Master Budgeting with Supporting Schedule Essay Example for Free

Master Budgeting with Supporting Schedule Essay Cravat Sales Company, a nationwide distributor of a designer’s silk ties with an exclusive franchise on the distribution of the ties, and sales have grown rapidly over the last few years. Your have been given responsibility for all planning and budgeting. Your assignment is to prepare a master budget for the next 3 months, starting April 1st. You are anxious to make a favorable impression on the president and have assembled the information below. The company desires a minimum ending cash balance each month of ,000. The ties are sold to retailers for $8 each. Recent and forecasted sales in units are as follows: The large buildup in sales before and during June is due to Father’s Day. Ending inventories are supposed to equal 90% of the next month’s sales in units. The ties cost the company $5 each. Purchases are paid for as follows: 50% in the month of purchase, and the remaining 50% in the following month All sales are on credit, with no discount, and payable within 15 days, however, only 25% of a month’s sales are collected by month-end. An additional 50% is collected in the following month, and the remaining 25% is collected in the second month following sale. Bad debts have been negligible. The company’s monthly selling and administrative expenses are given below: Variable monthly expenses: Sales commissions (per unit)$1.00 Fixed monthly expenses: Wages and salaries$22,000.00 Utilities$14,000.00 Insurance$1,200.00 Depreciation$1,500.00 Miscellaneous$3,000.00 All selling and administrative expenses are paid during the month, in cash, with the exception of depreciation and insurance expired. Land will be purchased during May for $25,000 cash. The company declares dividends of $12,000 each quarter, payable in the first month of the following quarter. The company’s balance sheet at March 31 is given below: The company has an agreement with a bank that allows it to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $40,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $10,000 in cash. Assignments: Prepare a master budget for the three-month period ending June 30, including: * sales budget by month and in total * schedule of expected cash collections from sales, by month and in total * merchandise purchases budget in units and in dollars, by month and in total * schedule of expected cash disbursements for merchandise purchases, by month and in total * cash budget by month and in total * budgeted income statement for the three-month period ending June 30, with the contribution approach * budgeted balance sheet as of June 30 Solutions: Based on the sale forecast from April to July and the expected cash collection portions in each month (25% 50% 25%) , a sales budget ,a schedule of expected cash collections from sales, a merchandise purchases budget and schedule of expected cash disbursements were calculated and displayed in Table 1. Table 1 – Cravat Sales Company Expected sales, cash collections, and cash disbursements for merchandise purchases Unit: USD The Cravat Sales Company was expected to spend $195,750, $256,250, and $251,250 in cash for purchasing of merchandises in April, May, and June respectively. Totally, it would spend $703,250 within the 2nd quarter. In the first attempt to forecast the cash funding, we found that the company could not borrow less than $40,000 per month as agreed with the bank while maintaining the minimum ending cash balance of $10,000 at the same time. If comply only the borrowing limit, it would keep marginal cash of $2,250 in hands by end of April and suffer severe cash shortage of $37,000 by the end of May.

Greek Myths :: essays research papers

Greek Myths Dear Rebecca,   Ã‚  Ã‚  Ã‚  Ã‚  I am writing to you today to tell you about a few wonderful myths that I have read. I feel that they would interest you as much as they did me. I will give you a brief summary on each so that they will be a little more familiar to you if you decide to read them at some time in the future.   Ã‚  Ã‚  Ã‚  Ã‚  The first story I read was the tale of Hermes. Born on Mount Cyllene to his mother Maia, Hermes was an astonishing child. His growth was equally astonishing for he grew at a rapid rate. Deciding he wanted an adventure, Hermes set out one day and stole a herd of cows from Apollo, the sun god.   Ã‚  Ã‚  Ã‚  Ã‚  When Apollo discovered the missing herd, he set out to find them but to no avail. Hearing of a reward offered by Apollo for the recovery of the herd, Silenus and his satyrs set out as well. Traveling far and wide their journeys brought them to a small cave, which echoed with the beautiful muffled sounds of a melody to which they were drawn. When finding out the music was produced by an instrument made of cow gut and tortoise shell, it was then understood that young Hermes had taken the herd from Apollo. Formal charges were brought to Mt. Olympus. Apollo, while going to get his remaining cows discovered Hermes' musical invention. Intrigued by this astonishing invention he offered his whole flock for the musical instrument. Hermes agreed, after which he invented a shepherd's pipe, which also awed Apollo. He offered Hermes his golden staff in exchange for the pipe but to no avail. In addition to the golden staff Hermes wanted the knowledge of augury. He felt it was a useful art. Hermes returned to Mt. Olympus to tell his father, Zeus, of all goings on. Zeus was very amused. Hermes suggested to Zeus that he be made into a herald. Zeus complied with this suggestion and showered Hermes with gifts.   Ã‚  Ã‚  Ã‚  Ã‚  Sounds like an interesting tale, doesn't it. Well it is much better if you read it yourself. The next tale I read was of Krishna. This one story was the most confusing of the four I read. To fully understand it you must read it and interpret it for yourself. I will try to do the best I can.   Ã‚  Ã‚  Ã‚  Ã‚  Rama and Krsna were two children who loved to play in the village. First they crawled and then they walked causing the village women to laugh and giving them great pleasure. Then Krsna started to untie the cows at

Original Oratory on stereotyping and social stigmas

In love there is creation the creation of power and energies exerted towards our seemingly divergent passions yet in love these passions can create destruction unbounded by anything else ultimately no one can escape we falter almost entirely everyday we take breath what causes us to be so determined to find meaning In things? Eyes. Drugs. Smiles. Love. Sex. Death. What says that anything Is anything or nothing at all? Im so dull at times. I want find meaning In things and I want to be this great, philosophic all around girl. Im not. Majority of what I write or think Is complete bulls.Every so often It comes across as genuine and well thought out but really Its Just stupidity. TFH I think that even to be diagnosed with something would be bullwhip because Im perfectly normal. Elf I asked you all to use some words to describe yourselves what words would you use? Student, Future entrepreneur, black, gay†¦ All these titles but do they really say who you are? More likely than not they wont. And if I asked you to describe your closest friend could you really? In all seriousness no. Why is this? People, all people, are lust a paradox ball of psychological issues and perfection.We try to define ourselves and each other. We want to belong. Not to be cliche © but our goal in life is to make a connection with something. We begin to stereotype. Whether its based on fact or not doesn't matter. And at what cost? While its true that we are at times rightly stereotyped, our views of ourselves can be distorted. As a person, still trying to figure out what I want out of life, its not hard to see that the stigmas, increasing suicide rates, and the difficulty in being successful in education because of stereotyping hinders peoples life's as well their concepts of themselves and others.

Capitalism And Communism Communism Essay - 852 Words

Capitalism Communism Communism The theory of communism was designed by German Philosopher Karl Marx. In 1848, he wrote a book of his ideals known as The Communist Manifesto, which later served as the inspiration for the formation of the Communist Party. Communism is also known as Marxism. Marx believed that an ideal society must be classless as well as stateless. His main idea and aim +was simple- to allow the poor a fighting chance and free the lower class from poverty. In order to extricate the lower class, he was convinced that the government must control all means of production essentially making everyone equal- no one would be able to outdo anyone else by making more money than others. Firstly, in order for this to happen, the existing government would have to be overthrown. Total destruction of the existing system was essential to move on to phase 2 of achieving this plan. Secondly, a dictator, or elite leader(s), must gain absolute control over the working class. This includes controlling the common citiz ens personal choices including their employment, education, religion and even marriage. In the communist society that Marx described, the government distributes wealth and land among the people which sets a standard of equality- both economically and socially. He also outlined the 10 principles of communism: Central banking system Government controlled education Government controlled labour Government ownership of transportation and communicationShow MoreRelatedCommunism : Communism And Capitalism1237 Words   |  5 PagesUnion, but in reality it was a struggle between two, distinct ideologies: Communism and Capitalism. Communism was supposed to be the scepter against all the evils that the old world contained. The people of the world would be freed from the oppressive chains resulting from the few in power, and be lifted from the brutal, unfair world of capitalism. Millions of people across the world saw the enticing, heavenly lure of communism and seized the opportunity to revolutionize their communities. To the millionsRead MoreCommunism And Capitalism And Communism Essay2038 Words   |  9 Pagescontroversial; Communism and Capitalism. In political and social, communism is a social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist, which is a socioeconomic order structured upon the common ownership of the mean s of production and the absence of social classes, money, and the state. However, Capitalism is defined as an economic system based on private ownership of the means of production, and their operation for profit. Capitalism centralizedRead MoreCapitalism Vs. Communism And Communism1266 Words   |  6 PagesRaia Creative Writing 1 5 May 2015 Capitalism vs Communism Throughout history, people have tested many different political systems have a better society. 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