The document outlines a student's monthly budgeting project. It includes calculating estimated budgets across various categories like housing, utilities, transportation, and groceries. The student then finds actual costs for rent, utilities, phone plan, and transportation. Some categories like groceries are on budget while others like utilities are over budget. Two pie charts compare the estimated versus actual budgets. A check register tracks expenses over a week. In the end, the student learned how to budget income and expenses to manage money effectively on a monthly basis.
Acc 557 homework 1 chapters 1, 2, and 3Lisaha milton
This document provides instructions for completing homework assignments for an accounting course. It includes exercises involving preparing journal entries, T-accounts, and trial balances for various accounting transactions. It also includes problems requiring the preparation of income statements, balance sheets, and analyzing accounting data for several businesses. The homework is due in week 2 and is worth 95 points.
Acc 557 homework 1 chapters 1, 2, and 3ShariAdamson
This document provides instructions for homework assignments from ACC 557 that are due in Week 2. It includes exercises involving the preparation of journal entries, T-accounts, trial balances, and financial statements from accounting transactions. It also includes problems requiring analysis of accounting information and preparation of adjusting entries.
The document describes an event management tool interface for administrators and organizers. It allows users to create, edit, and manage events, organizers, administrators, and event details like schedules and agendas. The interface provides options to add, edit, delete and view events and profiles. It also allows downloading agendas and changing account settings like passwords.
This document provides the solutions to ACC 557 homework assignments 1-5 for an accounting course. It includes solutions to various exercises involving preparing journal entries, T-accounts, trial balances, income statements, and adjusting entries. The document provides the questions and financial information and the solutions to each problem in the assignments. It is a complete solution guide for the ACC 557 homework covering chapters 1-6 of the course material.
Acc 291 t Perfect Education/newtonhelp.comamaranthbeg121
This document provides a list of assignments for the ACC 291 accounting course, including practice and applied assignments in Connect for each week of the course from December 2019. It also includes two sample applied assignment exercises with multiple choice questions to be completed in Connect.
This document provides the details and instructions for ACC 557 Homework 1-5, including exercises and problems related to accounting principles. It includes instructions to record journal entries, post to ledger accounts, prepare adjusting entries, closing entries, income statements, and balance sheets. The homework covers topics such as preparing trial balances, analyzing transactions, calculating account balances, and solving accounting problems related to the annual accounting cycle.
Aztec Company sells its product for $170 per unit. Its actual and projected sales follow.
Units Dollars
April (actual) 5,500 $935,000
May (actual) 3,600 612,000
June (budgeted) 7,500 1,275,000
July (budgeted) 5,500 935,000
August (budgeted)3,900 663,000
All sales are on credit. Recent experience shows that 22% of credit sales is collected in the month of the sale, 48% in the month after the sale, 25% in the second month after the sale, and 5% proves to be uncollectible. The product’s purchase price is $110 per unit. All purchases are payable within 12 days. Thus, 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 19% of the next month’s unit sales plus a safety stock of 60 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,860,000 and are paid evenly throughout the year in cash. The company’s minimum cash balance at month-end is $130,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $130,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 14% interest rate. On May 31, the loan balance is $35,500, and the company’s cash balance is $130,000. (Round final answers to the nearest whole dollar.)
The document outlines a 12 step budgeting project with various steps assigned point values totaling 220 points. It includes steps for paying yourself first, housing costs, transportation, insurance, food budgeting, valuing time, education costs, and tracking income and expenses. The final section provides a grade conversion scale from 198-220 points corresponding to an A grade for the budgeting project.
Acc 557 homework 1 chapters 1, 2, and 3Lisaha milton
This document provides instructions for completing homework assignments for an accounting course. It includes exercises involving preparing journal entries, T-accounts, and trial balances for various accounting transactions. It also includes problems requiring the preparation of income statements, balance sheets, and analyzing accounting data for several businesses. The homework is due in week 2 and is worth 95 points.
Acc 557 homework 1 chapters 1, 2, and 3ShariAdamson
This document provides instructions for homework assignments from ACC 557 that are due in Week 2. It includes exercises involving the preparation of journal entries, T-accounts, trial balances, and financial statements from accounting transactions. It also includes problems requiring analysis of accounting information and preparation of adjusting entries.
The document describes an event management tool interface for administrators and organizers. It allows users to create, edit, and manage events, organizers, administrators, and event details like schedules and agendas. The interface provides options to add, edit, delete and view events and profiles. It also allows downloading agendas and changing account settings like passwords.
This document provides the solutions to ACC 557 homework assignments 1-5 for an accounting course. It includes solutions to various exercises involving preparing journal entries, T-accounts, trial balances, income statements, and adjusting entries. The document provides the questions and financial information and the solutions to each problem in the assignments. It is a complete solution guide for the ACC 557 homework covering chapters 1-6 of the course material.
Acc 291 t Perfect Education/newtonhelp.comamaranthbeg121
This document provides a list of assignments for the ACC 291 accounting course, including practice and applied assignments in Connect for each week of the course from December 2019. It also includes two sample applied assignment exercises with multiple choice questions to be completed in Connect.
This document provides the details and instructions for ACC 557 Homework 1-5, including exercises and problems related to accounting principles. It includes instructions to record journal entries, post to ledger accounts, prepare adjusting entries, closing entries, income statements, and balance sheets. The homework covers topics such as preparing trial balances, analyzing transactions, calculating account balances, and solving accounting problems related to the annual accounting cycle.
Aztec Company sells its product for $170 per unit. Its actual and projected sales follow.
Units Dollars
April (actual) 5,500 $935,000
May (actual) 3,600 612,000
June (budgeted) 7,500 1,275,000
July (budgeted) 5,500 935,000
August (budgeted)3,900 663,000
All sales are on credit. Recent experience shows that 22% of credit sales is collected in the month of the sale, 48% in the month after the sale, 25% in the second month after the sale, and 5% proves to be uncollectible. The product’s purchase price is $110 per unit. All purchases are payable within 12 days. Thus, 60% of purchases made in a month is paid in that month and the other 40% is paid in the next month. The company has a policy to maintain an ending monthly inventory of 19% of the next month’s unit sales plus a safety stock of 60 units. The April 30 and May 31 actual inventory levels are consistent with this policy. Selling and administrative expenses for the year are $1,860,000 and are paid evenly throughout the year in cash. The company’s minimum cash balance at month-end is $130,000. This minimum is maintained, if necessary, by borrowing cash from the bank. If the balance exceeds $130,000, the company repays as much of the loan as it can without going below the minimum. This type of loan carries an annual 14% interest rate. On May 31, the loan balance is $35,500, and the company’s cash balance is $130,000. (Round final answers to the nearest whole dollar.)
The document outlines a 12 step budgeting project with various steps assigned point values totaling 220 points. It includes steps for paying yourself first, housing costs, transportation, insurance, food budgeting, valuing time, education costs, and tracking income and expenses. The final section provides a grade conversion scale from 198-220 points corresponding to an A grade for the budgeting project.
The document discusses a software program called the Money Merge Account (MMA) that helps homeowners pay off their mortgages much faster by leveraging the interest-canceling effects of a home equity line of credit (HELOC). It provides examples of families eliminating 30-year mortgages in 10-12 years while maintaining their standard of living. The MMA software analyzes users' financial situations and recommends monthly funds transfers and prepayments that reduce interest costs substantially.
This document provides an overview and summary of payroll fundamentals including calculating taxes, determining taxable compensation, federal tax deposit rules, and deposit frequencies. Key points covered include calculating Social Security, Medicare, and federal income taxes, examples of taxable and non-taxable compensation, the lookback period for determining monthly or semi-weekly deposit schedules, and semi-weekly deposit due dates being the Wednesday or Friday following the payroll check date range.
The document discusses a mortgage management account (MMA) software program developed by Accelerated Equity & Development to help homeowners pay off their mortgages early. The MMA program was tested successfully with 400 homeowners in Denver, reducing their mortgage payoff time by an average of 10-15 years. The MMA works by maximizing the performance of homeowners' money through optimizing various accounts and performing periodic funds transfers to pay down the principal on their mortgage.
The document discusses a mortgage acceleration program called the Net Worth Account that aims to help homeowners pay off their mortgages faster and save on interest. It works by using a home equity line of credit or similar account to make extra principal payments on the mortgage. On average, homeowners who use the program can save over $45,000 in interest and pay off their 30-year mortgage in under 11 years. The program is administered through a web-based software service that optimizes payments to maximize interest savings over time.
An athletic trainer earns a median annual salary of $35,870. After taxes, their net monthly income is $2,241.88. Their monthly expenses include $955 for rent, $300 for a car payment, $200 for car insurance and gas, $65 for food, $191 for utilities, $95 for phone and services, $40 for entertainment, and $74.37 for a student loan payment. Their total monthly expenses are $2,241.29, leaving them with $0.59 more than their income each month. If they received a 0.5% raise, they would put the extra $112 per month into savings. This budgeting project taught them the importance of spending
This document provides instructions for using a budget creation software tool. It explains how to enter income sources like fixed income, other income, and fixed expenditures like rent, food, utilities. It also covers entering non-essential expenses like clothes, dining out, entertainment. The software then creates a budget document showing monthly income versus expenditures to identify areas for savings.
This document is an instruction manual for a coaching power pack software package. The package includes two software programs - a budget creator and a life vision creator. The budget creator software guides the user through entering their monthly income from various sources as well as fixed and non-essential monthly expenses to generate a personalized budget. Key sections include entering fixed income, other income, fixed expenditures like rent and loans, food costs, and non-essential expenses like entertainment. The overall goal is to help the user clearly see their monthly income vs. expenses to identify areas where savings can be made.
Mini Case Study The Bakers Part I & IIAmanda Smith
The document provides a financial summary and counseling plan for Dean and Amy Baker. It finds that while the Bakers have adequate assets, their liquid assets, debt ratios, and spending habits need improvement. The counseling plan aims to build trust, identify overspending issues, review their financial statements, and implement a strict budget. Selling recreational vehicles and reducing gifts and clothing spending could generate $37,000+ to eliminate credit card debt and boost savings. The goal is to help the Bakers achieve their financial goals through open communication and accountability.
The document discusses creating budgets for personal, family, and business finances. It provides examples of estimating income and expenses to create a budget. Key terms defined include budget, crossfooting, receipts, and payments. The goals are to learn how to make and track budgets to control spending and ensure financial independence and stability.
Chapter one Person finance 1 website.pptssuser0f06781
This document discusses creating a personal financial plan. It emphasizes that financial goals should drive the plan and having clear goals is important. A good financial plan includes seven key components: budgeting, managing liquidity, financing large purchases, managing risk, investing, planning for retirement, and record keeping. The first component discussed is budgeting, which involves determining net worth, establishing income, and identifying expenses. Managing liquidity or cash flow is also important, including decisions around credit use and credit management. Different types of credit like installment plans and credit cards are outlined. Overall, the document provides an overview of the important elements to include when creating a personalized financial plan.
This document provides guidance on creating a budget for living independently after college graduation. It outlines the key steps and considerations, including:
1) Calculating take-home pay after taxes by determining federal, state, and FICA deductions.
2) Setting aside 10% of disposable income for savings and retirement funds by selecting two mutual funds from T. Rowe Price.
3) Finding an affordable two-bedroom apartment by searching online listings and using the common formula of gross monthly income times 0.41 to determine rent budget.
4) Choosing utilities, internet, cable, and cell phone plans and adding costs to the budget.
5) Purchasing a used vehicle within
The document contains a daily homework quiz with math problems involving percentages, rates, proportions, simple interest, and markup/discount calculations. It also includes explanations of compound interest rates on loans and credits cards typically being higher than simple interest rates. There is a review of key terms like principal, interest, and annual interest rate. The homework assigned is to complete additional problems on these topics from the textbook.
The document provides information on setting financial goals and managing money through preparing a personal spending plan or budget. It discusses tracking daily spending, determining monthly income and expenses, finding ways to decrease spending and increase income, and using tools like a monthly payment schedule and calendar to better manage finances. The goal is to learn how to take control of finances by choosing how to make and spend money wisely.
This document provides an overview of income calculations for determining eligibility. It discusses the purpose of income calculations, different pay frequencies, countable vs. non-countable income, determining monthly income amounts, income source codes, and exercises for calculating income. The objectives are to understand income verification, identify pay frequencies, determine countable monthly income, know income codes, and practice income calculations and data entry. Pay periods include weekly, bi-weekly, twice monthly, and monthly. Countable income includes earnings and benefits while non-countable includes loans, refunds, and SSI. Calculations convert pay to a monthly amount using multiplication factors.
ACC 601 Managerial Accounting Group Case 3 (160 points) .docxmakdul
ACC 601 Managerial Accounting
Group Case 3 (160 points)
Instructions:
1. As a group, complete the following activities in good form. Use excel or
word only. Provide all supporting calculations to show how you arrived at
your numbers
2. Add only the names of group members who participated in the completion
of this assignment.
3. Submit only one copy of your completed work via Moodle. Do not send it to
me by email.
4. Due: No later than the last day of Module 7. Please note that your professor
has the right to change the due date of this assignment.
Part A: Capital Budgeting Decisions
Chee Company has gathered the following data on a proposed investment project:
Investment required in equipment ............. $240,000
Annual cash inflows .................................. $50,000
Salvage value ............................................ $0
Life of the investment ............................... 8 years
Required rate of return .............................. 10%
Assets will be depreciated using straight
line depreciation method
Required:
Using the net present value and the internal rate of return methods, is this a good investment?
Part B: Master Budget
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of
earrings to various retail outlets located in shopping malls across the country. In the past, the
company has done very little in the way of budgeting and at certain times of the year has
experienced a shortage of cash. Since you are well trained in budgeting, you have decided to
prepare a master budget for the upcoming second quarter. To this end, you have worked with
accounting and other areas to gather the information assembled below.
The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual
sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs
of earrings):
January (actual) 20,000 June (budget) 50,000
February (actual) 26,000 July (budget) 30,000
March (actual) 40,000 August (budget) 28,000
April (budget) 65,000 September (budget) 25,000
May (budget) 100,000
The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should
be on hand at the end of each month to supply 40% of the earrings sold in the following month.
Suppliers are paid $4 for a pair of earrings. One-half of a month’s purchases is paid for in the month
of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a
month’s sales are collected in the month of sale. An additional 70% is collected in the following
month, and the remaining 10% is collected in the second month following sale. Bad debts have been
negligible.
Monthly operating expenses for the company are given below:
Variable:
Sales commissions 4 % of sales
.
ACC 601 Managerial Accounting Group Case 3 (160 points) .docxronak56
ACC 601 Managerial Accounting
Group Case 3 (160 points)
Instructions:
1. As a group, complete the following activities in good form. Use excel or
word only. Provide all supporting calculations to show how you arrived at
your numbers
2. Add only the names of group members who participated in the completion
of this assignment.
3. Submit only one copy of your completed work via Moodle. Do not send it to
me by email.
4. Due: No later than the last day of Module 7. Please note that your professor
has the right to change the due date of this assignment.
Part A: Capital Budgeting Decisions
Chee Company has gathered the following data on a proposed investment project:
Investment required in equipment ............. $240,000
Annual cash inflows .................................. $50,000
Salvage value ............................................ $0
Life of the investment ............................... 8 years
Required rate of return .............................. 10%
Assets will be depreciated using straight
line depreciation method
Required:
Using the net present value and the internal rate of return methods, is this a good investment?
Part B: Master Budget
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of
earrings to various retail outlets located in shopping malls across the country. In the past, the
company has done very little in the way of budgeting and at certain times of the year has
experienced a shortage of cash. Since you are well trained in budgeting, you have decided to
prepare a master budget for the upcoming second quarter. To this end, you have worked with
accounting and other areas to gather the information assembled below.
The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual
sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs
of earrings):
January (actual) 20,000 June (budget) 50,000
February (actual) 26,000 July (budget) 30,000
March (actual) 40,000 August (budget) 28,000
April (budget) 65,000 September (budget) 25,000
May (budget) 100,000
The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should
be on hand at the end of each month to supply 40% of the earrings sold in the following month.
Suppliers are paid $4 for a pair of earrings. One-half of a month’s purchases is paid for in the month
of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a
month’s sales are collected in the month of sale. An additional 70% is collected in the following
month, and the remaining 10% is collected in the second month following sale. Bad debts have been
negligible.
Monthly operating expenses for the company are given below:
Variable:
Sales commissions 4 % of sales
.
The document discusses calculating employee pay, including commissions. It defines different commission structures like straight commission, salary plus commission, and graduated commission. It provides examples of calculating earnings under each structure. It also discusses calculating net pay by deducting taxes, insurance, and other amounts from gross pay.
This document contains instructions and worksheets for University of Phoenix students enrolled in FP 100 Personal Finance. It includes worksheets on economic concepts, time value of money, credit card usage, credit history, and renting vs. buying homes. Students are asked to review course materials and respond to multiple choice and short answer questions relating to key personal finance topics covered in the course. They are to submit their completed worksheets through the online assignment portal. The document provides resources and calculators to help students learn about concepts like interest rates, opportunity costs, credit scores and reports, and costs of renting vs. owning a home.
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The document discusses a software program called the Money Merge Account (MMA) that helps homeowners pay off their mortgages much faster by leveraging the interest-canceling effects of a home equity line of credit (HELOC). It provides examples of families eliminating 30-year mortgages in 10-12 years while maintaining their standard of living. The MMA software analyzes users' financial situations and recommends monthly funds transfers and prepayments that reduce interest costs substantially.
This document provides an overview and summary of payroll fundamentals including calculating taxes, determining taxable compensation, federal tax deposit rules, and deposit frequencies. Key points covered include calculating Social Security, Medicare, and federal income taxes, examples of taxable and non-taxable compensation, the lookback period for determining monthly or semi-weekly deposit schedules, and semi-weekly deposit due dates being the Wednesday or Friday following the payroll check date range.
The document discusses a mortgage management account (MMA) software program developed by Accelerated Equity & Development to help homeowners pay off their mortgages early. The MMA program was tested successfully with 400 homeowners in Denver, reducing their mortgage payoff time by an average of 10-15 years. The MMA works by maximizing the performance of homeowners' money through optimizing various accounts and performing periodic funds transfers to pay down the principal on their mortgage.
The document discusses a mortgage acceleration program called the Net Worth Account that aims to help homeowners pay off their mortgages faster and save on interest. It works by using a home equity line of credit or similar account to make extra principal payments on the mortgage. On average, homeowners who use the program can save over $45,000 in interest and pay off their 30-year mortgage in under 11 years. The program is administered through a web-based software service that optimizes payments to maximize interest savings over time.
An athletic trainer earns a median annual salary of $35,870. After taxes, their net monthly income is $2,241.88. Their monthly expenses include $955 for rent, $300 for a car payment, $200 for car insurance and gas, $65 for food, $191 for utilities, $95 for phone and services, $40 for entertainment, and $74.37 for a student loan payment. Their total monthly expenses are $2,241.29, leaving them with $0.59 more than their income each month. If they received a 0.5% raise, they would put the extra $112 per month into savings. This budgeting project taught them the importance of spending
This document provides instructions for using a budget creation software tool. It explains how to enter income sources like fixed income, other income, and fixed expenditures like rent, food, utilities. It also covers entering non-essential expenses like clothes, dining out, entertainment. The software then creates a budget document showing monthly income versus expenditures to identify areas for savings.
This document is an instruction manual for a coaching power pack software package. The package includes two software programs - a budget creator and a life vision creator. The budget creator software guides the user through entering their monthly income from various sources as well as fixed and non-essential monthly expenses to generate a personalized budget. Key sections include entering fixed income, other income, fixed expenditures like rent and loans, food costs, and non-essential expenses like entertainment. The overall goal is to help the user clearly see their monthly income vs. expenses to identify areas where savings can be made.
Mini Case Study The Bakers Part I & IIAmanda Smith
The document provides a financial summary and counseling plan for Dean and Amy Baker. It finds that while the Bakers have adequate assets, their liquid assets, debt ratios, and spending habits need improvement. The counseling plan aims to build trust, identify overspending issues, review their financial statements, and implement a strict budget. Selling recreational vehicles and reducing gifts and clothing spending could generate $37,000+ to eliminate credit card debt and boost savings. The goal is to help the Bakers achieve their financial goals through open communication and accountability.
The document discusses creating budgets for personal, family, and business finances. It provides examples of estimating income and expenses to create a budget. Key terms defined include budget, crossfooting, receipts, and payments. The goals are to learn how to make and track budgets to control spending and ensure financial independence and stability.
Chapter one Person finance 1 website.pptssuser0f06781
This document discusses creating a personal financial plan. It emphasizes that financial goals should drive the plan and having clear goals is important. A good financial plan includes seven key components: budgeting, managing liquidity, financing large purchases, managing risk, investing, planning for retirement, and record keeping. The first component discussed is budgeting, which involves determining net worth, establishing income, and identifying expenses. Managing liquidity or cash flow is also important, including decisions around credit use and credit management. Different types of credit like installment plans and credit cards are outlined. Overall, the document provides an overview of the important elements to include when creating a personalized financial plan.
This document provides guidance on creating a budget for living independently after college graduation. It outlines the key steps and considerations, including:
1) Calculating take-home pay after taxes by determining federal, state, and FICA deductions.
2) Setting aside 10% of disposable income for savings and retirement funds by selecting two mutual funds from T. Rowe Price.
3) Finding an affordable two-bedroom apartment by searching online listings and using the common formula of gross monthly income times 0.41 to determine rent budget.
4) Choosing utilities, internet, cable, and cell phone plans and adding costs to the budget.
5) Purchasing a used vehicle within
The document contains a daily homework quiz with math problems involving percentages, rates, proportions, simple interest, and markup/discount calculations. It also includes explanations of compound interest rates on loans and credits cards typically being higher than simple interest rates. There is a review of key terms like principal, interest, and annual interest rate. The homework assigned is to complete additional problems on these topics from the textbook.
The document provides information on setting financial goals and managing money through preparing a personal spending plan or budget. It discusses tracking daily spending, determining monthly income and expenses, finding ways to decrease spending and increase income, and using tools like a monthly payment schedule and calendar to better manage finances. The goal is to learn how to take control of finances by choosing how to make and spend money wisely.
This document provides an overview of income calculations for determining eligibility. It discusses the purpose of income calculations, different pay frequencies, countable vs. non-countable income, determining monthly income amounts, income source codes, and exercises for calculating income. The objectives are to understand income verification, identify pay frequencies, determine countable monthly income, know income codes, and practice income calculations and data entry. Pay periods include weekly, bi-weekly, twice monthly, and monthly. Countable income includes earnings and benefits while non-countable includes loans, refunds, and SSI. Calculations convert pay to a monthly amount using multiplication factors.
ACC 601 Managerial Accounting Group Case 3 (160 points) .docxmakdul
ACC 601 Managerial Accounting
Group Case 3 (160 points)
Instructions:
1. As a group, complete the following activities in good form. Use excel or
word only. Provide all supporting calculations to show how you arrived at
your numbers
2. Add only the names of group members who participated in the completion
of this assignment.
3. Submit only one copy of your completed work via Moodle. Do not send it to
me by email.
4. Due: No later than the last day of Module 7. Please note that your professor
has the right to change the due date of this assignment.
Part A: Capital Budgeting Decisions
Chee Company has gathered the following data on a proposed investment project:
Investment required in equipment ............. $240,000
Annual cash inflows .................................. $50,000
Salvage value ............................................ $0
Life of the investment ............................... 8 years
Required rate of return .............................. 10%
Assets will be depreciated using straight
line depreciation method
Required:
Using the net present value and the internal rate of return methods, is this a good investment?
Part B: Master Budget
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of
earrings to various retail outlets located in shopping malls across the country. In the past, the
company has done very little in the way of budgeting and at certain times of the year has
experienced a shortage of cash. Since you are well trained in budgeting, you have decided to
prepare a master budget for the upcoming second quarter. To this end, you have worked with
accounting and other areas to gather the information assembled below.
The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual
sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs
of earrings):
January (actual) 20,000 June (budget) 50,000
February (actual) 26,000 July (budget) 30,000
March (actual) 40,000 August (budget) 28,000
April (budget) 65,000 September (budget) 25,000
May (budget) 100,000
The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should
be on hand at the end of each month to supply 40% of the earrings sold in the following month.
Suppliers are paid $4 for a pair of earrings. One-half of a month’s purchases is paid for in the month
of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a
month’s sales are collected in the month of sale. An additional 70% is collected in the following
month, and the remaining 10% is collected in the second month following sale. Bad debts have been
negligible.
Monthly operating expenses for the company are given below:
Variable:
Sales commissions 4 % of sales
.
ACC 601 Managerial Accounting Group Case 3 (160 points) .docxronak56
ACC 601 Managerial Accounting
Group Case 3 (160 points)
Instructions:
1. As a group, complete the following activities in good form. Use excel or
word only. Provide all supporting calculations to show how you arrived at
your numbers
2. Add only the names of group members who participated in the completion
of this assignment.
3. Submit only one copy of your completed work via Moodle. Do not send it to
me by email.
4. Due: No later than the last day of Module 7. Please note that your professor
has the right to change the due date of this assignment.
Part A: Capital Budgeting Decisions
Chee Company has gathered the following data on a proposed investment project:
Investment required in equipment ............. $240,000
Annual cash inflows .................................. $50,000
Salvage value ............................................ $0
Life of the investment ............................... 8 years
Required rate of return .............................. 10%
Assets will be depreciated using straight
line depreciation method
Required:
Using the net present value and the internal rate of return methods, is this a good investment?
Part B: Master Budget
You have just been hired as a new management trainee by Earrings Unlimited, a distributor of
earrings to various retail outlets located in shopping malls across the country. In the past, the
company has done very little in the way of budgeting and at certain times of the year has
experienced a shortage of cash. Since you are well trained in budgeting, you have decided to
prepare a master budget for the upcoming second quarter. To this end, you have worked with
accounting and other areas to gather the information assembled below.
The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual
sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs
of earrings):
January (actual) 20,000 June (budget) 50,000
February (actual) 26,000 July (budget) 30,000
March (actual) 40,000 August (budget) 28,000
April (budget) 65,000 September (budget) 25,000
May (budget) 100,000
The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should
be on hand at the end of each month to supply 40% of the earrings sold in the following month.
Suppliers are paid $4 for a pair of earrings. One-half of a month’s purchases is paid for in the month
of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a
month’s sales are collected in the month of sale. An additional 70% is collected in the following
month, and the remaining 10% is collected in the second month following sale. Bad debts have been
negligible.
Monthly operating expenses for the company are given below:
Variable:
Sales commissions 4 % of sales
.
The document discusses calculating employee pay, including commissions. It defines different commission structures like straight commission, salary plus commission, and graduated commission. It provides examples of calculating earnings under each structure. It also discusses calculating net pay by deducting taxes, insurance, and other amounts from gross pay.
This document contains instructions and worksheets for University of Phoenix students enrolled in FP 100 Personal Finance. It includes worksheets on economic concepts, time value of money, credit card usage, credit history, and renting vs. buying homes. Students are asked to review course materials and respond to multiple choice and short answer questions relating to key personal finance topics covered in the course. They are to submit their completed worksheets through the online assignment portal. The document provides resources and calculators to help students learn about concepts like interest rates, opportunity costs, credit scores and reports, and costs of renting vs. owning a home.
Similar to ModIIBudgetProject_Mhegan_Alexander-Lee_LCW (20)
1. Mod II Budget Project 1
Math Budget
Project
By: Mhegan Alexander-Lee
Instructor: Bushra Khan
Date: 05/17/2014
2. Mod II Budget Project 2
Step 1:
I divided my annual salary of $30,000 by 12 which equals $2,500 to get my gross monthly income.
Step 2:
I multiply my gross monthly income of $2,500 by the decimal form of FICA rate .0765 which equals $191.25 to get my FICA
deductions. I’mmarried and claim myself therefore my federal withholding is $147. Then I added both my Federal
Withholding and my FICA in order to get my total deductions which is $338.25. I subtract my totaldeductions from my gross
monthly which equals the net pay of $2,161.75.
FICA= Gross Pay * .0765
FICA= $2500 * .0765
FICA= $191.25
FW= $147
$147 + $191.25 = $338.25
$2500 - $338.25 = $2,161.75
Step 3:
I mutiply each category by my monthly net income to get my estimated budgets.
$2,161.75 x 0.33 (Housing) = $713.38
$2,161.75 x 0.07 (Utilties) = $151.32
$2,161.75 x 0.05 (Transportation) = $108.09
$2,161.75 x 0.15 (Groceries and Essentials) = $324.26
$2,161.75 x 0.05 (Eating Out) = $108.09
$2,161.75 x 0.10 = (Clothing) = $216.18
$2,161.75 x 0.05 = (Phone) = $108.09
$2,161.75 x 0.05=(Entertainment) = $108.09
$2,161.75 x 0.05=(Health Insurance) = $108.09
$2,161.75 x 0.00=(Chartible Contributions)= $0
3. Mod II Budget Project 3
$2,161.75 x 0.10 = (Savings) = $216.18
Step 4:
My partner and I found a two bedroom studio and private outdoor space in Crown Heights, Brooklyn to live in. The price of
rent is $1,375 will be divide between me and my partner. My portion of the rent will be $687.50. Which is $25.88 less then
what my actualbudget for housing. Then I had an estimate budget cost of 7% for utilities, which is $151.32. Due to the fact
that the utilities was not specify when renting out the studio, I had to get an estimate of averagemonthly cost. So according
to ConEdison, I got a new scenario cost for my monthly utilities which is an estimate of $192 a month. I will be paying $38.40
more for utilities in my actual budget then what I predicted in my estimated budget. Every month I’ll be paying my half of the
rent $687.50 and $192 for utilities.
5. Mod II Budget Project 5
Step 5:
The type of transportation I will be using is by subway. I purchase a monthly fare for $112. I live on the same train line as my
job on the 2 or 3 train. I had an estimated budget for $108.09 and my actualbudget came out to be $112. Approximately,
$4.09 more towards transportation.
Step 6:
Week 1
Monday morning ................................................. cereal and milk
Monday afternoon...................lemonade juice sandwich and chips
Monday night.............................................................. spaghetti
Tuesday morning………………………………………………cerealandmilk
6. Mod II Budget Project 6
Tuesday afternoon………………………………………..lemonadejuice, tuna and slice bread
Tuesday night…………………………………………………..lemonade juice, white rice, red kidney beans and chicken
Wednesday morning……………………cerealand milk
Wednesday afternoon……………lemonade sandwich and chips
Wednesday night………… leftovers of yesterday night with lemonade
Thursday morning……………..creamof wheat
Thursday afternoon………………tuna sandwich with water
Thursday night………………….chickenand mash potatoes with iced water
Friday morning…………………….creamof wheat and herb tea
Friday afternoon…………………… grilled chicken salad with iced water
Friday night……………….. macand cheese with spinach greens and iced water
Saturday morning……….cerealand milk
Saturday afternoon………..Tuna salad with herb tea
Saturday night…………………. grilledSalmon with mixed veggies with lemonade juice
Sunday morning…………………..creamofwheat with herb tea
Sunday afternoon……………….. chicken Wrap with lemonade juice
Sunday night……………. curry chicken and rice with lemonade juice
Week 2
Monday morning ................................................. cereal and milk
Monday afternoon...................lemonade juice sandwich and chips
Monday night.............................................................. spaghetti
Tuesday morning………………………………………………cerealandmilk
Tuesday afternoon………………………………………..lemonadejuice, tuna and slice bread
Tuesday night…………………………………………………..lemonade juice, white rice, red kidney beans and chicken
Wednesday morning……………………cerealand milk
Wednesday afternoon……………lemonade sandwich and chips
Wednesday night………… leftovers of yesterday night with lemonade
Thursday morning……………..creamof wheat
Thursday afternoon………………tuna sandwich with water
7. Mod II Budget Project 7
Thursday night………………….chickenand mash potatoes with iced water
Friday morning…………………….creamof wheat and herb tea
Friday afternoon…………………… grilled chicken salad with iced water
Friday night……………….. macand cheese with spinach greens and iced water
Saturday morning……….cerealand milk
Saturday afternoon………..Tuna salad with herb tea
Saturday night…………………. grilledSalmon with mixed veggies with lemonade juice
Sunday morning…………………..creamofwheat with herb tea
Sunday afternoon……………….. chicken wrap with lemonade juice
Sunday night……………. curry chicken and rice with lemonade juice
As stated below, the totalof my biweekly grocery and essential bill will be $165.01. If I were to calculate my monthly bill I
would have to multiply it by two. The end result would be $330.02, which would fall around my original estimate of 15%. I will
have to spend $5.76 more on groceries and essentials in my actual budget.
Step 7:
8. Mod II Budget Project 8
The amount I predicted to spend in my estimate budget will be the same calculations for my actual budget of clothing and
eating out categories.
$2,194.75 x 0.05 (Eating Out) = $109.71
$2,194.75 x 0.10 = (Clothing) = $219.43
Step 8:
The phone company’s plan I affinity to have is Boost Mobile Phone Company. As stated below, the total of my monthly phone
bill will be $40 with taxes included in the phone plan. I multiply $2,161.75 x 0.05 = $108.09, to get estimate budget of how
much I will pay a month for my plan. According to my estimate budget, I’mover budget with predicting I would pay $108.09.
The end result, I will be paying only $40, which is only 2% for phone of my actual budget. The additional 3% will be added to
actual budget for the charitable contributions category. I will have to pay $68.09 less.
9. Mod II Budget Project 9
Step 9:
After taking part in a few activities and going out with friends for within that month, I would spend my estimated
budget which becomes my actualbudget spend. I predicted I will spend 5% of my monthly net income. My monthly
net income $2,161.75 x decimal form of entertainment 0.05 equals $108.09.
I predicted I will spend an estimated budget of 5% on my health insurance. My actualbudget will be 4% of my
monthly net income which equals $87.79. The additional 1% will go towards charitable contributions. I will now pay
$20.30 less.
I didn’t have an estimated budget for my contributions. After evaluating the rest of my expenses, I realizeI have
additionally about a duration of 4% to contribute towards my charitable contributions. I added 3% from phone and
1% from health insurance which adds up to 4% malleable to go towards charitable contributions. Not to forget to
mention, some categories varies with the calculations to get the actualbudget. So, the total amount contributed to
charitable contributions will result in the remainder of money which is $63.90. My estimated budget predicted I had a
no budget for charitable contributions and at end the actual budget of charitable contributions budget increased.
I manage to save 10% out of my monthly net income, which is $219.43. My estimate budget is equivalent to my actual
budget.
$2,194.75 x 0.10 = (Savings) = $219.43
Step 10:
I have made a completed my monthly budget made in excel. This help me to identify the difference between my estimated
budget from my actual budget. My monthly budget have been changed around to fit my actual budget and some remained
the same from beginning to end. Some categories I had extra money left over from my estimated budget to distribute towards
other categories that needed funding are charitable contributions, utilities, and transportation. Other categories such as,
entertainment, Clothing, savings, and Eating out was the same in both budgets. As the other categories such as Housing,
phone, and health insurance was over budget and decomposition as mentioned.
10. Mod II Budget Project 10
Step 11:
I made two pie charts for the estimated budget and actualbudget.
33%
7%
5%
15%
5%
10%
5%
5%
5% 0%
10%
Estimated Budget
Housing
Utilities
Transportation
Groceries and Essentials
Eating Out
Clothing
Phone
Entertainment
Health Insurance
11. Mod II Budget Project 11
Step 12: Balance a check register. Using the sample in the link provided below, createa check register on Microsoft Excel.
Then, track your expenses for Week 11, and fill out a check register with at least 5 transactions. Copy and paste this check
register. Explain your calculations (in words and in numbers).
http://www.prosynergy.org/ncuf/Slide%20Presentation/Chap3/images/ch%203%20CheckItOutPresentation_img_10.jpg
I have developed a check register with excel to evacuated a few of my transactions. I had an opening deposit of $1088.88. I
then made my first when I went out with friends to a bowling alley, spent $25.38 which left me with $1,063.50. My next
transaction was a debit chargeof $32.50 from AMC Theater after heading out to the movies which my balance will be $1,031.
My third transactions was from envy nails after getting my nails done for $30 which left me which $1,001 for my balance. I
decided to purchase a few pieces of new clothing which came up to $153.91 which left my balance $877.09. My last
transaction was for the amount of $20 student broadway discounted tickets. My finally total account balance is the amount of
$857.09.
Step 13:
I believe creating my budget was very informative on surviving on a daily basis. I realized federal withholding different when
you’re married and you may claim your partner if not working. After deducting my taxes to get my monthly takehome pay, I
know have to allocate my net pay within all of my budget’s categories. I’ve learned how to find a place to rent on the internet
sites and managemy money for housing and utilities every month. Being careful and verifying before being housed in any type
of place. I choose the choice of commute to be by MTA trains. Due to the fact, I will be now working on a daily to daily
schedule, I believe with a monthly pass I can save more money during my monthly budget. I make enough amount of
groceries/essentials to last me for a month to cook at home. Or those days when I want to go out to eat, hangout, see a
movie, and shopping, I will have a budget for that specifically also. I even got my phone bill covered with a new plan with
Boost mobile company. I also learned how to be covered with health insurance. I feel I have all the essentials tools to manage
my money and my spending habits.
32%
9%
5%
15%
5%
10%
2%
5%
4%
3%
10%
Actual Budget
Housing
Utilities
Transportation
Groceries and Essentials
Eating Out
Clothing
Phone
Entertainment
Health Insurance
12. Mod II Budget Project 12
Module II Budget Project Rubric
Item Points Possible Points Awarded
Cover Page 5
Estimated Budget (Excel) 10
Rent Resource (screenshot) 10
Phone Resource (screenshot) 10
Transportation Resource (screenshot) 10
Groceries (screenshot) and Menu (template) 10
Actual Budget (Excel) 15
Pie chart (chart) 10
Check Register (Excel) 10
Summary Paragraph 10
Total 100