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Presentation/PPT
27/08/2022
In case, you did not receive it. Below is a question of accounting for profit planning:You have just been hired as a new management trainee by Earrings Unlimited,a distributor of earrings to various retail outlets located in shopping malls across the country.In the past the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash.Since you are well trained in budgeting ,you have decided to prepare comprehensive budgets for the upcoming second quarter in order to show management the benefits that can be gained from an integrated budgeting program.To this end,you have worked with accounting and other areas to gather the information assembled below.The company sells many styles of earrings but all are sold for the same price$10 per pair.Actual sales or earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings)January(actual) 20,000February(actual) 26,000March(actual) 40,000April(budget) 65,000May(budget) 100,000June(budget) 50,000July(budget) 30,000August(budget) 28,000September(budget) 25,000……Required:Prepare a master budget for the three month ending June 30.Include the following detailed budgets:1.A sales budget,by month and in total.b.A schedule of expected cash collections from sales,by month and in total.c.A merchandise purchases budget in units and in dollars.Show the budget by month and in total.d.A schedule of expected cash disbursements for merchandise purchases,by month and in total.2.A cash budget .Show the budget by moth and in total.Determine any borrowing that would be needed to maintain the minimum cash balance of $50,0003.A budgeted income statement for the three month period ending June,30.Use the contribution approach.4.A budgeted balance sheet as June 30
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