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Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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- H-Robotic Incorporated (HRI), a world leader in the robotics industry, produces a line of industrial robots and peripheral equipment that performs many routine assembly-line tasks. However, increased competition, particularly from Japanese firms, has caused HRI's management to be concerned about the company's growth potential in the future. HRI's research and development department have been applying the industrial robot technology to develop a line of household robots. The household robot is designed to function as a maid, mainlyperforming such tasks as vacuuming floors and carpets. This effort has nowreached the stage where a decision on whether to go forward with production must be made. The engineering department has estimated that the firm would need a new manufacturing plant with the following construction schedule: The plant would require a 35-acre site, and HRI currently has an option to purchase a suitable tract of land for $2.5 million. The building construction would begin…Tesla, the world’s largest carmaker (as determined by market capitalization), understands that their primary target market responds well to brands that focus on social responsibility. Tesla’s senior management has been meeting to devise a global marketing campaign centered on social responsibility. To this end, Tesla decided to hire a consultancy to develop a 9-month plan ending December 31, 2022. Management has asked for a presentation for an initial list of items that would be considered valid elements of a social responsibility marketing plan that would accommodate each of the markets that Tesla competes in. Questions: What type of research would the consultancy conduct to understand each of the wide variety of cultures that the brand competes in? Armed with this researched information, how might the consultancy modify its social responsibility campaigns to accommodate some of the major markets?FootballComm LLC is a manufacturer of devices for football coaches and their coaching staffs that enables them to quickly and effectively communicate with one another during a game through a wireless sideline headset system. Currently, the company purchases all of the headsets included in their systems from a China-based supplier, but they have experienced a significant decrease in overall headset quality. To correct the problem, the company is considering producing their own headsets in-house. The company estimates that the transition will take place over 12 months. The system is expected to have an eight-year service life and produce savings and expenditures given in the table below. If the firm's MARR is 15%, use the NPW method to calculate the economic worth of producing the headsets in house. In-House Headset Manufacturing Single Payment Compound Present Amount Investment Worth Factor Compound Amount Factor (F/A, i, N) Factor Now (building) $500,000 $2,200,000 (F/P, i, N) (P/F, i,…
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- WanKea Berhad is the biggest retailer of ofice stationeries in Malaysia. The company buys the stationeries from several major suppliers and sells to walk-in customers as well as over 500 business customers. In line with its business expansion and digitalisation, WanKea Berhad plans to upgrade its Information Systems Department and to integrate new IT equipment and software into its business process. As a result of this modernisation exercise.WanKea Berhad will reduce its employees from 587 to 73 staf. Those will be affected are mainly clerks and junior managers.The modernisation exercises will include the integration of computer-based cash registers directly with account receivable, sales. perpetual inventory records and sales commission expenses. The total amount of the sales.including sales tax. is automatically computed by the systems and displayed on cash register's screen. The only printed information for cash sales is the cash register receipt. which is given to walk-in…Hardy Limited has undertaken research into launching a new product which will take it into a new market area. Hardy feels it has expanded its existing operation to its maximum potential, and it is the market leader in its existing field. The proposed new product would offer new opportunities and, although there is strong competition in its field already, the management feel it can use its existing brand name to break into this product line. The new product is in car cleaning accessories, but will offer items in a single package not currently available. The management believe that,although the proposed product may be relatively short lived, the penetration of new markets is worthwhile as long as the product does not make a loss. Details of the project are as follows: • Market research costs incurred to date amount to £250,000 • Investment in plant at the start: £2,900,000. At the end of the product's life the plant will have a disposal value of £80,000 . The project is estimated to have…Hurney Corporation manufactures plastic water bottles. It plans to grow by producing high-quality water bottles at a low cost that are delivered in a timely manner. There are a number of other manufacturers who produce similar water bottles. Hurney believes that continuously improving its manufacturing processes and having satisfied employees are critical to implementing its strategy. Required: Is Hurney's strategy one of product differentiation or cost leadership? Explain briefly. Identify at least one key element that you would expect to see included in the balanced scorecard a. for the financial perspective. b. for the customer perspective. c. for the internal business process perspective. d. for the learning and growth perspective.