亨格瑞管理會計(jì)英文第15版練習(xí)答案07

/427-43(80-100min.)1.OnJanuary1,SaltLakeLightOperaneedstoborrow$2,057,000,onApril1itneedsanadditional$562,000,onSeptember31itcanrepay$2,014,000,butonOctober1itmustagainborrow$726,000.Thiscanbeseenfromthefollowinganalysis(inthousandsofdollars):Qtr.1Qtr.2Qtr.3Qtr.4Beginningcashbalance208200200200Minimumcashbalancedesired200200200200Availablecashbalance8000Cashreceipts&disbursement:Collectionsfromcustomers(1)8831,8934,5042,024Paymentsforsupplies(2)(780)(200)Otherexpenses(3)(30)(30)(30)(30)Paymentsforpayroll(4)(2,046)(2,100)(2,100)(2,100)Majorequipment(5)(100)(300)Smallequipment(6)(60)(60)(60)(60)Mortgageprincipal(7)(125)(125)Mortgageinterest(8)(140)(135)Interestonworkingcapital(9)(32)Netcashreceipts&disbursements(2,065)(562)2,014(726)Excess(deficiency)ofcashbeforefinancing(2,057)(562)2,014(726)Financing:Borrowing(atbeginningofquarter)2,057562726Repayment(atendofquarter)(2,014)Totalcashincrease(decrease)fromfinancing2,057562(2,014)726Endingcashbalance200200200200Explanations:Collectionsarerevenuesforthequarterlesstheincrease(orplusthedecrease)inaccountsreceivable.Paymentsforsuppliesinthefirstquarteraretheaccountspayablecarriedoverfrom20X4andinthethirdquarter(July)arethepurchasesinJune.December'spurchaseswillbepaidforin20X6.Otherexpensesare$10,000permonth,paidasincurred.PayrollpaymentsinthefirstquarterarethoseofDecember20X4($646,000)plusthe$700,000fromeachofJanuaryandFebruary.Eachotherquartertheyarethree$700,000payments.$100,000ofmajorequipmentpaymentsaremadeinSeptember,October,November,andDecember.Smallequipmentpaymentsare$20,000eachmonth.Themortgagepaymentssemi-annuallyare$4,000,000m32=$125,000.$3,500,000x.04=$140,000;$3,375,000x.04=$135,000.The$32,000paymentistheinterestthatwaspayableattheendof20X4.

Theresultof20X5operationswillbeanincreaseintheworkingcapitalloanfrom$1,588,000(withouttheaccruedinterest)to$3,308,000,anincreaseof$1,720,000:Qtr.1Qtr.2Qtr.3Qtr.4Beginningloan$1,588$3,736$4,406$2,502Accruedinterest(rounded*)9110811080Additionalborrowing2,057562(2,014)726Endingloan$3,736$4,406$2,502$3,308*Theunroundedamountsofquarterlyinterestexpense@8%are:Qtr.lQtr.2Qtr.3Qtr.4Total$91,125$107,453$110,139$80,693$389,410SaltLakeLightOpera'sprojectedincomestatementandbalancesheetfor20X5are(inthousands):SALTLAKELIGHTOPERAIncomeStatementFortheYearEndedDecember31,20X5$11,059$8,400$11,059$8,4008005009,8201,239275$575Expenses:Salary&wagesSuppliesDepreciationOther120TotalexpensesOperatingmarginInterest:MortgageLoan389664NetincomeAssetsLiabilities&EquitiesCash$200AssetsLiabilities&EquitiesCash$200Receivables6,195Suppliesinventory600Totalcurrentassets6,995Fixedassets5,949Totalassets$12,944Loanpayable$2,919TOC\o"1-5"\h\zAccruedinterestpayable389Accountspayable700Payrollpayable700Currentmortgage250Totalcurrentliabilities4,958Mortgagepayable3,000Totalliabilities7,958Netassets4,986Totalliabilities&equities$12,944

ThisrequirementasksforaStatementofCashFlows.SuchastatementisnotshowninChapter7,butitiscoveredinChapter16.Studentswhodonothaveabackgroundinfinancialaccountingmightbedirectedtoskipthisrequirement.Amountsareinthousands.SALTLAKELIGHTOPERA

StatementofCashFlows

FortheYearEndedDecember31,20X5Cashflowsfromoperatingactivities:CashreceiptsCashdisbursements:SuppliesCashflowsfromoperatingactivities:CashreceiptsCashdisbursements:SuppliesPayrollInterestOtherNetcashprovided(used)byoperationsCashflowsfrominvestingactivities:InvestmentinplantandequipmentNetcashusedforinvestingactivitiesCashflowsfromfinancingactivities:PrincipalpaymentsonmortgageReceiptsfrombankloanNetcashprovidedbyfinancingactivitiesNetincrease(decrease)incashBeginningcashbalance,1/1/20X5Endingcashbalance,12/31/20X5$9,304[11,059T,755](980)[780+200](8,346)[2,046+(3玄100)](307)[32+140+135](120)(449)(640)(640)(250)1,3311,081(8)208

$200SaltLakeLightOperahasanetincomeof$575,000butashortfallincashrequiringborrowingofSaltLakeLightOperahasanetincomeof$575,000butashortfallincashrequiringborrowingof$1,720,000($1,331,000borrowedplusaccruedinterestof$389,000).Thisisnotuncommonforagrowingorganization.However,itisborrowingonashort-termbasisviaaworkingcapitalloan,whiletheneedseemstobealong-termneed.The$640,000ofinvestmentisclearlylong-term,butthe$449,000neededforoperationsalsoappearstobealong-termneedunlessreceivablescanbecollectedmorequickly.Therefore,SLLOshouldconsideradditionallong-termborrowing,possiblyasecondmortgage.Theorganizationisindangerofdefaultingonitsloanbecauseitcannotmeettheconditionthattheloanmustbepaidoffatleastonceayear,soitneedsaloanwithoutsuchastipulation.7-44(40-60min.)EVERGREENHOSPITALBudgetedCashReceiptsFortheQuarterEndingSeptember30,20X7(inthousands)EVERGREENHOSPITALBudgetedCashReceiptsFortheQuarterEndingSeptember30,20X7(inthousands)CalculationJulyAugustSeptemberMay:3rd-partybillings.9x6000x.2$1,080May:patientbillings.1x6000x.4240June:3rd-partybillings.9x6000x.2$1,080June:patientbillings.1x6000x.4240June:3rd-partybillings.9x6000x.52,700June:patientbillings.1x6000x.4240July:3rd-partybillings.9x5800x.2$1,044July:patientbillings.1x5800x.4232July:3rd-partybillings.9x5800x.52,610July:patientbillings.1x5800x.4232July:3rd-partybillings.9x5800x.21,044July:patientbillings.1x5800x.158August:3rd-partybillings.9x6200x.52,790August:patientbillings.1x6200x.4248August:3rd-partybillings.9x6200x.21,116August:patientbillings.1x6200x.162Sept:3rd-partybillings.9x6600x.21,188Sept:patientbillings.1x6600x.166Totalreceiptsfrombillings$5,362$5,340$5,568Endowmentfundincome210210210Totalcashreceipts$5,572$5,550$5,778BudgetedCashDisbursementsFortheQuarterEndingSeptember30,20X7(inthousands)JulyAugustSeptemberSalaries:$1,800+(.2x$5,800)$1,800+(.2x$6,200)$1,800+(.2x$6,600)Purchases,previousmonthInterestTotalcashdisbursements$2,960$3,040$3,1201,4501,5001,800540$4,410$4,540$5,460BudgetedCashReceiptsandDisbursementsFortheThirdQuarter,20X7(inthousands)$350Beginningcashbalance$35016,900(14,410)$2,840(22016,900(14,410)$2,840(220)$2,620(4,000)$(1,380)Lessbudgetedcashdisbursements($4,410+$4,540+$5,460)Budgetedcashbalance,September30,20X7Minimumcashbalance(.1x$2,200)CashavailableforcapitalexpendituresBudgetedcapitalexpendituresBorrowingneededonOctober1,20X77-45(50-60min.)MINNESOTASTATEUNIVERSITYProjectedEnrollment,Credits,andFaculty

AcademicYear20X7-20X8UndergraduateGraduateTotalExpectedenrollmenta3,5281,8905,418Averagecredithours2520Totalcredithoursb88,20037,800126,000Full-time-equivalentenrollmentc2,9401,5754,515Credithoursperfacultymemberd7203601,080Totalfacultyneedede122.5105227.5a98%x3,600=3,528;105%x1,800=1,890b25x3,528=88,200;20x1,890=37,800c8&200m30=2,940;37,800m24=1,575d24x30=720;18x20=360e88,200m720=122.5;37,800m360=105MINNESOTASTATEUNIVERSITYFacultySalariesBudgetAcademicYear20X7-20X8NeededSalarySalariesFacultyAverageTotalFacultyUndergraduate122.5$61,480$7,531,300Graduate105.061,4806,455,400Total227.5$13,986,700MINNESOTASTATEUNIVERSITYTuitionandLegislativeRevenueBudgetAcademicYear20X7-20X8DivisionDivisionTotalTotalcredithoursLess:Scholarshipcredithours*TuitionpayingcredithoursUndergradGraduate88,20037,800126,0009001,2002,10087,30036,600123,900TuitionpercredithourTotaltuitionbudgetFulltimeequivalentstudentsLegislativeapportionmentperfull-timeequivalentstudentTotallegislativeapportionment*30x30=900;50x24=1,200x$92x$92x$92$8,031,600$3,367,200$11,398,8002,9401575x$780x$780x$780$2,293,200$1,228,500$3,521,7004,5154.MINNESOTASTATEUNIVERSITYAnnualBudgetShortfall

AcademicYear20X7-20X8Budgetedoperatingexpenditures:FacultysalariesOperationandmaintenanceoffacilities:Salariesandwages(1.06x$240,000)Other($260,000+$12,000)GeneralAdministrativeLibrary:AcquisitionsOperations200,000HealthServicesIntramuralathleticsIntercollegiateathleticsInsuranceandretirementInterestTotalbudgetedoperatingexpendituresBudgetedrevenues:TuitionLegislativeapportionmentEndowmentincomeAuxiliaryservicesIntercollegiateathleticsTotalbudgetedoperatingrevenuesDeficitfromoperationsBudgetedcapitalexpendituresTotalcashneededfromfund-raising7-46(30min.)Amountsareinthousands.1.(a)10%revenueincrease10%revenuedecreaseRevenue$20,490CostofSales11,2709,220GrossMargin$9,220S&AExpense6,5575,364$13,986,700254,400272,000525,000155,00050,00060,000245,000560,00075,000$16,383,100$11,398,8003,521,700210,000335,000300,000$15,765,500$617,600575,000$1,192,600(b)$16,764$7,544Incomebeforeincometaxes$2,663$2,180Incometaxexpense666545Netincome$1,997$1,6352.(a)(b)10%revenueincreaselO%revenuedecreaseRevenue$20,490$16,764CostofSales11,2709,220GrossMargin$9,220$7,544S&AExpense5,9545,954Incomebeforeincometaxes$3,266$1,590Incometaxexpense817398Netincome$2,449$1,192Inrequirement1,whereallcostsarevariable,netincomeincreasesordecreasesinproportiontothechangeinrevenue.Inrequirement2,wheresomecostsarefixed,netincomeincreasesordecreasesbymorethantheproportionalchangeinrevenue.GrossMarginGrossMargin3.46%44%Revenue$18,627$18,627CostofSales10,05910,431GrossMargin$&568$8,196S&AExpense5,9545,954Incomebeforeincometaxes$2,614$2,242Incometaxexpense654561Netincome$1,960$1,681Notehowasmallpercentagechangeingrossmargintranslatesintoalargepercentagechangeinnetincome.7-47ForthesolutiontothisExcelApplicationExercise,followthestep-by-stepinstructionsprovidedinthetextbookchapter.7-48(30-60min.)Thepurposeofthisexerciseistoprepareabudgetforanorganization(anindividualstudent)thatisfamiliartoallstudentsandtoseetheeffectofassumptionsonthebudget.Eachstudentwillhavesomeideasaboutboththerevenueandexpensebudgetsofatypicalstudent,buttheseideaswilllikelyvaryacrossstudents.Theywillexperiencetheprocessofnegotiationneededtogetabudgetthatthegroupcanagreeon.Whenthegroupsgettogetherandcomparebudgets,itwillbeinstructivetoseehowdifferentgroupsmakedifferentassumptionsthatleadtodifferentbudgets.Thisshouldreinforcetheimportanceofassumptionstothebudgetprocessandshowhowdecisionsmadeduringthebudgetprocessaffecttheresultingbudget.7-49(30-45min.)NOTETOINSTRUCTOR.Thissolutionisbasedonthe200810Kwhichwasthemostrecentsetofannualresultsavailableonthewebsiteinlate2009whenthebookwenttopress.Besuretoexaminethecurrentwebsitebeforeassigningthisproblem,astheinformationtheremayhavechanged.Thereare11brandlinesunderthecorporationshell.TheyareCarnivalCruiseLines,HollandAmericaLine,PrincessCruisesandSeabournCruiseLineinNorthAmerica;P&OCruises,CunardLineandOceanVillageintheUnitedKingdom;AIDAinGermany;CostaCruisesinsouthernEurope;IberocrucerosinSpain;andP&OCruisesinAustralia.Eachbrandhasaslightlydifferentfocus.Eachofthelinesfocusesonadifferentpartoftheworldoroffersadifferentclassofcruise.Differentnamesallowfortheassociationorbrandingofaparticularlinewithaparticulartypeofcruise.Forinstance,CunardfocusesonthetraditionaloceanlinerexperiencewhileCarnivalfocusesonmoreofafestiveatmosphereonboardshipPhatis,funtimes.Thecorporationalsooperatesseveraltourcompanies.Totalrevenuesinfiscal2008were$14,646million.Theoccupancypercentagewas105.7%.Noticethatoccupancyisgreaterthan100%.Howcanoneexplainthis?ForCarnival,itmeansthatcapacityisdefinedastwopersonsperroom,sowhenmorethantwopersonsoccupyaroomcapacityutilizationisgreaterthan100%.Accordingtothelistofshipsundercontractforconstruction,passengercapacitywillincreasefrom169,040by38,056,or22.5%peryearbymid-2012.Assumingthatrevenueincreasesinproportiontocapacity,budgetedrevenueatthattimewouldbe:2012:1.225x$14,646million=$17,941millionOfcourse,withaddedrevenuefromadditionalcruisedaystherewouldbeaddedcosts.Ifaddedcruisedayswereachievedbymak