Budget on excel problem

The budget problem needs to be completed on the excel template attached.

Using the following information you are to prepare a comprehensive budget for River City Micro Systems, Inc. The Company assembles a specialized device used in airports to detect certain types of explosives to prevent terrorist attacks. 

Haven’t Found The Relevant Content? Hire a Subject Expert to Help You With
Budget on excel problem
Post Your Own Question And Get A Custom Answer
Hire Writer

Arrangements have been made for the component parts (bundled in packets, one per unit) to be produced in Indonesia, shipped to Boise, then assembled and sold by River City Micro to the end users. 

You have developed the prototypes, established a market, and now you are putting together a budget for the first three months of 2017. The Company will actually start manufacturing and distribution on January 2, 2017. The purpose of this comprehensive budget is to formalize your expected income, cash flow and balance sheets. 

From the following information you are to prepare the following schedules/statements for the months ending January 31, 2017, February 28, 2017 and March 31, 2017: 

1) Projected units of production2) Projected raw material requirements3) Projected raw material purchases in dollars4) Projected cost of goods manufactured statement 5) Pro-forma income statement6) Pro-forma cash flow statement7) Pro-forma balance sheet8) Capital lease amortization schedule9) Depreciation schedule 

You should utilize the following assumptions in making your calculations: 

a. Projected sales in units are as follows: January = 500, February = 600, March = 600, April and following months = 800. At the start of each month the management plans to have 30 days, (1 

month) of direct materials on hand. Each packet of direct material costs $80.00. The company will have 800 units on hand on January 1, 2017 (all purchased during December 2016). 

b. Ten hours of direct labor are required to assemble each device. The direct labor cost (including fringe benefits) is $35.00 per hour. 

c. Manufacturing overhead is 50% of direct labor cost. 

d. Devices are sold at 100% markup on cost. 

e. The company wants to have at least 50% of next months projected sales in ending finished goods inventory each month. 

f. Direct materials purchases are paid for on the 10th day of the month following month of purchases. 

g. Manufacturing overhead is paid 25% in cash and with the balance paid in 30 days. 

h. Wages earned by employees during the first half of each month are paid on the 22nd with the remainder paid on the 7th of the following month. Assume that workforce is stable each month (hence, wages and salaries are the same every day of the month). 

i. On January 1, 2017 you acquire equipment and finance it 100% through a capital lease. Life of equipment is 60 months with no salvage value. Capital lease payments are $12,000 per month including an imputed interest component. Your cost of capital is 10%. Use this rate to calculate the

present value of the cash payments and the present value of the lease principal as of January 1, 2017. The first payment is due on February 1, 2017. 

j. Selling commissions are 10% of sales price. These are paid on the 15th day of the month following month of sale. 

k. Administrative salaries and fringe benefits are $60,000 per month payable on schedule outlined in h. 

l. Rent is $8,000 per month payable on the first day of each month. 

m. On January 1, 2017 the Company will pay 6 months insurance premiums in advance for a total of$24,000. 

n. Other general and administrative expenses are estimated to be 15% of sales. They are paid in the month after they are incurred. 

o. The company has a $500,000 line of credit secured by inventory and accounts receivable. Borrowing against this line must be in increments of $50,000. Interest is 12% per annum and is payable on the 

1st day of the month following the borrowing. Assume all borrowing occur on the 15th day of the month. Repayments must also occur in $50,000 increments on the 15th day of the month. 

p. All sales are on account and are collected 15% in month of sale, 75% in next month and the balance in the following month. 

q. Income tax rate is 35%. Taxes accrue on each month’s income and are paid in arrears on January 15, Apr 15, Jul 15 and Oct 15 for the preceding quarter. Note: any expected losses create tax benefits that can be used in reduce taxes paid in future quarters. 

r. Beginning cash balance on January 1, 2017 is projected to be $100,000 that was raised through the sale of capital stock in December 2016. 

Submit all of your answers as a single multi-tabbed Excel workbook from the assignment module. If you have difficulty submitting the Excel file from the assignment module you can attach the workbook to an email. 

Calculate the price of your order

Select your paper details and see how much our professional writing services will cost.

We`ll send you the first draft for approval by at
Price: $36
  • Freebies
  • Format
  • Formatting (MLA, APA, Chicago, custom, etc.)
  • Title page & bibliography
  • 24/7 customer support
  • Amendments to your paper when they are needed
  • Chat with your writer
  • 275 word/double-spaced page
  • 12 point Arial/Times New Roman
  • Double, single, and custom spacing
  • We care about originality

    Our custom human-written papers from top essay writers are always free from plagiarism.

  • We protect your privacy

    Your data and payment info stay secured every time you get our help from an essay writer.

  • You control your money

    Your money is safe with us. If your plans change, you can get it sent back to your card.

How it works

  1. 1
    You give us the details
    Complete a brief order form to tell us what kind of paper you need.
  2. 2
    We find you a top writer
    One of the best experts in your discipline starts working on your essay.
  3. 3
    You get the paper done
    Enjoy writing that meets your demands and high academic standards!

Samples from our advanced writers

Check out some essay pieces from our best essay writers before your place an order. They will help you better understand what our service can do for you.

Get your own paper from top experts

Order now

Perks of our essay writing service

We offer more than just hand-crafted papers customized for you. Here are more of our greatest perks.

  • Swift delivery
    Our writing service can deliver your short and urgent papers in just 4 hours!
  • Professional touch
    We find you a pro writer who knows all the ins and outs of your subject.
  • Easy order placing/tracking
    Create a new order and check on its progress at any time in your dashboard.
  • Help with any kind of paper
    Need a PhD thesis, research project, or a two-page essay? For you, we can do it all.
  • Experts in 80+ subjects
    Our pro writers can help you with anything, from nursing to business studies.
  • Calculations and code
    We also do math, write code, and solve problems in 30+ STEM disciplines.

Frequently asked questions

Get instant answers to the questions that students ask most often.

See full FAQ
  • What if I’m dissatisfied with the paper I get?

    The average quality score at our professional custom essay writing service is 8.5 out of 10. The high satisfaction rate is set by our Quality Control Department, which checks all papers before submission. The final check includes:
    • Compliance with initial order details.
    • Plagiarism.
    • Proper referencing.
    If for some reason we happen to leave a mistake unnoticed, you are invited to request unlimited revisions of your custom-written paper. For more information, check our Revision Policy. We will do our best to make your experience with Familiar Essays enjoyable.
  • I need an essay on the same day. Is it something you can do?

    Sure. Our writing company offers a fast service with an 8-hour deadline for orders up to master’s level. Make sure to specify the deadline in the order form and our writers will write a paper within the indicated timeslot. Just proceed to submit your requirements here Once you order a custom-written essay, our managers will assign your order to the well-suited writer, who has the best skills and experience for preparing your specific assignment. You can also request one of these extra features:
    • Choose the Writer’s Samples option – study 3 randomly-provided pages from orders that have been written by the assigned writer.
    • Request a specific writer – choose an academic writer from the dropdown list in the order’s form (optional for returning customers).
    You can be sure that your custom writing order will be accomplished by one of our 400+ professional academic writers. They all pass a series of tests to prove their writing prowess and hold the reputation of being the most professional in the industry. Want to make sure writer’s skills match your needs? Get more details on how to choose the appropriate author.
  • How can I be sure your writing service is not a scam?

    We understand that a shade of mistrust has covered the paper writing industry, and we want to convince you of our loyalty. Apart from high-quality writing services, we offer:
    • The chances of students to boost writing skills in a quick and effective way.
    • The opportunity to manage studies and free time in an enjoyable manner.
    • The possibilities to improve overall academic performance.
    Our custom writing company has been working for more than 12 years and always puts quality and clients’ needs first. Our operations are legally documented, we are easily accessible online and offline,
  • Is it legal to use your professional writing service?

    Yes. Custom writing help is not prohibited by any university or college. It’s a 100% legal way of getting professional assistance with paper writing. Hiring writers from an essay writing company is in many ways similar to consulting a tutor – we help you solve the writing issues at hand.
  • How does your service work?

    Our custom writing service is a reliable solution on your academic journey that will always help you if your deadline is too tight. You fill in the order form with your basic requirements for a paper: your academic level, paper type and format, the number of pages and sources, discipline, and deadline. Then, you describe the specific details of the paper you need: add the topic, write or paste the instructions, and attach files to be used, if you have them. After that, an online customer support representative chooses the best writer that specializes in your discipline and assigns him or her to complete the paper according to your requirements. When the paper is ready, we check it for plagiarism and send it to you. If you want to change something, you can request a free revision.
See full FAQ

Take your studies to the next level with our experienced specialists

Live ChatWhatsApp