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Extra Credit Assignment

1. Fifty percent of the sales of Hanson Company sales are for cash; the rest are on credit. Seventy percent of the credit sales are collected in the month of sale, twenty percent in the month following sale, and five percent in the second month following sale. The remainder is expected to be uncollectible. Monthly sales are budgeted as follows: $280,000 for January, $240,000 for February, and $320,000 for March. Prepare a schedule of expected cash collections for the month of March.

2. a) What are the major weaknesses of static budgets? “Directly comparing static planning budget revenues and costs to actual revenues and costs can easily lead to erroneous conclusions. Actual revenues and costs differ from budgeted revenues and costs for a variety of reasons, but one of the biggest is a change in the level of activity. One would expect actual revenues and costs to increase or decrease as the activity level increases or decreases. Flexible budgets enable managers to isolate the various causes of the differences between budgeted and actual costs” (Garrison 397). Garrison, R.. Managerial Accounting, 14th Edition. McGraw-Hill Learning Solutions, 2012. <vbk:0077624319#outline(9.7)>. b) What are the characteristics of a planning budget? “A planning budget is prepared before the period begins and is valid for only the planned level of activity. A static planning budget is suitable for planning but is inappropriate for evaluating how well costs are controlled. If the actual level of activity differs from what was planned, it would be misleading to compare actual costs to the static, unchanged planning budget. If activity is higher than expected, variable costs should be higher than expected; and if activity is lower than expected,…...

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