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[answered] ACC 2362 Managerial Accounting: Excel Project #3 - Chap. 9

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:






Accounts Receivable




Plant & Equipment, net


Total assets December 31










$259,950.00 Liabilities & Equity


Accounts Payable


Retained Earnings


Total liabilities & equity $17,218.50




$259,950.00 3


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