# Essay on Accounting 2302 Summer 2015 – Budget Project

930 Words Jun 27th, 2016 4 Pages
ACCOUNTING 2302
Summer 2015 –
BUDGET PROJECT

http://hwcampus.com/shop/accounting-2302-budget-project/

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Objective: To understand and apply the basic concepts of profit planning.

Due date: At the end of class 13
Late submissions will be penalized 15 points and will be accepted no later than class 15

Grading: This project is worth 40 points.

Required: You need to prepare a comprehensive 6-month budget, including supporting schedules and a report for the period January 1, 2010 to June 30, 2010 for Henron, Inc (a fictional company). This project must include:
1. Sales Forecast and Budget..........
2. Cash Receipts budget................
3.
2. As of 11/09, each lawn chair costs Heron \$4 per unit. Henron sells each chair for \$10 per unit.

3. The estimated sales (in units) are as follows:

Nov 09 11,250
Dec 09 11,600
Jan 10 10,000
Feb 10 11,400
Mar 10 12,000
Apr 10 15,600
May 10 18,000
June 10 22,000
July 10 18,000

4. Per an existing contract, the cost of each chair is scheduled to increase by 5% on March 1, 2010. In addition, because of increasing costs of plastic webbing, the cost is anticipated to increase by an additional 5% on May 1, 2010. To offset these increases, the company plans to raise the sales price to \$11.25 per unit beginning May 1, 2010. The sales forecast (i.e., estimated sales in units) takes this price increase into account.

5. Thirty percent of any month’s sales are for cash, and the remaining 70% are on credit. Thirty percent of the credit sales are collected in the month of sale, 50% are collected in the following month, and 16% are collected in the second month after the sale. The remaining receivables are deemed uncollectible. Bad debts are written off in the month the debt is deemed uncollectible (e.g. if the sale is made in January and is not collected by the end of March, it is written off in March.) No accrual for estimated bad debts is made in the month of sale.

6. The firm’s policy regarding inventory is to stock (i.e. have in ending

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