There are two (2) questions.
Question 1: Show all workings. Could be done in word or excel format.
Question 2: Answer should be in word document format.
QUESTION 1
Bill Thomas, Bates & Hill’s controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company’s balance sheet as of December 31 is as follows:
Cash…………………………………………….. $ 36,000
Accounts Receivable (net) ……………………… 35,100
Finished Goods Inventory ………………………29,400
Raw Materials Inventory ……………………… 4,536
Property, Plant & Equipment ………………… 180,000
Accumulated Depreciation …………………… (45,000)
Total Assets …………………………………… $240,036
Accounts Payable …………………………….. $10,800
Income Tax Payable ………………………….. 45,156
Common Stock ……………………………….. 60,000
Retained Earnings ……………………………. 124,080
Total Liabilities & Owners Equity…………… $240,036
Additional Information:
The company expects a 18% income tax rate, and all quarterly taxes are paid in the first month of the following quarter.
The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter.
Required
a. Prepare Bates & Hill’s pro-forma income statement for the first quarter.
b. Prepare Bates & Hill’s pro-forma balance sheet as of March 31.
……………………………………………………………………………………………….
QUESTION 2
Complete essay in Word document in APA format.
Essay Question 1
Complete the essay questions in one Word document and submit to the Dropbox:
Management by exception focuses only on those variances management considers important. List three factors that managers use in deciding whether or not to investigate a variance and give an example of each.
Essay Question 2
Managers use budgeting to control and evaluate their operations. Two types of budgets that were discussed: the static budget and the flexible budget. How do the two budgets differ and explain how the flexible budget is used in evaluating performance.
Select your paper details and see how much our professional writing services will cost.
Our custom human-written papers from top essay writers are always free from plagiarism.
Your data and payment info stay secured every time you get our help from an essay writer.
Your money is safe with us. If your plans change, you can get it sent back to your card.
We offer more than just hand-crafted papers customized for you. Here are more of our greatest perks.
Get instant answers to the questions that students ask most often.
See full FAQ