Smith Manufacturing, Written Assignment help

Accounting – Multiple papers

Paper #1 and #2

Using the financial statements that you have prepared for Smith Manufacturing; prepare the following analyses in Excel:

  • Horizontal analysis
  • Vertical analysis
  • Ratio analysis – calculate a minimum of five ratios

In addition to the numerical calculations, prepare a Word document that contains a brief written analysis of your findings. For example, is this company struggling, doing well, etc.

So I need two things ? An Excel spreadsheet and a Word document.

The financial statements are attached.

Paper #3

Smith Manufacturing, Inc. has asked for your assistance in preparing a budget for next year’s operations. Take a few moments to consider where you would begin the budgeting process. What types of information do you need? Prepare a letter addressed to John Jones, CFO of Smith Manufacturing. In this letter be sure to request the information that is needed to begin the budgeting process. Also, provide an outline of how the budgeting process flows.

This paper should be 1-2 pages and in APA format.

Please include a reference page and site sources within the paper.

Budget Process:

Management prepares a budget for its company to assist in the planning process. This allows the company to set specific goals, execute the plans to obtain the goals, and allows comparisons.

There are three phases in the budgeting process. The first is the planning process. These goals are necessary to focus the actions of individuals and groups. Once these goals are in place, the directing process follows. This process allows for directing and controlling operations until the goals are met. The controlling process is the final step. This is the step that allows for comparison of actual performance to the goals.

Typically, a company assigns responsibility centers. Each of these is led by a manager who is responsible for that center’s performance.

Budgeting Systems

There are several forms of budgeting systems available. Some companies prepare its budget for the fiscal year and others choose to use a continuous budgeting system. This means that there is always a 12-month budget in place. As one month expires, another is added.

Static Budget

This form of budget allows for one activity level for each responsibility center. In other words, the budget is written which allows for one amount. There are no variations for different levels.

Flexible Budget

This form of budget allows for different levels of production within the responsibility center. This is much more effective than a static budget as it allows for better comparisons.

Master Budget

The master budget is actually comprised of a series of smaller budgets. Following are the major components of the master budget:

Budgeted Income Statement

  • Sales budget
  • Cost of goods sold budget
    • Production budget
    • Direct materials purchases budget
    • Direct labor cost budget
    • Factory overhead cost budget
  • Selling and administrative expenses budget

Budgeted Balance Sheet

  • Cash budget
  • Capital expenditures budget

Further Reading

Keogh, A. (2008, April). Blindfold budgeting it’s time to call a halt! Acountancy

Ireland, 40(2), 36-37. Retrieved from EBSCO MegaFILE database. (31598051)

http://ezproxy.rasmussen.edu/login?url=http://sear…

Miller, J., & Galeaz, G. R. (2007, August/September). Ways to improve budgeting

and forecasting. Bank Accounting & Finance, 20(5), 39-41. Retrieved from EBSCO MegaFILE database. (27184162)

http://ezproxy.rasmussen.edu/login?url=http://sear…

Paper #4

John Jones, the CFO for Smith Manufacturing, has approached you about changing the tax filing status. Currently, the company files the tax return as a C-Corp. He is inquiring as to whether it should be changed to an S-Corp.

Prepare a memo to Mr. Jones that discusses the legal and tax implications of making the change. Be sure to cite your findings with appropriate laws and tax code.

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