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Case 6-1 Browning Manufacturing Company

In: Business and Management

Submitted By trishlock77
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Case 6-1 The Browning Manufacturing Company’s management team uses a projected budget in order to compare actual financial results to expected financial results. According to the management team, each department is dependent upon each other to provide estimates of future revenues and expenses. The departments consist of finance, sales, manufacturing and purchasing. The estimates are used to devise a projected profitable plan for the upcoming year. After each department supplied their estimates at the Browning Manufacturing Company, the accounting team would create a projected income statement, balance sheet, retained earnings statement, and a statement of cost of goods sold (Anthony, Hawkins, Merchant, 2011). Usually the company focuses on profitable operations but this time the management team wants to focus on the amount of cash at the end of the year and accomplish paying $350,000 of their notes payable. Once all cash outflow transactions are processed, management expects $150,000 of cash available in the ending cash account (Anthony, Hawkins, Merchant, 2011). The accounting team has prepared a projected income statement, balance sheet, statement of retained earnings, and statement of cost of goods sold (Appendix A, B, & C) for managements review. Management will to review principal differences between the actual results of 2009 against the projections of 2010. Then, management can utilize this information to access the strength of the 2010 projections, its ability to meet company goals and manage their cash flows (Anthony, Hawkins, Merchant, 2011). Unfortunately, the company’s goal of paying at least $350,000 while keeping $150,000 in the cash account is not possible according to the projections, as the cash account will be reduced to $93,640. Other differences consisted of: * Direct & indirect labor increased due to more units shipped

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