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Intermediate accounting

As the manager of the marketing department, you are being asked for the first time to develop a department budget. The accounting department has supplied you with the following projected information about how this year, 20XX, will end up for your department’s spending.

Expense category

20XX projected

Sales force base salary

200,000

Sales force commission

200,000

Sales force benefits

60,000

Trade show space rental

50,000

Free coupon expense

40,000

Note:

Sales

2,000,000

Before you begin the process, your manager and you have sat down to develop broad planning objectives for the upcoming year, which you will need to incorporate into the budget. These include

a doubling of trade show spending.
an increase of the sales force by 25%.
an expected sales volume increase of 10%.
an expected increase of 4% of all expenses due to inflation.
no anticipated selling price changes for next year.
You need to do the following:

for each of the listed expenses:
identify whether you would treat them as a fixed or variable cost
explain the reasoning for your classification
based on the historical information and the planning you did for new marketing programs for the upcoming year, prepare a budget for the upcoming year by completing the table:
In the 20XX+1 column, fill in budgeted figures.
In the next column, when appropriate, adjust that amount for inflation.
Complete the next column based on the projected volume increase.
In the last column, briefly explain how you arrived at the budgeted figure.
Expense category

20XX projected

20XX+1 with plan changes

20XX+1 with inflation changes

20XX+1 with volume impact

Explanation

Sales force base salary

200,000

Sales force commission

200,000
Sales force benefits

60,000
Trade show space rental

50,000

Free coupon expense

40,000

Note:

Sales

2,000,000

2,200,000

(2 page)
You are the manager of the XYZ Company. For the first time in the company’s history you plan to involve department managers and supervisors in the annual budgeting process. At an upcoming kick-off meeting, you want to make sure the supervisors and managers understand what budgeting is and most importantly why it is important for the firm’s success.

Explain at least 3 reasons why budgeting is important to a firm.
Use examples to demonstrate each of your reasons.
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