5-2 Final Project II Milestone One: Budgets

ACC 311 Milestone One Guidelines and Rubric
Overview: This assessment focuses on the SRS Educational Supply Company case study. The company provides educational materials and supplies to educational
institutions. The SRS business model is to be a one-stop provider of educational supply needs. For example, some of their product lines include educational
workbooks, classroom visual aids, instructor support materials, art supplies, lab supplies, and administrative office supplies. While SRS serves all levels of
educational institutions, the majority of its customers are K–12 schools. Sales can vary quite a bit from month-to-month, as K–12 educational institutions have
seasonal ordering patterns. Thus, budgeting is vital for planning and cash-flow purposes. SRS has a June 30 fiscal year end.
For Milestone One of Final Project II, you will create department budgets for the four main departments of SRS Educational Supply Company: Sales, Purchasing
Operation, and Finance.
Prompt: Assume you are the new cost accountant at SRS. In this new position, you have been asked to perform a few tasks for the company’s leadership team.
The company has four main managers: sales manager, purchasing manager, operations manager, and finance manager. Each manager has general information
about the company as a whole, as well as information about their own department—private information known only by this departmental manager—that is
more accurate than the general corporate information.
First, review the information for Final Project II. Then, using the Final Project II workbook, complete the four department budgets for the three-month period
beginning July 1 and ending September 30.
Specifically, you must address the critical elements listed below:
I. Budgeting: Prepare Budgets
A. Review the financial information and enter data into the correct tabs in the Final Project II workbook. Be sure to complete all the relevant tabs in
the workbook. Complete the following:
i. A sales budget by month and in total
ii. A schedule of expected cash collections from sales by month and in total
iii. A merchandise purchase budget in dollars by month and in total
iv. A schedule of expected cash disbursements for merchandise purchases by month and in total
v. A selling and administrative budget by month and in total
vi. A schedule of expected cash disbursements for selling and administration by month and in total
vii. A cash budget by month and in total
Rubric
Guidelines for submission: Submit your Final Project II Workbook with all the relevant sections for Milestone One completed.

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