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Linda_us, Finance, Accounts & Homework Tutor
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Facts Timothys Turkey Sandwiches, Inc., manufactures and

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Facts: Timothy’s Turkey Sandwiches, Inc., manufactures and sells turkey sandwiches. Timothy’s balance sheet for the year ended December 31, 2010 is expected to be as follows: Timothy’s Turkey Sandwiches Balance Sheet December 31, 2010 Assets Liabilities Current assets Current liabilities Cash $ 59,000 Accounts payable $15,000 Accounts receivable 210,000 Income taxes payable 20,000 Inventories: Total current liabilities $35,000 Raw materials $ 16,500 Long term liabilities Finished goods 92,840 109,340 Notes payable 50,000 Total current assets 378,340 Total liabilities 85,000 Stockholders’ equity Plant equipment, net of accumulated Depreciation 2,150,000 Common stock 2,300,000 Retained earnings 143,340 Total equity 2,443,340 Total assets $2,528,340 Total liabilities & stockholders’ Equity $2,528,340 Additional data for Timothy’s Turkey Sandwiches: Budget period - the year ended December 31, 2011 Cash collections: (all sales are on account) Collected in the quarter of sale 40% Collected in the quarter after sale 60% Cash disbursements (for inventory items): Paid in quarter of purchase 75% Paid in quarter after purchase 25% Desired ending raw material inventory 20% of next quarter’s raw materials needed Desired ending finished goods inventory 40% of next quarter’s sales Beginning raw materials inventory, 12/31/2010 22,000 lbs. of turkey Beginning finished goods inventory 12/31/2010 44,000 turkey sandwiches Budgeted sales: First quarter 110,000 sandwiches Second quarter 100,000 sandwiches Third quarter 120,000 sandwiches Fourth quarter 110,000 sandwiches First quarter 2012 100,000 sandwiches Second quarter 2012 110,000 sandwiches Equipment purchases: Second quarter 2011 $55,000 Quarterly dividends declared and paid each quarter in 2011 $3,000 Expected sales price per unit $3.25 Cost information: Direct materials .75 per pound, 1 pound per sandwich Direct labor 8.00 per DL hour, 0.5 hours per sandwich Variable manufacturing overhead $ 0.50 per DL hour Fixed manufacturing overhead $ 18,350 per month Variable selling expense $0.20 per sandwich Fixed Selling and Administrative expense: Insurance $35,000 per quarter Sales salaries $40,000 per quarter Depreciation expense – administrative $11,000 per quarter Depreciation expense – selling $ 6,000 per quarter Minimum required cash balance $50,000 Requirements: 1. Prepare the selling and administrative budget for the year 2011. 2. Prepare the sales and production budget for the year 2011
Submitted: 3 years ago.
Category: Homework
Expert:  Linda_us replied 3 years ago.
Hi Customer

Thanks for requesting me. Whats your deadline for this question.

Regards

Linda
Customer: replied 3 years ago.
today at 11:30EST
Expert:  Linda_us replied 3 years ago.
It would be difficult for me to finish it before that time. Can we push deadline little further?

Edited by Linda on 10/26/2010 at 2:29 PM EST
Customer: replied 3 years ago.
how about 12 or 12:30EST?
Expert:  Linda_us replied 3 years ago.
Ok I will post the answer by 12:30 EST
Customer: replied 3 years ago.
Thank you
Expert:  Linda_us replied 3 years ago.
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Experience: Post Graduate Diploma in Management (MBA)
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