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Question - KAB Inc., a small retail store, had the following results for May. The budgets for June and July are also given.
May (actual)
June (budget)
July (budget)
Sales
$45,000
$46,000
$49,000
Cost of sales
$20,000
$21,000
$23,500
Gross margin
$25,000
$21,500
Operating expenses
$19,000
Operating income
$5,000
$1,000
$1,500
Sales are collected 75% in the month of the sale and the balance in the month following the sale. (There are no bad debts.) The goods that are sold are purchased in the month prior to sale. Suppliers of the goods are paid in the month following the purchase. The operating expenses are paid in the month of the sale. What should be the cash disbursements during the month of June for goods purchased for resale and for operating expenses?
Compute for each year the accounts receivable turnover. At the end of 2015, accounts receivable was $480,000. (Round answers to 1 decimal place)
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Discuss the most important steps in the operating budget process. Why are these more important than the other steps?
What would be the budgeted amount for Direct Labor costs for the year if we expect to use 500 hours in the first six months and 600 hours
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Provide one example of a financial accounting report and two examples of managerial accounting reports that Maria might request.
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