The company bought and paid for 5000000worth of stationery

Assignment Help Accounting Basics

Reference no: EM13614578

Please show your calculations for each of the followingproblems, ten points will be awarded for each correct answer.

1. Memphis Corporation has a sales budget of $500,000.00for the year ended 12/31/05.

The actual sales for theyear were $450,000.00.

A) What is the variance amount?

B) What is the variance percentage?

C) Is the variance favorable orunfavorable?

The actual administrative expenses for Memphis Corporation for2005 were $150,000.00 where as $120,000.00 was budgeted for thisexpense.

A) What is the variance amount?

B) What is the variance percentage?

C) Is the variance favorable orunfavorable?

Memphis Corporation has a cash balance of $200,000.00 on1/1/2008. The company's sales budget for the year was$500,000.00. However, only 80% of the sales for the year arecollectible during the year. The company's expected cash outflow for the year was expected to be $800,000.00. What is theexpected final cash balance? Is it a cash surplus or deficit?

Gates and Company has a cash balance of $150,000.00 on 1/1/08.The company's total expected cash inflow for the year was$500,000.00 and its expected cash outflow was $700,000.00. What isthe expected final cash balance? Is it a cash surplus ordeficit?

The 2006 budget for Gates and Company includes $100,000.00 forstationery expense. The company bought and paid for $50,000.00worth of stationery, and it made a commitment with Office Max tobuy additional $25,000.00 worth of stationery. What is the balance now in the stationery budget?

Reference no: EM13614578

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