Deleon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below.

Instructions

Prepare the following budgets for the year. Show data for each product. Quarterly budgets should not be prepared.

(e) Multiple-step income statement (Note: income taxes are not allocated to the products).

I only need help with Part E! P13-2 Deleon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 400,000 $20 200,000 $25 30,000 25,000 15,000 10,000 Sales budget: Anticipated volume in units Unit selling price Production budget: Desired ending finished goods units Beginning finished goods units Direct materials budget: Direct materials per unit (pounds) Desired ending direct materials pounds Beginning direct materials pounds Cost per pound Direct labor budget: Direct labor time per unit Direct labor rate per hour Budgeted income statement: Total unit cost 30,000 40,000 10,000 15,000 0.4 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $560,000 for product JB 50 and $360,000 for product JB 60, and administrative expenses of $540,000 for product JB 50 and $340,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Instructions Prepare the following budgets for the year. Show data for each product. Quarterly budgets should not be prepared. (a) Sales. (d) Direct labor. (b) Production. (e) Multiple-step income statement (Note: income taxes are (c) Direct materials. not allocated to the products).

make journal entries and T-account transactions. Income-statement. Adjusted Trail balance sheet and post-closing trial balance. Question 8 Transactions follow for Elizabeth Cain, D.D.S., a proprietorship following ASPE, for the month of September: Sept. 1 2 4 4 5 8 10 14 18 19 20 25 30 30 Cain begins practice as a dentist and invests $31,200 of her own cash. Purchases dental equipment on account from Dig Deep Drill Limited for $13,380. Pays rent for office space, $1,320 in total for the months of September and October (that is, $660 per month). Employs a receptionist, Wanda Micelli. Purchases dental supplies for cash, $ 730. Receives cash of $1,840 from patients for services performed and $1,610 for referrals to specialists. Pays miscellaneous expenses, $655. Bills patients $4,800 for services performed. Pays Dig Deep Drill Limited on account, $6,050. Withdraws $1,820 cash from the business for personal use. Receives $2,180 from patients on account. Bills patients $3,000 for services performed. Pays the following expenses in cash: salaries and wages, $1,450; and miscellaneous expense, $90. Dental supplies used during September amount to $330.

How are balance sheet, income statement, statement of cash flows different? When would you use them?

Purpose: The Group Assignment aims to provide students with an opportunity to work in a
collaborative environment in reporting on a recent Australian Corporations Law case relating
to Directors Duties and breaches of Directors Duties.
You would need to form your own groups of between 3 and 5 students per group. You
had been provided an instruction manual on how to create your groups via BB. Once
a group has been created, please ensure you elect a leader in your group. The assignment
consists of 2 parts: a 2,000 word written report and a 10 minute (maximum) in-class or video
presentation.
Holmes is aware of the issues that some students are facing in forming groups for the Group
Assignment. If there are extenuating circumstances which prevent you from forming a group
for the Group Assignment then please contact your Unit Coordinator

” aria-describedby=”ioe”> FA, Ch 14 Ch 18 0 The budgeted Income statement presented below is for Burkett Corporation for the coming fiscal year Compute the number of units that must be sold in order to achieve a target pretax income of $218,000. $986,000 Sales (58,000 units) Costs: Direct materials Direct labor Fixed factory overhead Variable factory overhead Fixed marketing costs Variable marketing costs Pretax income $160,800 240,800 104,000 150.800 110.800 50,800 818,000 $168,000 Choice O o 50.800 < Prey 37 of 39 Next > Multiple Choice Ο 50800. Ο 172,394, Ο 65,576. Ο Ο 32,545, < Prev 37 of 39 !!! Next >