ACCOUNTING 2302 Spring 2017, CPA BUDGET PROJECT

ACCOUNTING 2302

Spring 2017 – Kristy McDermott, CPA

BUDGET PROJECT

Objective: To understand and apply the basic concepts of profit planning.

Due date: Monday April 17th, 11:59 pm. (Submit the assignment in blackboard.)

Late submissions will be penalized 15 points and will be accepted no later than May 3rd, 5:50 pm (before class).

Grading: This project is worth 50 points.

Required: You need to prepare a comprehensive 6-month budget, including supporting schedules and a report for the period January 1, 2018 to June 30, 2018 for Henron, Inc (a fictional company). This project must include:

1. Sales Forecast and Budget..........
2. Cash Receipts budget................
3. Purchase budget........................
4. Cash Purchases Disbursements budget.....
5. Operating Expense budget......
6. Summary Cash budget............
7. Budgeted Income Statement.....
8. Budgeted Balance Sheet............

Notes and Hints

1. All 8 parts must be submitted before I grade the project.

1. The schedules/budgets must be prepared on Excel. The templates I have prepared must be used as is.

1. Part of this project is demonstrating proper use of Excel. You may only input a “hard number” into a pink cell. All yellow cells must be formula based (no numbers included – use appropriate cell referencing).

1. I recommend constructing the formulas for one month and then copying the formulas over to the remaining months. Beware of exceptions to this rule and let me know if you don’t know how to do specific formulas, copy/paste, etc.

1. Rounding is encouraged and you may ignore interest and taxes.

1. The budget templates and this instruction sheet are located on the course materials page. Make sure you save the file to excel and then open the file through Excel (not Internet Explorer).

1. Check figures are also located on the course materials page.