12 Page Paper in Financial Accounting for Managers

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Combat Flip Flops (https://www.combatflipflops.com/),
a specialty store, is the company that will be considered for all parts of your
budget planning and control report. For this assignment, you will develop a Twelve
(12) page paper in which you address the following.

  1. Briefly
    discuss the ways a realistic budget will benefit the owner of Combat Flip
    Flops versus having no budget at all. Be sure to use Combat Flip
    Flops (https://www.combatflipflops.com/)
    as the company and any specific product details in your explanation.
  2. Prepare
    a sales budget for Combat Flip Flops store for the 4th quarter of 2016. Present
    the number of units, sales price, and total sales for each month; include
    October, November, and December, and a total for the quarter.
    one-half of the Veteran’s Day sales as the basis for a usual day in the
    new quarter. Use 30 days for each month. Calculate the total sales for
    each month for October, November, and December 2017.Include an end of 2017 INCOME STATEMENT
    (Real or Made Up)
  3. Create
    three (3) new products, one (1) for each of the three (3) holiday seasons
    in the 4th quarter (Veterans Day, Thanksgiving, Christmas). Estimate the
    sales units, sales price, and total sales for each month. Describe the
    assumptions used to make these estimates. Include an overview of the budget
    in the report, presenting the actual budget as an appendix with all data
    and calculations. Add these amounts to your sales budget.
  4. The
    owner of Combat Flip Flops is interested in preparing a flexible budget
    rather than the static budget he currently uses. He does not understand
    why, when sales increase, his static budget often shows an unfavorable
    variance. Explain how a flexible budget will overcome this problem. Use
    the details of your newly prepared budget for the 4th quarter of 2017 to
    address his concern.Insert at
    least one (1) graph or chart the shows the difference.
  5. Imagine
    that Combat Flip Flops is facing a financial challenge that is causing the
    actual amount of money that it spends to become significantly more than
    its budgeted amount. Include a discussion of your own unique cause of the
    overspending. Explain the corrective actions needed to address these
    challenges.Finally, include a
    BALANCE SHEET for end of year 2017 (Real or Made Up).
  6. Integrate
    relevant information from at least five (5) quality academic resources in
    this assignment. Note: Please do not use your
    textbook as an academic resource. Also, Wikipedia and other Websites that
    are unreliable do not qualify as academic resources.

Your assignment must follow these formatting requirements.

  • Be
    typed, double spaced, using Times New Roman font (size 12), with one-inch
    margins on all sides; references must follow APA or school-specific format.
    Check with your professor for any additional instructions.
  • Include
    a cover page containing the title of the assignment, the student’s name,
    the professor’s name, the course title, and the date. The cover page and
    the reference page are not included in the required page length.
  • An
    abstract is not required.

The specific course learning outcomes associated with this
assignment are:

  • Evaluate
    management control systems and examine their relationship with accounting
    and planning, including feedback and non-financial performance
  • Evaluate
    decision-making tools for capital investments, budgeting, and budgeting
  • Analyze
    financial accounting tools and techniques that convert financial
    accounting data into information for decision making.
  • Use
    technology and information resources to research issues in financial
    accounting for managers.
  • Write
    clearly and concisely about financial accounting using proper writing

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