Inserting Formulas and Constructing Worksheets

Inserting Formulas and Constructing Worksheets Assignment

Instructions/Descriptions

Inserting Formulas and Constructing Worksheets Assignment

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INSTRUCTIONS

Insert formulas where appropriate in the Dec 31 Balance sheet.

Construct worksheets for: January, February and March

Sales Budget

Production Budget

Raw Materials Purchases

Cash Budget

Projected unit cost to produce one Gizmo (Exclusive of Depreciation)

Budgeted Income Statement

Budgeted Retained Earnings Statement

Budgeted Balance Sheet

Use one column for each month and one for the quarter total.

Assume FIFO for valuing inventories.

Round budget calcuations (excepting unit costs) to the nearest dollar (no decimal places).

Sales and raw materials purchases budgets should include both units and dollars.

Place an appropriate title on each worksheet

Skip one row below the title and place the name of the company. “Thorny Corp.” should be changed to “YourLastName Corp.” in all worksheets.

Worksheets should be organized and should have a consistent format.

Worksheets should be formatted to print neatly and preferably on one page. If it is necessary to print on more than one page, make sure to use “PRINT TITLES” where appropriate and set page breaks appropriately. You may need to set some worksheets to “landscape” orientation.

Three-Month Master Budget

Thorny Corp.

Balance Sheet, December 31

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Cash   41,700

Accounts Receivable   192,000

Raw materials   102,240

Finished Goods   64,400

Land   50,000

Plant and Equipment 500,000

Less: accumulated depreciation 112,000 388,000

Total assets   $838,340

Accounts Payable to suppliers   40,000

Common Stock 100,000

Retained Earnings 698,340 798,340

……………

Inserting Formulas and Constructing Worksheets Assignment

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