ABC Corporation is preparing its sales and receivable budget for the year 2022. Details are as follows: • The sales during the 4" quarter of 2021 is 30,000 units and the selling price per unit is PS00 per unit. Units to be sold is forecasted to increase by 5% per quarter while the sales price for 2022 will be 2% higher than the previous PS00 per unit. Of the sales per quarter, 55% are cash sales while the remaining credit sales. The credit sales are expected to be settled as follows: 5/9 will be collected during month of sales, 3/9 will be collected the month after month of sales, and the remaining will be written off two months after month of sale. • The forecasted receivable balance on Jan. 1, 2022 is P3,500,000, 90 % of which is expected to be collected during the first quarter while the remaining will be written off during the second quarter of 2022. Required: 1" Quarter 2d Quarter 3d Quarter 4 Quarter Sales 1. 2. 3. 4. Receivable balance as of the end of 5. 6. 7. 8. Cash collections 9. 10. 11. 12. Supporting Tables: A. Sale Budget (Notes: Round off the units to whole numbers.) 1 Quarter 2nd Quarter 3d Quarter 4th Quarter A A A A Sales Price Multiplied by: Units to be sold B D Sales F/1. G/2. H/3. 1/4. B. Sales Composition Percent 1" Quarter 2n Quarter 3 Quarter 4t Quarter Cash Sales L N P Credit K M Sales

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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.