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## BUSN 5200 Florida State College at Jacksonville Webster Company Worksheet

### Question Description

1. Given the annual revenue data below, calculate the growth rate:

Year amount

2017 1,000,000

2018 990,000

2019 1,100,000

2020 1,225,000

13 Prepare a budget for this year for the Administrative Department at Webster Company based on the following information:

Last Year Forecasting Assumption Budget for this Year

Salaries \$75,000 2% increase ___________

Stationary \$ 900 1% decrease ___________

Telephone \$ 2,000 5% increase ___________

Electricity \$ 4,000 2.5% increase ___________

Office Rent \$15,000 2% increase ___________

Depreciation \$ 5,000 no change ___________

Total: \$101,900

14. Webster Company has budgeted sales commissions of \$200,000 for 2020, based on sales estimates of \$3,000,000 for the same year. After the first quarter however, they realize that sales are exceeding expectations. Sales are now expected to reach \$4,000,000 for 2020. By how much will Webster Company adjust their budget beginning in the 2ndquarter for sales commissions? Webster company uses a static budgeting process.

15. What are the 5 steps to zero budgeting according to Dave Ramsey?

16. Websters Discount Appliances expects sales of \$12,000, \$15,000, and \$25,000 during April, May, and June (big sale in June). To build business, Webster lets all customers buy on credit, and all do so. In the past, 20% of Websters Discount Appliances sales have been collected during the month of sale, 65% are collected the following month, and 15% the month after that. If this trend continues, what will be Websters total cash collections in the month of June?

17. For the week, Steves Manufacturing has a beginning cash balance of 50,000. They spend 99,000 on direct materials, 19,000 on direct labor, and 29,000 on manufacturing overhead. They also have cash sales of 10,000, accounts receivable collections of 180,000 and asset sales of 30,000. They also purchased assets in the amount of 20,000 and had sales commissions and other administrative expenses in the amount of 35,000. What was Steves Manufacturing cash balance at the end of the week?

18. Texas 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 Texas Company forecast and answer the questions which follow.

Assumptions:

To begin with, Texas Company is 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 \$3,000 worth of new Fixed Assets will be obtained next year. Lastly, the current dividend policy will be continued next year.

Texas Company

Financial Forecast

Estimated

This year for next year

Sales \$25,000 _______

COGS 5,000 _______

Gross Profit 20,000 _______

Fixed Expenses 3,000 _______

Before?Tax Profit 17,000 _______

Tax @ 33.3333% 5,666 _______

Net Profit 11,334 _______

Dividends \$0 ________

Current Assets \$30,000 _________

Net Fixed Assets 20,000 _________

Total Assets \$50,000 _________

Current Liabilities \$18,000 _________

Long?term debt 3,000 _________

Common Stock 9,000 __ ______

Retained Earnings 13,000 _________

Total Liabs & Eq \$43,000 _________

Amount need to balance the balance sheet __________

(Projected total assets minus projected

total liabilities & equity *)

Answer the questions in the assignment either on an Excel spreadsheet or in a Word file. If math problems are involved, be sure to show your calculations so your instructor can see how you arrived at your answer (in Excel you don’t have to do anything special if your instructor can see your formulas). You can take a screen shot of the formula table and the results table and input them in the assignment.

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