24/7 Homework Help

Studykind Will Help You Write Your Essays and Term Papers

From initial topic to finished paper

Question:

[Solution] Preparing an operating budget 

by | Jul 18, 2022 | Recent Orders

P22-22A Preparing an operating budget 

Thumbtack’s March 31, 2012, budgeted balance sheet follows:

The budget committee of Thumbtack Office Supply has collected the following data.

a. Sales in April were $40,000. You predict that monthly sales will enhance 2% over April’s sales in May. June’s sales will enhance 4% over April’s sales. July’s sales will enhance 20% over April’s sales. Collections are 80% in the month of sale as well as 20% in the month following sale.

b. Thumbtack maintains stock of $11,000 plus 25% of the COGS budgeted for the following month. COGS = 50% of sales income. Purchases are paid 30% in the month of purchase and 70% in the month following the purchase.

c. Monthly wages amount to $7,000. Sales commissions equal 5% of sales for that month. Wages and commissions are paid 30% in the month incurred and 70% in the following month.

Requirements

1. Prepare Thumbtack’s sales budget for April and May, 2012. Round all amounts to the nearest $1.

2. Prepare Thumbtack’s inventory, purchases, and cost of goods sold budget for April and May.

3. Prepare Thumbtack’s operating expenses budget for April and May.

4. Prepare Thumbtack’s budgeted income statement for April and May.

Note: We recommend you solve this and the related problems (P22-23A and P22-24A) using Excel templates that you create.

Sample Solution
Assignment Help

HOME TO CERTIFIED WRITERS

Why Place An Order With Us?

  • Certified Editors
  • 24/7 Customer Support
  • Profesional Research
  • Easy to Use System Interface
  • Student Friendly Pricing

Have a similar question?

Services that we offer

Your Paper Is In Safe Hands

PLAGIRAISM FREE PAPERS

All papers we provide are well-researched, properly formatted and cited.

TOP QUALITY

All papers we provide are well-researched, properly formatted and cited.

HIGHLY SECURED

All papers we provide are well-researched, properly formatted and cited.

Related Assignments

Study more efficiently

Quickly get your essay from idea to final graft save time, money and effort.

Boost your grade

Get through your toughest problem and learn how to solve them from expert writers

Essay Writing Service Ready to Help Online 24/7

Hire a professional just from $9.99

Click here

Open chat
1
Powered by Essaynice
Hello welcome to our whatsapp support 👋
Can we help you?