Can I get help?finding:
(5) Schedule of Expected Cash Collections
(6) Schedule of Expected Cash Disbursements-Merchandise Purchases
(7) Schedule of Expected Cash Disbursements-Operating Expenses
(8) Combined?Cash Budget
(9) Budgeted Balance Sheet
ACC 2362 Managerial Accounting: Excel Project #3 ? Chap. 9 ? Master Budget ? Merchandising
Company 1. Read these instructions completely before you begin the Excel project.
2. Academic Honesty: The project should reflect your individual work. This is NOT a group project ? sharing
answers or spreadsheet formats is considered academic dishonesty. If you use a spreadsheet from a prior
semester or someone else?s spreadsheet, you will receive a zero for the project and an honor code violation
will be filed.
3. Due date: Wednesday, November 16th at the START of your class period or earlier. If you arrive more than 10
minutes late to class to turn in your project, there will be a 25% penalty. If you turn it in after class has ended,
you will NOT receive credit for the assignment.
4. Deliverables: Attach a copy of the cover sheet to a printed copy of the completed Excel spreadsheet which will
be turned in during your class period. An electronic copy of the Excel spreadsheet only (no cover sheet) will be
submitted to TRACS via the Drop Box function in accordance with the due date and time stated above. You will
not receive credit unless both the printed copy and electronic copy are turned in by the due date. No hand
written assignments or e-mail attachments will be accepted.
5. Specific Directions: This assignment will not be done through My Accounting Lab. It must be completed using
Excel, a spreadsheet application. Use the Excel Project #3 F16 template as a starting point. If you use a spreadsheet from a prior
semester or someone else?s spreadsheet, you will receive a zero for the project and an honor code
violation will be filed. First, enter your assumptions from the instruction sheet (Word Document) into the Excel template
Assumptions sheet. This will serve as your data source for all your other cells in Excel template. No numbers should be entered directly into the Excel template spreadsheet other than what you enter
into the assumptions sheet within the Excel Workbook. All calculation cells in the spreadsheet should
either be a formula or a cell reference. All calculations should be performed on the template spreadsheet and not on the assumptions sheet
within the Excel workbook. If the amount from one budget feeds into a subsequent budget, you should reference the budget for the
information and not the assumption sheet. Only reference your assumption sheet when referencing the
data, the first time. For example, information from the Sales Budget will be referenced on the Cost of
Goods Sold Budget, Budgeted Income Statement and Cash Collections Budget. The budgets should only show each month in the first quarter (January, February, & March), and a total
for the quarter for every budget except the Balance Sheet. The Balance sheet should only be done at the
end of the third quarter. Information for months not part of the first quarter should be listed on the assumption sheet. You
should reference the assumption sheet when you need to use this information to calculate items needed
for the first quarter. Once you have determined how much you need to borrow based on the company?s policy you can list
this amount on the assumption sheet then reference it on the budget sheet. Assume all funds are
borrowed at the end of the month and repaid at the end of the end of the quarter. You may add rows as needed to display the appropriate headings. The schedules should be presented in the same order listed under the requirements. All the budgets should be linked together so that if the sales projection changes, it will automatically
change all the subsequent budgets.
1 You will need to format the budgets and the data on the assumption sheet so it is easily readable &
You need to format your budget schedules to include underlining and for dollar signs and decimal places.
Be consistent in your presentation.
Your assignment should be no more than 5 pages total (cover sheet, assumption sheet & budgets)
printed on only on one side of the page (no double-sided). Page numbers should be added within Excel. 6. Grading: Assignment is worth 25 points. Presentation of the information and how easily it can be read will be
considered in the grading of the project. 15 points will be for the content, accuracy of the calculations, and completeness. 10 points will be for the use of technology and communication of data.
7. Excel Help: See TRACS ? Resources for a sheet offering Microsoft Office keyboard short cuts. CIS tutoring lab McCoy 336 YouTube offers many Excel tutorials. Office hours: GA Jordan Draper: Tuesday, November 8 th from 2:00 p.m. to 4:00 p.m. in McCoy 442 Professors regularly scheduled office hours. Come by the office if you need help. 8. Lastly, remember, the project is due at the START of your class period. There is normally a backup in the
computer lab on the due date with students printing the assignment at the last hour so don?t be caught.
Remember, there are penalties associated with late work. Don?t wait until the last minute to work on it, print
out the results to review it for accuracy. Do your own work!
Required: Prepare a master budget for Bobcat Merchandising Inc. for the first quarter of 2017. The following
component budgets must be included:
9. Sales Budget
Cost of Goods Sold, Inventory and Purchases Budget
Operating Expense Budget
Budgeted Income Statement
Schedule of Expected Cash Collections
Schedule of Expected Cash Disbursements - Merchandise Purchases
Schedule of Expected Cash Disbursements - Operating Expenses
Combined Cash Budget
Budgeted Balance Sheet ACC 2362 Managerial Accounting: Excel Project #3 ? Chap. 9 ? Master Budget ? Merchandising
Company Bobcat Merchandising Inc. is a merchandising business located downtown in San Marcos, Texas. The owners are Texas
State alumni and they would like to maximize their profits. They understand that accurate budgeting will help obtain this
goal. The company is completing its third year of operations and is preparing to build its master budget for the first
quarter of next year. The budget will detail each month?s activity and the total for the quarter. The master budget will be
based on the following information: 2 a. Sales were budgeted at $90,000 for December. Expected sales are $88,000 for January, $92,000 for February,
$94,000 for March, and $96,000 for April.
b. The gross margin is 35% of sales.
c. Sales are projected to be 75% for cash and 25% on credit. Credit sales are collected in the month following the
sale. The December accounts receivable are a result of the December credit sales. There are no bad debts.
d. Each month?s ending inventory should equal 85% of the next month?s budgeted cost of goods sold.
e. Merchandise Inventory Purchases are paid as follows; 70% of a month?s inventory purchases are paid for in the
month of purchase; the remaining 30% is paid for in the following month. The accounts payable at December 31
are the result of December purchases of inventory.
f. Monthly operating expenses are as follows: commissions are 7% of sales; rent is $2,800 per month, other
operating expenses (excluding depreciation) are 4% of sales. Assume these expenses are paid monthly.
Deprecation is $1,200 per month. g. January equipment purchases cost $7,500, and March equipment purchases cost $10,000. All equipment
purchases are paid for in cash in the month purchased.
h. Income tax is estimated to be 18% of operating income. Estimated taxes are accrued each month and paid in
cash in the last month of the quarter.
i. Management would like to maintain a minimum cash balance of at least $100,000 at the end of each month.
The company has an agreement with a local bank that allows them to borrow in increments of $1,000 at the end
of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest
is not compounded (only paying interest on the principal). They would, as far as it is able, repay the loan plus
accumulated interest at the end of the quarter. j. The projected balance sheet as of December 31, is as follows:
Plant & Equipment, net
Total assets December 31
$259,950.00 Liabilities & Equity
Total liabilities & equity $17,218.50
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