1) Sales Budget and Expected Cash CollectionsThe marketing d
1) Sales Budget and Expected Cash CollectionsThe marketing department of Jessi Corporation has submitted the following sales forecast for the upcoming fiscal year (all sales are on account):1st Quarter2nd Quarter3rd Quarter4th QuarterBudgeted unit sales11,00012,00014,00013,000The selling price of the company’s product is $18.00 per unit. Management expects to collect 65% of sales in the quarter in which the sales are made, 30% in the following quarter, and 5% of sales are expected to be uncollectible. The beginning balance of accounts receivable, all of which is expected to be collected in the first quarter, is $70,200.Required:Calculate the estimated sales for each quarter of the fiscal year and for the year as a whole. Calculate the expected cash collections for each quarter of the fiscal year and for the year as a whole.2) Prepare a Flexible BudgetPuget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The company’s static budget for May appears below:Puget Sound DiversStatic BudgetFor the Month Ended May 31Budgeted diving-hours (q)100Revenue ($365.00q)$36,500Expenses:Wages and salaries ($8,000 + $125.00q)20,500Supplies ($3.00q)300Equipment rental ($1,800 + $32.00q)5,000Insurance ($3,400)3,400Miscellaneous ($630 + $1.80q) 810Total expense 30,010Net operating income$ 6,490During May, the company’s actual activity was 105 diving-hours.Required:Prepare a flexible budget for May.3) Prepare a Flexible Budget Performance ReportVulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company’s operations in July appear below:Vulcan FlyoversOperating DataFor the Month Ended July 31ActualResultsFlexibleBudgetStaticBudgetFlights (q)484850Revenue ($320.00q)$13,650$15,360$16,000Expenses:Wages and salaries ($4,000 + $82.00q)8,4307,9368,100Fuel ($23.00q)1,2601,1041,150Airport fees ($650 + $38.00q)2,3502,4742,550Aircraft depreciation ($7.00q)336336350Office expenses ($190 + $2.00q) 460 286 290Total expense 12,836 12,136 12,440Net operating income$ 814$ 3,224$ 3,560The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount.Required:Prepare a flexible budget performance report for July that includes flexible-budget variances and sales-volume variances.Which of the variances should be of concern to management? Explain.The ansewr ::-
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
