Problem 216: Name Of Section N Box Incorrects

Pr 216 5aproblem 216 5aname0section N Box Incorrects Due To Bl

Pr. A Problem A Name: 0 Section: # N-box Incorrects due to blanks COUNTIF(B15:AT24," ") 66 Score: 0% # N-box +B-box corrects COUNTIF(B15:AT24," ") 0 Key Code: [Key code here] Total SUM(AD13:AD15) Instructions 66 Answers are entered in the cells with gray backgrounds. Percentage =(AD16-AD13-AD14)/AD16 Cells with non-gray backgrounds are protected and cannot be edited. 0% An asterisk () will appear to the right of an incorrect entry. Notes: If number-entry box is blank (this would be an incorrect answer for N-boxes), error check returns two spaces, " " If number-entry or blank-entry box is incorrect, returns "" 1.

If number-entry or blank-entry box is correct, returns single space, " " REGINA SOAP CO. Accounts Receivable Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct. Budgeted Income Statement Accounts Payable Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 = "~*", then font = red, if something else, then font = background color. For the Year Ending December 31, 2017 Sales Mark Sears: Enter as a formula of units x price.

Cost of goods sold: Materials inventory, May 1, 2012 Direct materials Mark Sears: Enter a formula of units x unit cost. Direct labor Factory overhead Mark Sears: Complete the supporting calculations below and enter appropriate amount here. Cost of goods manufactured Cost of goods sold Cost of materials available for use Gross profit Miscellaneous cost Operating expenses: Property taxes Selling expenses: Supplies Sales salaries and commissions Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Advertising Miscellaneous selling expense Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Total selling expenses Administrative expenses: Finished goods inventory, May 1, 2012 Office and officers salaries Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Supplies Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Miscellaneous admin. expenses Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Finished goods inventory, May 31, 2012 Total administrative expenses Materials inventory, May 1, 2012 Total operating expenses Income before income tax Income tax expense Net income Supporting calculations for budgeted income statement: Factory overhead: Office and officers salaries: Variable overhead Mark Sears: Enter a formula of units x variable unit cost. Fixed portion Depreciation Variable portion Mark Sears: Enter a formula of units x variable unit cost. Other Total Total Sales salaries and commissions: Supplies expense: Fixed portion Fixed portion Variable portion Mark Sears: Enter a formula of units x variable unit cost.

Variable portion Mark Sears: Enter a formula of units x variable unit cost. Total Total Miscellaneous selling expenses: Miscellaneous administrative expenses: Fixed portion Fixed portion Variable portion Mark Sears: Enter a formula of units x variable unit cost. Variable portion Mark Sears: Enter a formula of units x variable unit cost. Total Total 2. REGINA SOAP CO. Budgeted Balance Sheet For the Year Ending December 31, 2017 Assets Current assets: Cash Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Accounts receivable Inventories: Finished goods Work in process Materials Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Mark Sears: Enter a formula of current plant and equipment plus expected acquisitions. Less accumulated depreciation Mark Sears: Enter a formula of current balance plus expected 2013 depreciation. Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings Mark Sears: Complete the supporting calculations below and enter the appropriate amount here.

Total stockholders' equity Total liabilities and stockholders' equity Supporting calculations for budgeted balance sheet: Cash balance: Balance, January 1, 2017 Plus cash from operations: Net income (from budgeted income statement) Depreciation (add back noncash item) Less planned nonoperating cash outflows: Dividends to be paid in 2017 Plant and equipment to be acquired in 2017 Balance, December 31, 2017 Retained earnings balance: Balance, January 1, 2017 Plus expected net income for 2017 Less dividends to be paid in 2017 Balance, December 31, 2017 Sol Problem A Name: Solution Section: Score: ON Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited.

An asterisk (*) will appear to the right of an incorrect entry. 1. REGINA SOAP CO. Budgeted Income Statement For the Year Ending December 31, 2017 Sales $ 1,000,000 Mark Sears: Enter as a formula of units x price. Cost of goods sold: Direct materials $ 220,000 Mark Sears: Enter a formula of units x unit cost. Direct labor 130,000 Factory overhead 132,000 Mark Sears: Complete the supporting calculations below and enter appropriate amount here. Cost of goods sold 482,000 Gross profit $ 518,000 Operating expenses: Selling expenses: Sales salaries and commissions $ 136,000 Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Advertising 64,000 Miscellaneous selling expense 56,000 Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Total selling expenses $ 256,000 Administrative expenses: Office and officers salaries $ 96,400 Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Supplies 25,000 Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Miscellaneous admin. expenses 14,000 Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Total administrative expenses 135,400 Total operating expenses 391,400 Income before income tax $ 126,600 Income tax expense 30,000 Net income $ 96,600 Supporting calculations for budgeted income statement: Factory overhead: Office and officers salaries: Variable overhead $ 80,000 Mark Sears: Enter a formula of units and variable unit cost. Fixed portion $ 72,400 Depreciation 40,000 Variable portion 24,000 Mark Sears: Enter a formula of units and variable unit cost. Other 12,000 Total $ 96,400 Total $ 132,000 Sales salaries and commissions: Supplies expense: Fixed portion $ 46,000 Fixed portion $ 5,000 Variable portion 90,000 Mark Sears: Enter a formula of units and variable unit cost. Variable portion 20,000 Mark Sears: Enter a formula of units and variable unit cost. Total $ 136,000 Total $ 25,000 Miscellaneous selling expenses: Miscellaneous administrative expenses: Fixed portion $ 6,000 Fixed portion $ 4,000 Variable portion 50,000 Mark Sears: Enter a formula of units and variable unit cost. Variable portion 10,000 Mark Sears: Enter a formula of units and variable unit cost. Total $ 56,000 Total $ 14,. REGINA SOAP CO. Budgeted Balance Sheet For the Year Ending December 31, 2017 Assets Current assets: Cash $ 135,800 Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Accounts receivable 125,600 Inventories: Finished goods $ 69,300 Work in process 32,500 Materials 48,,700 Prepaid expenses 2,600 Total current assets $ 414,700 Property, plant, and equipment: Plant and equipment $ 400,000 Mark Sears: Enter a formula of current plant and equipment plus expected acquisitions. Less accumulated depreciation 196,200 Mark Sears: Enter a formula of current balance plus expected 2013 depreciation. 203,800 Total assets $ 618,500 Liabilities Current liabilities: Accounts payable $ 62,000 Stockholders' Equity Common stock $ 180,000 Retained earnings 376,500 Mark Sears: Complete the supporting calculations below and enter the appropriate amount here. Total stockholders' equity 556,500 Total liabilities and stockholders' equity $ 618,500 Supporting calculations for budgeted balance sheet: Cash balance: Balance, January 1, 2017 $ 85,000 Plus cash from operations: Net income (from budgeted income statement) $ 96,600 Depreciation (add back noncash item) 40,600 Less planned nonoperating cash outflows: Dividends to be paid in 2017 $ (10,800) Plant and equipment to be acquired in ,,800) Balance, December 31, 2017 $ 135,800 Retained earnings balance: Balance, January 1, 2017 $ 290,700 Plus expected net income for ,600 Less dividends to be paid in ,800) Balance, December 31, 2017 $ 376,500

Paper For Above instruction

The comprehensive budgeting and financial planning process is vital for the sustainable growth and financial health of Regina Soap Co. This paper explores the strategic development of the company's income statement and balance sheet, emphasizing the importance of accurate data validation, formula applications, and the integration of operational assumptions into financial forecasts.

The foundation of effective financial planning begins with setting robust data validation rules that prevent inaccurate entries, such as blanks or invalid figures, which compromise the integrity of the budget. Utilizing tools like data verification to enforce whole numbers greater than or equal to zero and employing drop-down menus for labels and names minimizes input errors. These measures ensure that assumptions, such as sales units, unit prices, and cost parameters, are consistently based on valid, reliable data, fostering accurate financial projections.

The preparation of the income statement necessitates detailed calculations that mirror operational expectations, including sales revenue, cost of goods sold (COGS), and various expense categories. For instance, sales are calculated as the product of units sold and unit price, ensuring that revenues accurately reflect operational forecasts. Similarly, direct materials, labor costs, and factory overhead are determined using specific formulas based on units and costs, which are integral for estimating the gross profit margin. Expenses such as selling, administrative, and miscellaneous costs are also derived from supporting calculations, which are essential for preparing a credible net income estimate.

A pivotal part of the budget involves the detailed projection of operating expenses, which include variable and fixed components. Variable expenses, such as sales salaries and commissions, supplies, and manufacturing overhead, are calculated based on units multiplied by per-unit costs, illustrating the sensitivity of costs to production volume. Fixed expenses, like office salaries and depreciation, are allocated based on predetermined amounts, reflecting consistent operational costs regardless of production levels.

The development of the budgeted balance sheet is equally meticulous, requiring careful projections of current assets, property, and equipment, and liabilities. For current assets, cash projections include beginning balances, cash inflows from net income and depreciation, and outflows such as dividends and capital expenditures. Property, plant, and equipment valuations are updated by adding planned acquisitions and subtracting accumulated depreciation, which necessitates accurate formula application across forecasted periods. Liability calculations, particularly accounts payable, are based on operational assumptions, and stockholders’ equity calculations incorporate retained earnings adjustments from net income and dividends.

The interconnected nature of the income statement and balance sheet calls for consistent assumptions and formulas. For example, net income from the income statement directly influences retained earnings in the balance sheet, and depreciation impacts both the income statement and asset valuations. Implementing these projections with formula-driven calculations in spreadsheet models ensures that the entire financial planning process is dynamic, adaptable, and reflective of real operational scenarios.

In conclusion, meticulous attention to data validation, formula accuracy, and assumptions integration is fundamental for generating reliable financial forecasts. These practices not only support strategic decision-making but also foster transparency and accountability in financial reporting. Properly constructed budgets and forecasts enable Regina Soap Co. to anticipate challenges, allocate resources efficiently, and capitalize on growth opportunities, ultimately securing its position in the market while ensuring long-term financial sustainability.

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