriate
template is used, but some elements are missing or mistaken. A
lack of control with formatting is apparent.Appropriate template
is used. Formatting is correct, although some minor errors may
be present.Appropriate template is fully used. There are
virtually no errors in formatting style.All format elements are
correct.Documentation of Sources (citations, footnotes,
references, bibliography, etc., as appropriate to assignment and
style)3.0%Sources are not documented.Documentation of
sources is inconsistent or incorrect, as appropriate to
assignment and style, with numerous formatting errors.Sources
are documented, as appropriate to assignment and style,
although some formatting errors may be present.Sources are
documented, as appropriate to assignment and style, and format
is mostly correct.Sources are completely and correctly
documented, as appropriate to assignment and style, and format
is free of error.Total Weightage100%
ACT502 Assignment, Semester 2, 2019 Page 1

ACT502 Management Accounting, Semester 2, 2019
Assignment
140 Marks - Weight 30%
Due Date: During Week 10 (30 September - 4 October 2019)
Instructions:
➢ This assignment consists of two questions. Please construct
your answer in the
worksheet in Excel file and upload using the submission point
for the
assignment on Learnline. You must submit ONE file only. The
file MUST be in
Excel format. No word document will be accepted. Create text
box in your Excel
file to provide answers to question two.
➢ Submitted file MUST be saved in the format:
ID_Lastname_Firstname (e.g
S876980_Smith_Jack)
➢ Marks will be given for the quality of your calculation
formats (evident from the
formulas on the Excel spreadsheet) even if your final

calculations are not correct.
Show your calculations clearly.
➢ Assignments submitted via e-mail will NOT be accepted.
➢ Your student ID and name MUST be included at the top of
the first Excel sheet.
Not need to complete a university cover sheet.
➢ Do not include the actual question in your submitted
assignment. You need to
only include your answers to the questions.
➢ The due date and time is noted in the unit information
document as well as
above. Sufficient time is given to do this assignment so, do not
leave it to the last
minute. Late assignments will be penalised. It is your
responsibility to ensure
you factor in any time difference between Darwin and other
locations when
submitting your assignment.
Ethics:
➢ This is not a group assignment, it is an individual assessment.
Your solutions will
likely be different from other students. If portions of your
assignment are copied
or very close to copying, all parties will be penalised for
copying. Copying would
be considered plagiarism and CDU has restrict policies in this
regard (please see

https://www.cdu.edu.au/academic-integrity for details).
https://www.cdu.edu.au/academic-integrity
Question One (100 Marks)
Comfort Furniture Pty Ltd manufactures and distributes stylish
and practical furniture
for hospitality industry in Australia. The company’s balance
sheet at December 31, 2016
is shown below:
Comfort Furniture
Balance Sheet
December 31, 2016
Assets
Current Assets
Cash $7,500
Accounts receivable $73,500
Finished goods inventory (1500 units) $24,000
Total current assets $105,000
Property, plant and equipment
Equipment $40,000
Less: Accumulated depreciation $10,000 $30,000
Total Assets: $135,000

Liabilities
Notes payable $25,000
Accounts payable $45,000
Total Liabilities $70,000
Stockholders’ Equity
Common stock $40,000
Retained earnings $25,000
Total stockholders’ equity $65,000
Total liabilities and stockholders’
equity
$135,000
Budgeted data for the year 2017 includes the following:
2017
Quarter 4 Total
Sales budget (8,000 units at $32) $76,800 $256,000
Direct materials used 17,000 62,500
Direct labour 12,500 50,900
Manufacturing overhead applied 10,000 48,600
Selling and administrative expenses 18,000 75,000
Additional Information:
To meet sales requirements and to have 2,500 units of finished
goods on hand at
December 31, 2017, the production budget shows 9,000 required
units of output. The

total unit cost of production is expected to be $18. The company
uses the first-in, first
out (FIFO) inventory costing method. Interest expense is
expected to be $3,500 for the
year. Income taxes are expected to be 40% of income before
income taxes, in 2017, the
company expects to declare and pay $8,000 cash dividends.
The company’s cash budget shows and expected cash balance of
$5,880 at December 31,
2017. All sales and purchases are on account. It is expected that
60% of quarterly sales
are collected in cash within the quarter and the remainder is
collected in the following
quarter. Direct materials purchased from suppliers and paid 50%
in the quarter
incurred and the remainder in the following quarter. Purchases
in the fourth quarter
were the same as the materials used. In 2017, the company
expects to purchase
additional equipment costing $9,000. $4,000 of depreciation
expense on equipment is
included in the budget data and split equally between
manufacturing overhead and
selling and administrative expenses.
The company expects to pay $8,000 on the outstanding notes
payable balance plus all
interest due and payable to December 31 (included in interest
expense $3,500, above).

Accounts payable at December 31,2017, includes amounts due
suppliers (see above)
plus other accounts payable of $7,200. Unpaid income taxes at
December 31 will be
$5,000.
Required:
Prepare the following for 2017:
1) Budgeted statement of cost of goods sold (15 marks)
2) Budgeted multiple-step income statement (25 marks)
3) Retained earnings statement for 2017 (15 marks)
4) Budgeted classified balance sheet at December 31,2017 (25
marks)
5) Proof of budgeted cash balance at December 31, 2017 (20
marks)
Note: Do Not provide any additional budgets in your answer.
Only submit the answers
for above five requirements.
Question Two (40 Marks)
a) Discuss all the primary benefits of budgeting to the CEO of
Comfort Furniture Pty
Ltd. Provide detailed information (25 marks).
b) How may a Comfort Furniture’s budget report for the second

quarter differ from the
first quarter. Provide detailed explanation. (15 marks).

Sheet1Answer 1. Budgeted statement of cost of goods sold Comfort F.docx

Recommended

Recommended

More Related Content

Similar to Sheet1Answer 1. Budgeted statement of cost of goods sold Comfort F.docx

Similar to Sheet1Answer 1. Budgeted statement of cost of goods sold Comfort F.docx (20)

More from bjohn46

More from bjohn46 (20)

Recently uploaded

Recently uploaded (20)

Sheet1Answer 1. Budgeted statement of cost of goods sold Comfort F.docx