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1. Prepare a budget for this year for the Administrative Department
at Tom’s Toyota Company based on the following information:
Last Year Forecasting Assumption Budget for this Year

Salaries $60,000 2% increase ___________
Stationary $ 900 1% decrease ___________

Telephone $ 2,500 3% increase ___________
Electricity $ 1,200 2.5% increase ___________
Office Rent $10,000 2% increase ___________
Depreciation $ 4,000 no change ___________

Total: $78,600 ___________

Question 2. Define a “Static Budget.”

Question 3. Define a “Flexible Budget.”

Question 4. Define the term “Zero-based Budgeting.”

Question 5. Define “Period Budgets.”

Question 6. Define “Rolling Budgets.”

Question 7. Big Bob’s Discount Appliances expects sales of $5,000,
$5,000, and $10,000 during April, May, and June (big sale in
June). To build business, Big Bob lets all customers buy on credit,
and all do so. In the past, 50% of Big Bob’s sales have been
collected during the month of sale, 40% are collected the following month, and
10% the month after that. If this trend continues, what will be Big
Bob’s total cash collections in the month of June?

Question 8. Little Louie’s expects to have $100 in cash on hand at
the beginning of June, and the company’s target cash balance is
$100. Net cash flow for June is minus $300. Assuming that
Little Louie’s borrows to meet shortterm cash needs and pays back as soon as
surplus cash is available, what will be the company’s ending cash balance after
financing at the end of June?

Question 9. Ma & Pa Kettle’s Chili Company has begun selling a
new chili recipe and they want you to help them with next year’s budgeted
financial statements. Using the worksheet below, complete Ma &
Pa’s forecast and answer the questions which follow.

To begin with, Ma & Pa are sure sales will grow 50% next
year. Assume that is true. Then assume that COGS, Current
Assets, and Current Liabilities all vary directly with Sales (that means if
sales grows a certain percentage, then the account in question will grow by
that same percentage). Assume that fixed expenses will remain
unchanged and that $1,000 worth of new Fixed Assets will be obtained next
year. Lastly, the current dividend policy will be continued next

Ma & Pa Kettle Chili Company, Inc.

Financial Forecast

This year for next year

Sales $10,000 ________
COGS 4,000 ________
Gross Profit 6,000 ________
Fixed Expenses 3,000 ________
BeforeTax Profit 3,000 ________
Tax @ 33.3333% 1,000 ________
Net Profit $2,000 ________

Dividends $0 ________

Current Assets $25,000 ________
Net Fixed Assets 15,000 ________
Total Assets $40,000 ________

Current Liabilities $17,000 ________

Longterm debt 3,000 ________
Common Stock 7,000 ________
Retained Earnings 13,000 ________
Total Liabs & Eq $40,000

Amount need to balance the balance sheet ________
(Projected total assets minus projected
total liabilities & equity *)

* If this number is positive it means Ma & Pa need additional external
funding to finance their projected asset growth. If this number is
negative it means Ma & Pa have programmed too much financing for the amount


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