亨格瑞管理会计英文第15版练习答案.doc

Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 272 CHAPTER 7 COVERAGE OF LEARNING OBJECTIVES LEARNING OBJECTIVE FUNDA- MENTAL ASSIGNMENT MATERIAL CRITICAL THINKING EXERCISES AND EXERCISESPROBLEMS CASES, EXCEL, COLLAB. therefore, four fifths (because 40/50 will be collected in April and 10/50 will be collected in May) will be received in April. MERRILL NEWS AND GIFTS Budgeted Statement of Cash Receipts and Disbursements For the Month Ending April 30, 20X7 Cash balance, March 31, 20X7$ 100,000 Add receipts, collections from customers: From April sales, 1/2 $1,000,000$500,000 From March sales, 4/5 $450,000360,000 From February sales 80,000 940,000 Total cash available$1,040,000 Less disbursements: Merchandise purchases, $450,000 40%$180,000 Payment on accounts payable460,000 Payrolls90,000 Insurance premium 1,500 Other expenses45,000 Repayment of loan and interest 97,200 873,700 Cash balance, April 30, 20X7$ 166,300 Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 291 7-37(40-60 min.) BOTANICA COMPANY Statement of Estimated Cash Receipts and Disbursements For the Month Ended October 31, 20X7 Cash balance, September 30, 20X7$ 4,800 Receipts, collections of receivables (Schedule 1) 29,340 Total cash available $34,140 Less disbursements: Merchandise purchases (Schedule 2)$17,000 Variable expenses (Schedule 3) 3,125 Fixed expenses (Schedule 3) 900 21,025 Cash balance, October 31, 20X7$13,115 Schedule 1, Collections of Accounts Receivable: Collected in October SalesPercentAmount From August sales$12,0006% $ 720 From September sales$36,000 30% 10,800 From October sales$30,000 60% 99% 17,820 Total October collections $29,340 Schedule 2, Payments for Merchandise: SeptemberOctober Target ending inventory$ 9,000* $ 6,600* Goods sold 21,600 18,000 Total needs$30,600 $24,600 Beginning inventory 10,800* 9,000* Purchases$19,800 $15,600 Payments, 2/3 $15,600 October purchases$10,400 Accounts payable, end of September, 1/3 $19,800 purchases 6,600 Total payments in October$17,000 * (12/20) .5 30,000 = $9,000; (12/20) .5 36,000 = $10,800; (12/20) .5 22,000 = $6,600 Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 292 Schedule 3, Selling and General Administrative Expenses: Total selling and general administrative expenses$61,500 Less fixed expenses 24,000 Total variable expenses for year (vary with sales)$37,500 October variable expenses: $37,500 (October sales Years sales) = $37,500 ($30,000 $360,000)$ 3,125 Total fixed expenses$24,000 Less depreciation (no current cash outlay) 13,200 Total cash required for fixed expenses for year$10,800 October cash required for fixed expenses: $10,800 12$ 900 7-38(30 - 40 min.) This problem would be solved most easily on a spreadsheet. 1. The Ritz-Carltons monthly cash budget is shown on Exhibit 7-38 on the two following pages. 2. Increase in revenues: 6 mo. .05 300 rooms $290 30 days .98 collected $767,340 Increase in costs: 6 mo. .05 300 rooms $30 30 days 81,000 Increase in profit$686,340 Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 293 EXHIBIT 7-38 RITZ-CARLTON Monthly Cash Budget January February March April May June Revenues$2,479,500 $2,479,500 $2,218,500 $2,218,500 $1,827,000 $1,827,000 Collections: Previous Mo. Sales694,260 694,260 694,260 621,180 621,180 511,560 This Mo. Sales1,487,7001,487,7001,331,1001,331,1001,096,2001,096,200 Next Mo. Sales 247,950 221,850 221,850 182,700 182,700 182,700 Total collections2,429,9102,403,8102,247,2102,134,9801,900,080 1,790,460 Disbursements: Variable costs ($30/room)256,500256,500229,500229,500189,000189,000 Fixed salaries400,000400,000400,000400,000400,000400,000 Fixed operating costs120,000120,000120,000120,000120,000120,000 Interest payments_ 3,600,000 Total disbursements 776,500 776,500 749,500 749,500 709,000 4,309,000 Net cash inflow$1,653,410 $1,627,310 $1,497,710 $1,385,480 $1,191,080 ($2,518,540) Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 294 EXHIBIT 7-38 (Continued) RITZ-CARLTON Monthly Cash Budget JulyAugustSeptemberOctoberNovemberDecemberTotal $1,827,000 $1,827,000 $1,827,000 $1,827,000 $2,218,500 $2,479,500 $25,056,000 511,560 511,560 511,560 511,560 511,560 621,180 7,015,680 1,096,2001,096,2001,096,2001,096,2001,331,1001,487,70015,033,600 182,700 182,700 182,700 221,850 247,950 247,950 2,505,600 1,790,4601,790,4601,790,4601,829,6102,090,6102,356,83024,554,880 189,000189,000189,000189,000229,500256,5002,592,000 400,000400,000400,000400,000400,000400,0004,800,000 120,000120,000120,000120,000120,000120,0001,440,000 _3,600,000 7,200,000 709,000 709,000 709,000 709,000 749,500 4,376,50016,032,000 $1,081,460 $1,081,460 $1,081,460 $1,120,610 $1,341,110 ($2,019,670)$ 8,522,880 Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 295 7-39( 15 min.) 1. Cost-saving actions would probably focus on one or more of the activities of the Shipping and Receiving Department. Steele might start with the non-value added activities, handling and record- keeping. For example, the activity-based budget data suggest that the cost per move is $10 ($112,000 11,200 moves). Assuming that handling costs are variable with respect to the number of moves, reducing the number of moves by 4,334 moves (about 40%), would provide the required savings. Reorganizing the warehouse is one way to try to achieve such savings. Steele might also focus on activities that cost the most (and have the most potential for cost savings). For example, the activity-based budget shows that the highest-cost activity is shipping, so that might be the best place to look for potential cost savings from changing processes. 2. Regardless of what methods are selected to achieve cost savings, the activity- based budget seems to be a better starting point. The traditional budget does not show how changes in activities might affect costs, whereas the activity-based budget does. 7-40(25-30 min.) 1. An optimistic preliminary budget might be as follows, assuming level sales volume, a $.94 per pound price, and a 2% decrease in variable costs. Sales, 1.6 million pounds $.94/pound$1,504,000 Variable costs(862,400) Fixed costs, primarily depreciation (450,000) Pretax profit $ 191,600 This budget does not meet the $209,000 profit goal. Stark has a dilemma of submitting a realistic budget that does not meet Philps goal or preparing an unrealistic budget. The following budget, which assumes that prices will not fall, sales levels will be maintained, and some fixed costs will be saved, would meet the profit target. Although Stark does not believe the assumptions, she might feel pressure to submit it (or something similar) to headquarters: Sales, 1.6 million pounds $.95/pound$1,520,000 Variable costs, .98 $880,000(862,400) Fixed costs, primarily depreciation (448,600)* Pretax profit $ 209,000 *$1,520,000 - $862,400 - $209,000 2.Two major problems are the arbitrary setting of budget targets by top management without regard to whether the targets can be achieved and the draconian measures used when a budget is not met, even if the shortfall is small or reasonable explanations for the shortfall are given. Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 296 3. Apparently the preliminary financial results are as follows: Sales, 1.6 million pounds $.945/pound$1,512,000 Variable costs, .98 $880,000(862,400) Fixed costs, primarily depreciation (450,000) Pretax profit $ 199,600 Extending the depreciable lives of fixed assets by 2 years could increase this profit by $15,000 to $214,600, well above the target. But doing so would be manipulating the accounting system to achieve desirable results. When the estimates of depreciable lives were first made, there may have been much uncertainty in the estimates. However, changing the accounting method to make the financial results look better is an ethical violation. Managers should not change accounting methods just to make their performance look better (or in this case, to save their job). Although changing the depreciation schedule is not ethical, it is easy to see how the budgeting process creates an incentive for such unethical behavior. If the budget and reporting process makes excellent performance appear deficient, there may be great temptation for managers to cheat the system. 7-41(50-90 min.) Amounts are in dollars. 1 and 2. See Exhibit 7-41A of the following two pages. This spreadsheet is constructed so that only formulas are entered in the disbursements and operating income schedules. You can compare the total operating income figures at the bottom of each spreadsheet to assess the effects of each scenario. 3. See Exhibit 7-41 B on the following pages. Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 297 EXHIBIT 7-41A SPEEDY-MART STORE, NORTHCENTER MALL Spreadsheet for Profit Planning, Parts 1 $3,375,000 .04 = $135,000. (9) The $32,000 payment is the interest that was payable at the end of 20X4. Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 309 The result of 20X5 operations will be an increase in the working capital loan from $1,588,000 (without the accrued interest) to $3,308,000, an increase of $1,720,000: Qtr. 1Qtr. 2Qtr. 3Qtr. 4 Beginning loan$1,588$3,736$4,406$2,502 Accrued interest (rounded*) 91 108 110 80 Additional borrowing 2,057 562 (2,014) 726 Ending loan$3,736$4,406$2,502$3,308 *The unrounded amounts of quarterly interest expense 8% are: Qtr. 1Qtr. 2Qtr. 3Qtr. 4Total $91,125$107,453$110,139$80,693$389,410 2. Salt Lake Light Operas projected income statement and balance sheet for 20X5 are (in thousands): SALT LAKE LIGHT OPERA Income Statement For the Year Ended December 31, 20X5 Revenues$11,059 Expenses: Salary 105% 1,800 = 1,890 b25 3,528 = 88,200; 20 1,890 = 37,800 c88,200 30 = 2,940; 37,800 24 = 1,575 d24 30 = 720; 18 20 = 360 e88,200 720 = 122.5; 37,800 360 = 105 2.MINNESOTA STATE UNIVERSITY Faculty Salaries Budget Academic Year 20X7-20X8 Total FacultyAverageFaculty NeededSalarySalaries Undergraduate122.5 $61,480$ 7,531,300 Graduate105.061,480 6,455,400 Total 227.5$13,986,700 Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 313 3.MINNESOTA STATE UNIVERSITY Tuition and Legislative Revenue Budget Academic Year 20X7-20X8 UndergradGraduate DivisionDivisionTotal Total credit hours88,20037,800126,000 Less: Scholarship credit hours* 900 1,200 2,100 Tuition paying credit hours87,30036,600123,900 Tuition per credit hour $92 $92 $92 Total tuition budget $8,031,600 $3,367,200 $11,398,800 Full time equivalent students2,9401,5754,515 Legislative apportionment per full-time equivalent student $780 $780 $780 Total legislative apportionment $2,293,200 $1,228,500 $3,521,700 *30 30 = 900; 50 24 = 1,200 4.MINNESOTA STATE UNIVERSITY Annual Budget Shortfall Academic Year 20X7-20X8 Budgeted operating expenditures: Faculty salaries$13,986,700 Operation and maintenance of facilities: Salaries and wages (1.06 $240,000)254,400 Other ($260,000 + $12,000)272,000 General Administrative525,000 Library: Acquisitions155,000 Operations200,000 Health Services 50,000 Intramural athletics 60,000 Intercollegiate athletics245,000 Insurance and retirement560,000 Interest 75,000 Total budgeted operating expenditures$16,383,100 Budgeted revenues: Tuition$11,398,800 Legislative apportionment 3,521,700 Endowment income 210,000 Auxiliary services335,000 Intercollegiate athletics 300,000 Total budgeted operating revenues$15,765,500 Deficit from operations$ 617,600 Budgeted capital expenditures 575,000 Total cash needed from fund-raising$ 1,192,600 Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 314 7-46(30 min.) Amounts are in thousands. 1.(a)(b) 10% revenue increase10% revenue decrease Revenue $20,490 $16,764 Cost of Sales 11,270 9,220 Gross Margin $ 9,220 $ 7,544 S P AIDA in Germany; Costa Cruises in southern Europe; Iberocruceros in Spain; and P&O Cruises in Australia. Each brand has a slightly different focus. Each of the lines focuses on a different part of the world or offers a different class of cruise. Different names allow for the association or branding of a particular line with a particular type of cruise. For instance, Cunard focuses on the traditional ocean liner experience while Carnival focuses on more of a festive atmosphere on board ship that is, fun times. The corporation also operates several tour companies. 2.Total revenues in fiscal 2008 were $14,646 million. The occupancy percentage was 105.7%. Notice that occupancy is greater than 100%. How can one explain this? For Carnival, it means that capacity is defined as two persons per room, so when more than two persons occupy a room capacity utilization is greater than 100%. Copyright 2011 Pearson Education, Inc., Publishing as Prentice Hall. 316 3.According to the list of ships under contract for construction, passenger capacity will increase from 169,040 by 38,056, or 22.5% per year by mid-2012. Assuming that revenue increases in proportion to capacity, budgeted revenue at that time would be: 2012: 1.225 $14,646 million = $17,941 million Of course, with added revenue from additional cruise days there would be added costs. If added cruise days were achieved by making better use of existing capacity,