Reference no: EM132526109 , Length: word count:1500
GAC5010 Performance Management - Gulf College
Assignment 1, 500 words equivalent
Prepare a report on the preparation of an incremental budget for 5 years. You need to provide preliminary data to begin with the budget calculation. The structure of the report follows:
1. Introduction
• Briefly discuss the concept of incremental budget
• Briefly discuss the preparation of income statement budget
2. Financial Assumptions
• Complete the following baseline data. You can decide on your own.
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Baseline data
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Annual sales volume
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Selling price
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Finished goods inventory
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Cost of production
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Selling and admin expenses
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Selling expenses
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Admin expenses
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Other expenses
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• Complete the following incremental assumptions. You can decide on your own.
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Item
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Percent of Annual Increase
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Annual sales volume
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Selling price
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Finished goods inventory
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Cost of production
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Selling and admin expenses
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Selling expenses
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Admin expenses
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Other expenses
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3. Evaluation
After you have completed the Assignment 2, evaluate the results of your income statement budget.
References
• Use at least 5 sources preferably refereed accounting journals and books or e-books.
• Use the proper Harvard referencing style adopted by Gulf College.
Appendices
• Attach the 4 MS Excel tables in your report.
Assignment 2, 1000 words equivalent
Based from the financial assumptions you prepared in Assignment 1, prepare a budgeted income statement for 5 years using MS Excel. You need to submit a soft copy of the worksheet. Follow the following guidelines in the preparation of the worksheet.
1. Create a new MS Excel file and save as: IDNumber StudentName
2. Prepare and complete the following statements:
Sheet 1 (Rename this sheet to SB)
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Sales
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2020
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2021
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2022
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2023
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2024
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Sales volume
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Selling price
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Sales revenue
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Sheet 2 (Rename this sheet to CSB)
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Cost of sales budget
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2020
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2021
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2022
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2023
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2024
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Sales Volume
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Ending inventory
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Beginning inventory
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Production required
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Cost of production
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Cost of sales
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Sheet 3 (Rename this sheet to SAB)
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Selling and admin budget
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2020
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2021
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2022
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2023
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2024
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Selling expenses
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Admin expenses
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Other expenses
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Total selling and admin
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Sheet 4 (Rename this sheet to BIS)
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Budgeted Income Statement
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2020
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2021
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2022
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2023
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2024
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Sales
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Cost of Sales
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Gross Profit
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Selling and Admin
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Net Profit
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3. All figures should be rounded off to three decimal places.
4. Ensure the use of proper formulas and formatting.
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Journalize depreciation expense for the year ended december
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Make a journal entries for each of december
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Briefly discuss the concept of incremental budget
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Compute such variances as can be derived from the data
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Provide percent and apportioned value
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