24.06.2020

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Business
Step-by-step answer
P Answered by PhD

BrisCor

Budgeting, ethics, pharmaceutical company

a. Referring to the "Standards of Ethical Behavior for Practitioners of Management Accounting and Financial Management,"

none of the preceding items are acceptable to use.

b. I would recommend Jackson to go ahead with the R&D throughout the year to ensure that the drug Vyacon was successfully brought to the market next year before the competitor.  He can try to keep to the budget going forward.  A budget remains a budget and not the actual.  Budget overrun can result.  What is important is its effectiveness in achieving business goals.

Explanation:

The announced expectations of third-quarter earnings to Wall Street analysts should not prevent the R&D on the drug Vyacon from continuing, provided Jackson is certain that the envisaged success would be attained.  They remain expectations.  They are not the actual results of operations for the year. Even if the company's stock price would tumble, it would still recover after the drug had received approval and gone to market, raking in large profits.  After all, the projected increase in R&D cost might not result, and the drug Vyacon could be fully developed and ready for the market before year-end, thereby not exceeding its budget.

Business
Step-by-step answer
P Answered by PhD

BrisCor

Budgeting, ethics, pharmaceutical company

a. Referring to the "Standards of Ethical Behavior for Practitioners of Management Accounting and Financial Management,"

none of the preceding items are acceptable to use.

b. I would recommend Jackson to go ahead with the R&D throughout the year to ensure that the drug Vyacon was successfully brought to the market next year before the competitor.  He can try to keep to the budget going forward.  A budget remains a budget and not the actual.  Budget overrun can result.  What is important is its effectiveness in achieving business goals.

Explanation:

The announced expectations of third-quarter earnings to Wall Street analysts should not prevent the R&D on the drug Vyacon from continuing, provided Jackson is certain that the envisaged success would be attained.  They remain expectations.  They are not the actual results of operations for the year. Even if the company's stock price would tumble, it would still recover after the drug had received approval and gone to market, raking in large profits.  After all, the projected increase in R&D cost might not result, and the drug Vyacon could be fully developed and ready for the market before year-end, thereby not exceeding its budget.

Business
Step-by-step answer
P Answered by Specialist

Sales Budget

\left[\begin{array}{ccccc}&April&May&June&Total\\$Budgeted Units&65,800&100,800&50,800&217,400\\$Price&13&13&13&13\\$Sales Revenues&855,400&1,310,400&660,400&2,826,200\\\end{array}\right]

Cash Collections

\left[\begin{array}{ccccc}&April&May&June&Total\\$Sales Revenue&8,554,00&1,310,400&660,400&\\$Current&171,080&262,080&132,080&\\$Previous Month&321,412&598,780&917,280&\\$2-month&42,432&45,916&131,040&\\$Total Collection&534,924&906,776&1,180,400&2,622,100\\\end{array}\right]

Merchandise Purchase

\left[\begin{array}{ccccc}&April&May&June&Total\\$Beginning&26320&40320&20320&26320\\$Sales&65800&100800&50800&217400\\$Desired Ending&40320&20320&12320&12320\\$Purchase&79800&80800&42800&203400\\$Cost&7&7&7&7\\$Total Cost&558600&565600&299600&1423800\\\end{array}\right]

Cash disbursement for merchandise purchases

\left[\begin{array}{ccccc}&April&May&June&Total\\$Beginning&177800&279300&282800&177800\\$Cost&558600&565600&299600&1423800\\$15-days due&279300&282800&149800&149800\\$Disbursement&457100&562100&432600&1451800\\\end{array}\right]

Cash Budget

\left[\begin{array}{ccccc}&April&May&June&Total\\$beginning&130400&55000&138975&130400\\$receipts&534924&906776&1180400&2622100\\$merch-disb&-457100&-562100&-432600&-1451800\\$other-disb&-179924&-207224&-168224&-555372\\$interest&0&-377&0&-377\\$Equip-purchase&&-15400&-39200&-54600\\$Dividends&-11000&&&-11000\\$subtotal&17300&176675&679351&679351\\$minimum&55000&55000&55000\\\end{array}\right]

Cash budget (continuation)

\left[\begin{array}{ccccc}&April&May&June&Total\\subtotal&17300&176675&679351&679351\\\\payment/loan&37700&-37700&&\\ending cash&55000&138975&679351&679351\\\end{array}\right]

Explanation:

We multiply expected unit sale by the $13 sales revenue per unit

Then we calculate the 20% 70% and 10% for each month to solve how much is collected over each period

For Merchandise purchase we calculate with units and then, convert to dollar by multiplying by the cost.

We have a beginning inventory and a desired inventory based on the months sales.

For disbursement we have a beginning amount due. This is increased by our purchases and decreased by the amount still due at the end of the month which, assuming a linear progression of the purchase over the month will mean that 15 days (AKA half-month) will remain payable at the end of each month.

Business
Step-by-step answer
P Answered by PhD
Earrings Unlimited

1a. Sales Budget

                                         April         May     June         Total

Credit Sales in unit  65,800      100,800     50,800  217,400

Selling Price                   $13           $13          $13            $13

Sales Value        $855,400  $1,310,400 $660,400 $2,826,200

                                         April         May     June         Total

Sales Commission 6% $51,324  $78,624  $39,624   $169,572

1b. Expected Cash Collections:

                                        April         May     June         Total

20% month of sale   $171,080 $262,080 $132,080  $565,240

70% following month 371,280   598,780   917,280    1,887,340

10% second month     34,840     53,040     85,540       173,420

Total                       $577,200 $913,900$1,134,900$2,626,000

1c. Merchandise Purchase Budget

                                       April         May     June         Total

Ending Inventory       40,320     20,320    12,320      12,320

Units Sold                      65,800     100,800   50,800    217,400

Units available              106,120       121,120    63,120   229,720

Beginning Inventory     26,320       40,320   20,320     26,320

Purchases (units)          79,800       80,800   42,800   203,400

Beginning Inventory $184,240  $282,240 $142,240  $184,240

Purchase ($)            $558,600  $565,600 $299,600  $1,423,800

Cost (goods available)$742,840 $847,840 $441,840    $1,608,040

Less Ending Inventory$282,240 $142,240 $86,240   $86,240

Cost of goods sold     $460,600$705,600 $355,600     $1,521,800

1d. Expected Cash Disbursements for Merchandise Purchases:

                                       April         May     June         Total

Purchase ($)        $558,600$565,600 $299,600  

50% 1st month    $279,300$282,800  $149,800   $711,900

50% 2nd month   $177,870   $279,300 $282,800  $739,970

Total Disbursements$457,170 $562,100 $432,600     $1,451,870  

2d. Cash Budget

                                       April         May     June         Total

Beginning Balance$130,400   $55,306    $55,282    $130,400

Cash Collections   $577,200 $913,900 $1,134,900$2,626,000

Cash Disbursements:

Merchandise        ($457,170)  ($562,100) ($432,600)($1,451,870)

Sales Commission($51,324)  ($78,624)  ($39,624)  ($169,572)

Other fixed costs($327,800)  ($327,800) ($327,800)($983,400)*

Equipment purchase                ($15,400)  ($39,200)  ($54,600)

Dividends paid       ($11,000)                                          ($11,000)

Bank Loan            $195,000     $70,000 ($265,000)             $0

Loan Interest          ($2,650)                                          ($2,650)

Minimum balance $55,306     $55,282     $83,308    $83,308

Earrings Unlimited INCOME STATEMENT for the quarter to June 30:

Sales                                            $2,826,200

Cost of goods sold                         1,521,800

Gross Profit                                  $1,304,400

Less: Expenses:

Sales Commission     169,572

Other fixed costs      983,400

Insurance Expenses     6,600

Bank Loan Interest       2,650

Depreciation               39,600 $1,201,822

Net Income                                       $102,578

Retained Earnings b/f                     $588,000

Dividends                                           ($11,000)

Retained Earnings c/f                    $679,578

Earrings Unlimited BALANCE SHEET as of June 30:

Assets:

Current Assets:

Cash                                  $83,308

Accounts Receivable$659,360

Inventory                          $86,240

Prepaid Insurance           $15,200    $844,108

Noncurrent Assets:

Property & Equipment$915,800

Depreciation                   $39,600    $876,200

Total Assets                                    $1,720,308

Liabilities + Equity:

Liabilities:

Accounts Payable        $149,730

Dividends Payable          $11,000     $160,730

Capital Stock               $880,000

Retained Earnings      $679,578  $1,559,578

Total Liabilities + Equity                $1,720,308

Explanation:

a) March Purchases:

Ending Inventory in units = 26,320(65,800 x 40%)

Units sold =                          40,820

Units available for sale =      67,140 (26,320 + 40,820)

Less Beginning Inventory = 16,320 (40,800 x 40%)

Purchases =                         50,820 units

Beginning Inventory =       $114,240 (40,800 x $7 x 40%)

Purchases =                     $355,740 (50,820 x $7)

Cost of goods available  $469,980

Less Closing Inventory      184,240 (26,320 x $7)

Cost of goods sold         $285,740

b) Accounts Receivable

Beginning Balance        $459,160

Sales                      $2,826,200

Cash Receipts         ($2,626,000)

Ending Balance           $659,360

c) Accounts Payable

Beginning Balance             $177,800

Purchases                       $1,423,800

Cash Disbursements($1,451,870)

Ending Balance                 $149,730

d) Sales Budget            January        February        March

Credit sales in unit          20,800         26,800          40,800

Selling price                        $13                 $13               $13

Sales Value                 $270,400     $348,400     $530,400

e) A master budget combines other smaller budgets within the business and turns them into one overall budget, which gives a comprehensive overview of the entity's finances.  The master budget includes the HR, marketing, and all other departmental budgets to produce an overall single budget.

Business
Step-by-step answer
P Answered by PhD
Earrings Unlimited

1a. Sales Budget

                                         April         May     June         Total

Credit Sales in unit  65,800      100,800     50,800  217,400

Selling Price                   $13           $13          $13            $13

Sales Value        $855,400  $1,310,400 $660,400 $2,826,200

                                         April         May     June         Total

Sales Commission 6% $51,324  $78,624  $39,624   $169,572

1b. Expected Cash Collections:

                                        April         May     June         Total

20% month of sale   $171,080 $262,080 $132,080  $565,240

70% following month 371,280   598,780   917,280    1,887,340

10% second month     34,840     53,040     85,540       173,420

Total                       $577,200 $913,900$1,134,900$2,626,000

1c. Merchandise Purchase Budget

                                       April         May     June         Total

Ending Inventory       40,320     20,320    12,320      12,320

Units Sold                      65,800     100,800   50,800    217,400

Units available              106,120       121,120    63,120   229,720

Beginning Inventory     26,320       40,320   20,320     26,320

Purchases (units)          79,800       80,800   42,800   203,400

Beginning Inventory $184,240  $282,240 $142,240  $184,240

Purchase ($)            $558,600  $565,600 $299,600  $1,423,800

Cost (goods available)$742,840 $847,840 $441,840    $1,608,040

Less Ending Inventory$282,240 $142,240 $86,240   $86,240

Cost of goods sold     $460,600$705,600 $355,600     $1,521,800

1d. Expected Cash Disbursements for Merchandise Purchases:

                                       April         May     June         Total

Purchase ($)        $558,600$565,600 $299,600  

50% 1st month    $279,300$282,800  $149,800   $711,900

50% 2nd month   $177,870   $279,300 $282,800  $739,970

Total Disbursements$457,170 $562,100 $432,600     $1,451,870  

2d. Cash Budget

                                       April         May     June         Total

Beginning Balance$130,400   $55,306    $55,282    $130,400

Cash Collections   $577,200 $913,900 $1,134,900$2,626,000

Cash Disbursements:

Merchandise        ($457,170)  ($562,100) ($432,600)($1,451,870)

Sales Commission($51,324)  ($78,624)  ($39,624)  ($169,572)

Other fixed costs($327,800)  ($327,800) ($327,800)($983,400)*

Equipment purchase                ($15,400)  ($39,200)  ($54,600)

Dividends paid       ($11,000)                                          ($11,000)

Bank Loan            $195,000     $70,000 ($265,000)             $0

Loan Interest          ($2,650)                                          ($2,650)

Minimum balance $55,306     $55,282     $83,308    $83,308

Earrings Unlimited INCOME STATEMENT for the quarter to June 30:

Sales                                            $2,826,200

Cost of goods sold                         1,521,800

Gross Profit                                  $1,304,400

Less: Expenses:

Sales Commission     169,572

Other fixed costs      983,400

Insurance Expenses     6,600

Bank Loan Interest       2,650

Depreciation               39,600 $1,201,822

Net Income                                       $102,578

Retained Earnings b/f                     $588,000

Dividends                                           ($11,000)

Retained Earnings c/f                    $679,578

Earrings Unlimited BALANCE SHEET as of June 30:

Assets:

Current Assets:

Cash                                  $83,308

Accounts Receivable$659,360

Inventory                          $86,240

Prepaid Insurance           $15,200    $844,108

Noncurrent Assets:

Property & Equipment$915,800

Depreciation                   $39,600    $876,200

Total Assets                                    $1,720,308

Liabilities + Equity:

Liabilities:

Accounts Payable        $149,730

Dividends Payable          $11,000     $160,730

Capital Stock               $880,000

Retained Earnings      $679,578  $1,559,578

Total Liabilities + Equity                $1,720,308

Explanation:

a) March Purchases:

Ending Inventory in units = 26,320(65,800 x 40%)

Units sold =                          40,820

Units available for sale =      67,140 (26,320 + 40,820)

Less Beginning Inventory = 16,320 (40,800 x 40%)

Purchases =                         50,820 units

Beginning Inventory =       $114,240 (40,800 x $7 x 40%)

Purchases =                     $355,740 (50,820 x $7)

Cost of goods available  $469,980

Less Closing Inventory      184,240 (26,320 x $7)

Cost of goods sold         $285,740

b) Accounts Receivable

Beginning Balance        $459,160

Sales                      $2,826,200

Cash Receipts         ($2,626,000)

Ending Balance           $659,360

c) Accounts Payable

Beginning Balance             $177,800

Purchases                       $1,423,800

Cash Disbursements($1,451,870)

Ending Balance                 $149,730

d) Sales Budget            January        February        March

Credit sales in unit          20,800         26,800          40,800

Selling price                        $13                 $13               $13

Sales Value                 $270,400     $348,400     $530,400

e) A master budget combines other smaller budgets within the business and turns them into one overall budget, which gives a comprehensive overview of the entity's finances.  The master budget includes the HR, marketing, and all other departmental budgets to produce an overall single budget.

English
Step-by-step answer
P Answered by Specialist
1.    Both the first and third responses are correct
2.    Talk to a counselor about ways to change behavior while drinking, or how to stop altogether
3.    Being with underage friends who are drinking at a school function with trained servers serving drinks to people of legal drinking age
4.    Avoid all extracurricular activities to maximize study time
5.    Eat a high-protein meal
6.    It's another word for passing out after drinking too much
7.    Type 2 diabetes
8.    A stadium where no alcoholic beverages are allowed
9.    An expulsion will be on your transcript permanently
10.                       Alcohol education or alcoholism treatment is only a part of the process if you are in a collision with someone else
11.                       None of these answers are correct
English
Step-by-step answer
P Answered by Specialist
1.    Both the first and third responses are correct
2.    Talk to a counselor about ways to change behavior while drinking, or how to stop altogether
3.    Being with underage friends who are drinking at a school function with trained servers serving drinks to people of legal drinking age
4.    Avoid all extracurricular activities to maximize study time
5.    Eat a high-protein meal
6.    It's another word for passing out after drinking too much
7.    Type 2 diabetes
8.    A stadium where no alcoholic beverages are allowed
9.    An expulsion will be on your transcript permanently
10.                       Alcohol education or alcoholism treatment is only a part of the process if you are in a collision with someone else
11.                       None of these answers are correct

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