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Description ****See attachment for all instructions! Please read all directions, notes and error messages. 1 attachmentsSlide 1 of 1attachment_1attachment_1.slider-slide > img { width: 100%; display: block; } .slider-slide > img:focus { margin: auto; } Unformatted Attachment Preview MBA 6100 – Fall 2020, Block 1 Case Study #2 – Budgeting You have been engaged as a consultant to design a master budget model and then to assist Helping Hand Corp. in making some management decisions based on that master budget. Helping Hand is a small, rapidly growing wholesaler of consumer electronic products. The company’s main product lines are small kitchen appliances and power tools. The marketing manager has recently completed a sales forecast. She believes the company’s sales will increase by 2 percent each month over the previous month’s sales from December 2019 through March 2020. Then sales are expected to remain constant for several months. Helping Hand’s projected balance sheet as of December 31, 2019 is as follows: Cash $ 140,000 Accounts receivable 202,851 Marketable securities 55,000 Inventory 35,894 Buildings and equipment (net of accumulated depreciation) 610,000 Total assets Accounts payable Sales commissions payable Bond interest payable Property taxes payable Bonds payable (3%; due in 2023) Common stock Retained earnings Total liabilities and stockholders' equity $ $ $ 1,043,745 124,488 7,038 5,000 0 500,000 250,000 157,219 1,043,745 The following information has been accumulated to assist with preparing the master budget for the first quarter of 2020: 1) Projected sales for November 2019 are $230,000. Credit sales are typically 85% of total sales. Helping Hand’s credit experience indicates that 12% of credit sales are collected during the month of sale, 74% in the month following the sale, and 14% in the second month following the sale. Experience shows the remaining credit sales are uncollectible. 2) Helping Hand’s cost of goods sold generally runs at 60% of sales. Inventory is purchased on account and 12% of each month’s purchases are paid during the month of purchase. The remainder is paid during the following month. In order to have adequate stocks of inventory on hand, the company attempts to have inventory on hand at the end of each month equal to 25% of the next month’s projected cost of goods sold. 3) The controller has estimated that Helping Hand’s other monthly expenses will be as follows: Sales salaries $ 30,000 Advertising and promotion 6,000 Administrative salaries 11,000 Depreciation 8,000 Interest on bonds 1,250 Property taxes 4,000 In addition, sales commissions run at the rate of 3.0 percent of sales. Sales commissions are paid in the month following the month of sale. 4) The company president has indicated that the company should invest $200,000 in an automated inventory‐handling system to control the movement of inventory in the company’s warehouse just after the new year begins. The president would like to purchase the equipment primarily from the company’s cash and marketable securities. However, the president believes the company should have a minimum cash balance of $20,000 at the end of each month. If necessary, the remainder of the equipment purchase may be financed using short‐term credit from a local bank. The minimum lending period for such a loan is three months (this means the earliest the loan can be paid off is March 31st). The current short‐term interest rates are 6 percent per year and are expected to remain at this rate through the time the equipment is purchased. If a loan is necessary, the entire amount required for the quarter must be borrowed on January 1st and must be in a $1,000 increment. The loan is a short term loan and the president has decided it should be paid off at the end of the first quarter if possible. If the entire amount cannot be repaid at March 31st, any partial payment will be paid at the end of the first quarter and in a $1,000 increment. 5) Helping Hand’s board of directors has indicated an intention to declare and pay dividends of $100,000 on the last day of each quarter. 6) The interest on any short‐term borrowing will be paid when the loan is repaid. Interest on Helping Hand’s bonds is paid semiannually on February 28 and August 31 for the preceding sixmonth period. 7) Property taxes are paid quarterly on March 31, June 30, September 30, and December 31 for the preceding three‐month period. Required: Build a model to forecast Helping Hand Corp’s cash balance at March 31, 2020. Your model must contain the following master budget schedules. Round all amounts to the nearest dollar. Your model should allow you to change any of the assumptions provided above and easily recalculate the ending cash balance at March 31, 2020. The assumptions may be on a separate worksheet but all of the schedules below must be on one worksheet. 1) Sales budget: 2019 November December 2020 January February March 1st Quarter Total sales Cash sales Sales on account 2) Cash receipts budget: 2020 January Cash sales February March 1st Quarter Cash collections from credit sales made during current month Cash collections from credit sales made during preceding month Cash collections from credit sales made during 2nd preceding month Total cash receipts 3) Purchases budget: 2019 December 2020 January February March 1st Quarter Budgeted cost of goods sold Add: Desired ending inventory Total goods needed Less: Expected beginning inventory Purchases 4) Cash disbursements budget: 2020 January February Inventory purchases: Cash payments for purchases during the current month Cash payments for purchases during the preceding month Total cash payments for inventory purchases Other expenses: Sales salaries Advertising and promotion Administrative salaries Interest on bonds Property taxes Sales commissions Total cash payments for other expenses Total cash disbursements 5) Summary cash budget: 2020 March 1st Quarter January February March 1st Quarter Cash receipts (sch 2) Less: Cash disbursements (sch 4) Change in cash balance during period due to operations Sale of marketable securities (1/2/20) Proceeds from bank loan (1/2/20) Purchase of equipment Repayment of bank loan (3/31/20) Interest on bank loan Payment of dividends Change in cash balance during the month Beginning cash balance Ending cash balance 6) Prepare a memo to the president of Helping Hands Corp with at least two recommendations on how the company can ensure it completes the first quarter of 2020 with the minimum required cash balance. You should provide a plan to support your recommendation. For example, if you recommend an increase in sales, how can this be attained. Be specific. You should provide specific financial information for your recommendations utilizing your model (include a model for each of your recommendations). For example, if the company does X, the change in ending cash will be Y. Your model will become the property of Helping Hands Corp. and should be easy to use. Not buying the equipment is not an option. All assumptions are based on the purchase of the new equipment. NOTES: • • • • • • The case study exercise is an individual project, not a group project. Working with another student (or students) will be considered cheating per the Wilmington University Academic Integrity Policy. This policy is located in the Syllabus mondule of Canvas for your review. You should not be using a tutoring service to assist with your case, however, if you choose to ignore this instruction and you submit an identical or nearly identical case study to that of another student (past or present), I will consider this as not being completed as an individual and your grade will be adjusted accordingly. The submission is to be one Excel file. Your Excel file should be titled with your last name & "case study 2". The problem has multiple parts. Your answers should be clearly marked by part number. All budget schedules for each model must be on one worksheet. I have found that it is easier to include the assumptions on the same worksheet as the budget schedules. All calculations are to be shown. I will be able to view your calculations if you are inputting them as excel formulas. If you are utilizing Excel correctly, you do NOT need to manually type out the formula you used to calculate each amount. You should utilize Excel formulas, where applicable. A portion of your grade is based on formatting. You must use dollar signs, single and double underlines correctly. Dollar signs are used at the top of a column of numbers and at the grand total • • • • level. Single underlines are used above all totals and below subtotals. Double underlines are used below grand totals. A portion of your grade is based on your excel model. Your excel file should include at least two worksheets: your original model utilizing the original assumptions and a copy of your model utilizing assumptions based on your recommendations that supports the financial information included in your memo. The case includes a text submission. You can prepare the memo in Word and then cut and paste your narrative into your excel worksheet or insert a text box into your worksheet and type your narrative into the text box. The memo portion of your case will receive the greatest value in the "Correct Answers" portion of the case study rubric. There is no one correct answer for the memo, however, you should take your time with the memo and provide a well-thought-out memo. This is a professional memo that you are submitting to a company where you have been engaged as a paid consultant. Spelling and grammar count! Hint: for the original model, you will not be able to purchase the equipment and pay the dividend without borrowing any money. Top errors with case study: 1. 2. 3. 4. 5. Not setting up your case study as a model. One way to set up your case as a model is to put an assumptions section at the top of your worksheet or in a column at the beginning or end of each schedule and then use the fields from the assumptions section to calculate the values in the budget schedules. For example, if you chose to increase sales as one of your recommendations, you should be able to do this by changing one number - your increase in percentage of sales amount in your assumptions section. If you need to go into the calculation for each of the months, your case is not set up as a model. All variables that a company may want to change should be set up in the assumptions section as well. Incorrect totals on the purchases budget. You cannot add the monthly columns to get the quarter total in all rows. In the text, see Schedule 2 in The Production Budget section of Chapter 8 (page 383) for an example of a Production Budget. Not including specific information to support your recommendations. An example of this error is “increasing sales will increase cash”. I am looking for specific information such as “increasing sales by 10% will have the net effect of $_______ on ending cash. To increase sales by this amount, the company should…”. Not including a separate model showing your recommendation results. You may include two recommendations to get to one revised ending cash balance or you can have two entirely different recommendations. If you combine your recommendations, you should have two sheets in your Excel workbook. One with your original budget and one with the revised budget (based on your recommendation). If you have two entirely different recommendations, you should have three sheets in your Excel workbook. One with your original budget and one sheet for each of the recommendations. To do this, first set up your original budget and check your work. Is your budget set up as a model? Are your schedules formatted properly; dollars signs and underlines? Have you double checked your calculations? Then copy this entire sheet to another sheet. Label your sheets so anyone reviewing your schedule can easily follow your work. Unrealistic recommendations such as “increase sales by 50% per month”. Although, there are probably examples of companies that increase sales by 50% per month, this would be a very unlikely scenario. Purchase answer to see full attachment Tags: master budget retained earnings common stock Accounts Payable Accounts receivable User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.
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