Budget Preparation

I need assistance with the entire project.

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Fall 2012 AC 325 Budgeting Project According to the course syllabus, this project will count as 30% of your grade. The project is to be completed as follows: 1) The project must be completed using Excel or similar electronic spreadsheet software. Your cell formulas must be turned in with the project itself. That is, you may print out the project but you must also turn an excel file with your spreadsheets on it. (i.e. do not just type the project in Word). The goal is to prepare the budget and then reference certain totals and line items to the flexible budget and the performance report. 2) Good form and readability is important. You are the accounting manager of the Company so your work should be professional and complete as well as accurate. 3) Remember that several Generally Accepted Accounting Principles, (GAAP), may apply to this project. Assume this company is an S Company, so you can ignore income taxes, use simple interest, and assume that there are 4 weeks in a month. 4) Timeliness is crucial. The excel files and complete written project is due no later than midnight on Sunday, November 30th. 5) Points for each component of the project are indicated. AC 325 Budgeting Project FOOD SERVICE COMPANY, INC. Food Service Company, Inc. sells packaged meals to the airlines for first class customers. Even though the company has been in business for several years, because of continued problems experienced by the airlines, the company has lost several major customers in recent years and finds it very difficult to plan operations and cash requirements on an annual basis. As a result, the company has asked you to prepare a budget for the remaining quarter of 2012 in the hopes of better controlling sales and costs. You are the accounting manager. The charge to you is to: I. Prepare a master budget. II. Prepare a flexible budget. III. Prepare a performance report. Using the information and instructions…

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