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I need assistance with developing a pro-forma balance sheet on amonthly, quarterly and annual projection for a fictitious start upcompany. The numbers can be generated by yourself I just need theinputs to appear as if it were a start up company. I can providethe excel file and any other information requested.

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Sixta Kovacek
Sixta KovacekLv2
28 Sep 2019

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I need to be able to create a context, physical, and logical DFD. I think I can figure out how to draw these diagrams once I have the narrative simplified, but I am having a lot of trouble figuring out how to disect this narrative. It would be extrememly helpful to just break this down into the activities being completed and the entities that are completing them.

SprintyPrint pays a year-end bonus to its top three executives (CEO, CFO, COO). The bonus is based on the company’s financial performance for the year. No other employees in the company receive any form of bonus compensation. The bonus plans for each of the top executives are approved by the Compensation Committee of the Board of Directors each year. For the past 10 years, the basic structure of the bonus compensation scheme has remained the same; however, percentages and thresholds frequently change from year to year and vary based on the executive.

The bonus compensation scheme is a tiered system where executives’ bonus compensation depends on the tier in which company’s financial performance falls. The bonus structure incentivizes executives by providing increasingly higher bonuses for achieving improvement over the prior year’s performance. The following is an example of the basic bonus structure for the CEO:

Tier 1: The bonus is equal to 20% of the CEO’s annual salary if the company’s Gross Profit increases from the prior year by between 1.00% and 1.99%.

Tier 2: The bonus is equal to 25% of the CEO’s annual salary if the company’s Gross Profit increases from the prior year by between 2.00% and 3.99%.

Tier 3: The bonus is equal to 50% of the CEO’s annual salary if the company’s Gross Profit increases from the prior year by between 4.00% and 4.99%

Tier 4: The bonus is equal to 50% of the CEO’s annual salary PLUS 0.1% of Gross Profit if the company’s Gross Profit increases from the prior year by at least 5%.

Calculations required to prepare the bonus accrual entry are performed in an Excel spreadsheet. The Assistant Controller (Jane Roberts) maintains the spreadsheet and updates it each year with the assistance of the Payroll Department. Jane brings the spreadsheet to the Payroll Department Head (Carolyn Baxter) on a USB drive (the file is not emailed due to its sensitive/confidential nature). Using payroll records, Carolyn modifies the spreadsheet to update the current salaries for each of the 3 executives. When she is done, she saves the file and returns it to Jane on a USB drive.

Next, Jane downloads year-end General Ledger information necessary to calculate Gross Profit for the current year and prior year. Then Jane inserts the downloaded data into her spreadsheet and inputs formulas to calculate the Gross Profit percentage change from prior year to current year.

Finally, Jane obtains the Compensation Committee’s report from the Board of Directors. The report shows the approved bonus compensation plans for each of the three executives. Using those plans and her calculations of financial performance change from the prior year to the current year, Jane updates the formulas and percentages within the spreadsheet to calculate the total amount of bonus compensation that should be paid to the three executives.

The bottom of the spreadsheet shows the journal entry that should be made based on the spreadsheet calculations. For example:

Dr. Bonus Expense $XX,XXX

Cr. Bonus Payable $XX,XXX

Jane prints the required journal entry and brings the print-out to the Staff Accountant (Derek Abraham) who enters the journal entry into the General Ledger system.

Jane then provides the Excel spreadsheet showing the journal entry to the Controller (Marissa McDonald) for review. Jane also gives Marissa the supporting documentation for the spreadsheet (i.e., Compensation Committee approved/signed report showing bonus and system downloads on performance in the prior and current year). If Marissa finds any errors in her review, she requires Jane to fix the problems, and then Derek must make a correcting journal entry.

Finally, once Marissa reviews and approves the spreadsheet and journal entry, Jane gives Carolyn Baxter (Payroll Department Head) the spreadsheet so that she can prepare to pay the executives in the next payment cycle.

This is my fifth and final time... Can someone please provide methe FORMULAS, ANSWERS, AND QUARTER TOTALS FOR THIS SECTION... IT'SNOT THAT HARD TO COMPREHEND.. PLEASE I NEED IT ASAP!!!

Need the Quarter calculations also in this section.... It wasnot provided to me the last three times that I requested it!!

Acct 505 project 1 Managerial Accounting 15th Edition Garrison,Noreen, and Brewer 2014 McGraw-Hill

COURSE PROJECT 1 INSTRUCTIONS

You have just been contracted as a budget consultant by LBJCompany, a distributor of bracelets to various retail outletsacross the country. The company has done very little in the way ofbudgeting and at certain times of the year has experienced ashortage of cash.

You have decided to prepare a cash budget for the upcomingfourth quarter in order to show management the benefits that can begained from proper cash planning. You have worked with accountingand other areas to gather the information assembled below.

The company sells many styles of bracelets, but all are sold forthe same $10 price. Actual sales of bracelets for the last threemonths and budgeted sales for the next six months follow:

July (actual)

20,000

August (actual)

26,000

September (actual)

40,000

October (budget)

70,000

November (budget)

110,000

December (budget)

60,000

January (budget)

30,000

February (budget)

28,000

March(budget)

25,000

The concentration of sales in the fourth quarter is due to theChristmas holiday. Sufficient inventory should be on hand at theend of each month to supply 40% of the bracelets sold in thefollowing month.

Suppliers are paid $4 for each bracelet. Fifty-percent of amonth's purchases is paid for in the month of purchase; the other50% is paid for in the following month. All sales are on creditwith no discounts. The company has found, however, that only 20% ofa month's sales are collected in the month of sale. An additional70% is collected in the following month, and the remaining 10% iscollected in the second month following sale. Bad debts have beennegligible.

Monthly operating expenses for the company are given below:

Variable expenses:

Salescommissions 4% of sales

Fixed expenses:

Advertising $220,000

Rent $20,000

Salaries $110,000

Utilities $10,000

Insurance $5,000

Depreciation $18,000

Insurance is paid on an annual basis, in January of eachyear.

The company plans to purchase $22,000 in new equipment duringOctober and $50,000 in new equipment during November; bothpurchases will be for cash. The company declares dividends of$20,000 each quarter, payable in the first month of the followingquarter.

Other relevant data is given below:

Cash balance as of September 30 $74,000

Inventory balance as of September30 $112,000

Merchandise purchases forSeptember $200,000

The company maintains a minimum cash balance of at least $50,000at the end of each month. All borrowing is done at the beginning ofa month; any repayments are made at the end of a month.

The company has an agreement with a bank that allows the companyto borrow the exact amount needed at the beginning of each month.The interest rate on these loans is 1% per month and for simplicitywe will assume that interest is not compounded. At the end of thequarter, the company will pay the bank all of the accrued intereston the loan and as much of the loan as possible while stillretaining at least $50,000 in cash.

Required:

Prepare a cash budget for the three-month period ending December31. Include the following detailed budgets:

1.

a. A sales budget, by monthand in total.

b. A schedule of expectedcash collections from sales, by month and in total.

c. A merchandise purchasesbudget in units and in dollars. Show the budget by month and intotal.

d. A schedule of expectedcash disbursements for merchandise purchases, by month and intotal.

2. A cash budget. Show the budget bymonth and in total. Determine any borrowing that would be needed tomaintain the minimum cash balance of $50,000.

Excess(deficiency) of receipts
overdisbursements (182,000) (6,000) 350,000 NEED THE QUARTER TOTALS
Financing:
Borrowings 232,000 56,000
Repayments 288,000 - I KNOW THIS WRONG.. HELP
Interest (2,880)
Total financing 232,000 56,000 (290,880)
Cash balance, ending 50,000 50,000 59,120

Question 1

I want answers for the questions that are in bold and italic letter.
Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufacture two new tables for customers. You will design and build the tables. This is a no nail, no screw, and no glue manufacturing ( no indirect materials used). You will be keeping track of the costs incurred to manufacture the tables using Job #1 Cost Sheet and Job #2 Cost Sheet.
The cost of the direct materials that can be used to manufacture the table are as follows. These cost are on a per unit basis.
Table Top $1,000.00
Table Leg $ 150.00
Drawer $ 300.00
The company uses a job order costing system and applies manufacturing overhead to jobs based on direct labor hours.
The company estimates that there will be 12 direct labor hours worked during the month.
The estimated manufacturing overhead cost for the month is:
a. Factory supervisor salary per month $ 2,500.00
b. Rent for the factory per month $500.00
c. Depreciation of factory equipment per month $600.00
Total Estimated manufacturing overhead $ 3,600.00
What is the predetermined manufacturing overhead rate? [POHR]
Step 2 The first order you received was to manufacture a table using a table top and four legs. This is your Job #1.
Step 3 The customer that has ordered Job #2, wants a table that is the same as Job #1, but wants to also add a drawer to the table.
Step 4 The following is a list of transactions that need to be recorded for the company for activity in the month of December. Record those in the "General Journal" tab of the excel file using the proper format. Please use the following accounts: Accounts Receivables, Raw materials, Work in process, Finished goods, Accumulated depreciation, Accounts payable, Salaries and wages payable, Sales revenue, Manufacturing overhead, Cost of goods sold, Salaries and wages expense, Advertising expenses, and Depreciation expense.
1-Dec Raw Materials purchased on account, $10,000.
5-Dec All Raw Materials needed for Job #1 were requisitioned from the material storage for use during the month. Assume all materials are direct. (After you journalize this entry please enter the information into Job #1 Cost Sheet)
10-Dec The following employee costs were incurred but not paid during the month:
There are three assembly employees that spend 2 hours each, $20 per hour to make the table for Job #1. (After you journalize this entry please enter the information into Job #1 Cost Sheet)
Salary for supervisor of the factory $3,000.
Administrative Salary $2,000.
15-Dec All Raw Materials needed for Job #2 were requisitioned from the material storage for use during the month. Assume all materials are direct. (After you journalize this entry please enter the information into Job #2 Cost Sheet)
16-Dec Rent for the month of December for the factory building incurred but not paid $500.
17-Dec Advertising costs incurred but not paid for the month was $1,200.
20-Dec Depreciation for the month of December was recorded on equipment was $750 ($150 for equipment used in the factory and the remainder for equipment used in selling and administrative activities).
22-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #1 based on the POHR determined on the "Job Cost Sheet". (After you journalize this entry please enter the information into Job #1 Cost Sheet)
26-Dec Job #1 was completed and transferred to Finished Goods during the month.
28-Dec The completed table from Job #1 was sold on account to the customer for $15,000 during the month. (Hint: Make sure to account for the cost of the table that was sold using the cost from the job cost sheet.)
31-Dec Direct labor cost incurred but not paid for three employees to start manufacturing Job #2. The employees only worked one hour each, three hours total, $20 per hour during the month and they did not complete their work on the job. (After you journalize this entry please enter the information into Job #2 Cost Sheet)
31-Dec Manufacturing overhead cost was applied based on direct labor hours to Job #2 based on the POHR. Only three direct labor hours were worked on Job #2 during the month. (After you journalize this entry please enter the information into Job #2 Cost Sheet)
31-Dec Any underapplied or overapplied overhead for the month was closed out to Cost of Goods Sold.
Step 5 Post the journal entries that you recorded on the "General Journal" tab to the "T-accounts" tab. This is the company's first month of business, so there will not be any beginning balances. Compute the balance for each T-account after all of the entries have been posted.
Step 6 Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold on the "Schedule of COGM and COGS" tab for Job #1 and Job #2 that were worked on during the month by the company. Make sure to follow the format noted in your book (pg. 87). (Hint: This is the company's first month of operations and therefore the beginning balances will be zero.)
Step 7 Prepare an Income Statement for the month using the Traditional Format on the "Income Statement" tab.
Step 8 Answer the additional questions below
Check Figure: Cost of Goods Manufactured= $3,520, Net operating income=$6,730
What is the ending balance for raw materials? [EndingRM]
What is the ending balance for work in process? [EndingWIP]
What is the ending balance for finished goods? [EndingFG]
What is the actual manufacturing overhead cost incurred during December before adjustment? [ActualMOH]
What is the total applied manufacturing overhead cost during December before adjustment? [AppliedMOH]
What is the unadjusted cost of goods sold? [UnadjustedCGS]
Was the manufacturing overhead for the month of December overapplied/underapplied ? [overorunderMOH]
What is the amount of Manufacturing overhead overapplied/underapplied? [overorunderappliedMOH]
What is the adjusted cost of goods sold? [AdjustedCGS]
What is gross margin? [Grossmargin]
What is the total prime cost for Job#1? [primecost]
What is the total conversion cost for job #1? [conversioncost]
What is the total product cost for job#1? [productcost]
What was the period cost incurred for the month of December? [periodcost]
What is the total variable cost incurred for Job #1(assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? [Variablecost]
What is the contribution margin for Job #1 (assume that all selling and administrative cost and all manufacturing overhead costs are fixed.)? [contributionmarginofjob1]
What would be the actual (not applied) total fixed manufacturing overhead cost incurred for the company for the month if the order in Job #1 is for five tables instead of one table assuming this cost is with in the relevant range?

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