How you would create annual budgeted financial statements

Assignment Help Corporate Finance

Reference no: EM133562668

Homework: Budgeting

Overview

You are hired as a new cost accountant at Ciccetti Corporation. The company manager, David, is having a meeting with you in his office. He brought you this budgeted income statement that was completed by the previous cost accountant. David asks you to provide him with a report explaining the statement in clear, straightforward language, and how you plan to handle the annual budget.

Flexible Budget Performance Part 2Flexible BudgetActivity VariancesPlanning BudgetCustomers served (q)36,00033,000Revenue ($4.80q)$172,800$14,400 F$158,400Expenses:Wages and salaries ($36,900 + 1.60q)94,5004,800 U89,700Supplies ($0.90q)32,4002,700 U29,700Insurance ($13,300)13,300013,300Miscellaneous Expense ($6,300 + $0.40q)20,7001,200 U19,500Total expense160,9008,700 U152,200Net operating income$11,900$5,700 F$6,200

Task

Write a 2 to 3 page report in which you:

Question A. Explain the budgeted income statement.

Question B. Outline how you would create annual budgeted financial statements.

Question C. Analyze the difference between a static budget and a flexible budget, including the importance of each.

Question D. Evaluate the importance of reading and correctly interpreting budgeted financial statements.

The specific course learning outcome associated with this homework is:

A. Analyze the accuracy of a business's budgeting process to help managers make effective decisions.

Reference no: EM133562668

Questions Cloud

Description about health care organization : Description About a Health Care Organization. Identify problems and barriers that can occur in communication.

How can psychological conditions affect oral health : How can psychological conditions affect oral health? regarding the strategies for managing oral health issues and possible causes such as the side effects

Explain if the term and diagnosis of depression have changed : Please watch this ted talk and explain if the term and diagnosis of depression have changed at all for you. Why or why not?

Development of business strategy for organisation : Discuss how might affect development of business strategy for organisation in your country compared with a similar US organisation business strategy development

How you would create annual budgeted financial statements : Outline how you would create annual budgeted financial statements. Analyze difference between a static budget and flexible budget, including importance of each.

Provide resources to ensure that nps provide quality care : provide resources to ensure that NPs provide quality care while functioning within their scope of practice. Topic: Urinary incontinence in older adult

Explain what elements of your personality assessment results : Explain what elements of your personality assessment results surprised you, if any, and explain how accurate you felt the results were and why.

How the nurse practitioner can ensure high quality care : who are treated with opiods for chronic pain. choose one term, and illustrate how the nurse practitioner can ensure high quality care to patients with addiction

Analyze the present and historical performance : Analyze the present and historical performance of your country's financial markets both equity and debt markets.

User Account

All Pages