Budgeted Balance Sheet for Sweats Galore

Budgeted Balance Sheet for Sweats Galore

Instructions/Descriptions

Prepare A Budgeted Balance Sheet for Sweats Galore

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12.Using the information contained in the case and the previous budgets, prepare a budgeted balance sheet for Sweats Galore, Inc. for the year ended December 31, 2013.

Cash
Accounts receivable
Sweatshirt inventory Equipment
Less: Accumulated depreciation Total assets

Sweats Galore, Inc. Budgeted Balance Sheet December 31, 2013

Assets

Quarter 1234

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CA-26SWEATScase 6Cases for Management Decision-Making GALORE

Liabilities and Stockholders’ Equity

Accounts payable
Notes payable
Interest payable
Taxes payable
Total liabilities
Common stock
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity

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13. (a) Using the information contained in the case and the previous budgets, calculate the estimated contribution margin per unit for 2013.(Hint: Silk- screened labor and the taxes are both fixed costs.)

(b) Calculate the total estimated fixed costs for 2013 (including interest and taxes). (c) Compute the break-even point in units and dollars for 2013.

14. (a) Michael is very disappointed that the company did not have an income of $25,000 for its first year of budgeted operations as he had wanted. How many shirts would the company have had to sell in order to have had a profit of $25,000? (Ignore changes in income tax expense.)

(b) Why dots the company’s net income differ from its ending cash balance?

15. Do you think it was a good idea to offer Cary Sue a salary plus10%of sales? Why or why not?
    

    Prepare A Budgeted Balance Sheet for Sweats Galore

    

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