A firm provides the following information about budgeted sale Budgeted Sales 6,800 for May units Budgeted Sales for June Budgeted Sales for July 6,300 units 6,500 units Additional information: • Budgeted Sales Price: $33/unit • 10% of sales are made in cash and the remaining sales are made on credit • 70% of the credit sales are collected in the month of sale ar the remaining credit sales are collected in the month following the sale
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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![Question 2
A firm provides the following information about budgeted sales:
Budgeted Sales
for May
Budgeted Sales
for June
Budgeted Sales
for July
●
6,800
units
●
6,300
units
Additional information:
6,500
units
Budgeted Sales Price: $33/unit
10% of sales are made in cash and the remaining sales are
made on credit
70% of the credit sales are collected in the month of sale and
the remaining credit sales are collected in the month
following the sale
What is the amount of budgeted cash collections for the month
of June? (Round your final answer to the nearest dollar.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27c9ffc8-caf5-4a01-9236-94db3faf410c%2F8a8574f3-10ae-448f-a866-635a2b3c724a%2Fkcf686o_processed.png&w=3840&q=75)
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