Determine the expected annual sales for the sales budget

Assignment Help Accounting Basics

Reference no: EM13483392

1.As part of the initial investment a partner contributes equipment that had a cost of 50,000 and accumulated depreciation of 35,000. If the partners agree on a valuation of 30,000 for the equipment, what amount should be debited to the office equipment account?

a. 15,000

b. 20,000

c. 30,000

d. 50,000

2.Which of the following budgets allow for adj. in activity levels?

a. Static Budget

b. Continuous Budget

c. Zero-Based Budget

d. Flexible Budget

3.Pipe Co. has a beginning inventory of 10,000 units. Sales are expected to be 30,000 units. The required ending inventory is 8,000 units. How many units must be produced?

a. 28,000

b. 30,000

c. 32,000

d. 48,000

4.Preparation of a cash budget takes all but which of the following into consideration?

a. Depreciation expense

b. Cash received from customers

c. Inventory payments

d. Payments to supplies

5.Calculating fixed unit manufacturing costs results in

a. Constant unit costs as production increases

b. Constant unit costs as production decreases

c. Increasing unit cost as production increases

d. Increasing unit cost as production decreases

6.Which of the following is not a benefit of budgeting?

a. Budgeting communicates expected outcomes

b. Budget assists in creating specific goals and objectives

c. Budget establishes benchmarks to measure success

d. Budget guarantees a net income for the company

7.Determine the expected annual sales for the sales budget. Units sell at 8.00 each. Estimated sales are as follows; First quarter 10,000 units, second quarter 15,000 units, third quarter 20,000 units and fourth quarter 30,000 units

a. 6000,000

b. 240,000

c. 800,000

d. 750,000

Reference no: EM13483392

Questions Cloud

What is the expected return on equity under each current : the rentz corporation is attempting to determine the optimal level of current assets for the coming year. management

When the rate of return on total assets ratio is greater : 1 - when a company changes from one acceptable accounting method to another the change is reporteda -in the statement

Half of grunewalds customers paid on the 10th day and took : grunewald industries sells on terms of 210 net 40. gross sales last year were 4562500 and accounts receivable averaged

Assume that flip uses a periodic inventory system and that : question 3 suggested time 15 minutes 15 pointsthe following information is available for flip companybeginning

Determine the expected annual sales for the sales budget : 1.as part of the initial investment a partner contributes equipment that had a cost of 50000 and accumulated

What role does the cost of capital play in the overall : 1.what role does the cost of capital play in the overall financial decision making of the firms top managers?2.why do

Instructions prepare in journal form without explanations : the account balances appearing on the trial balance were taken from the general ledger of flips copy shop at june 30

If a firm buys under terms of 315 net 45 but actually pays : a. if a firm buys under terms of 315 net 45 but actually pays on the 20th day and still takes the discount what is the

Jumper company uses the weighted-average method in its : jumper company uses the weighted-average method in its process costing system. the following data pertain to operations

User Account

All Pages