balance sheet at December 31, 2025.
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.
10. Sullivan Corporation includes the following selected accounts in its general ledger at December 31, 2025: View
the selected accounts. "Notes Payable (long - term) $65, 000 Bonds Payable (long - term)S 195, 000 Accounts Payable
$ 19,600 Salaries Payable $ 1,840 Interest Payable (due next year) $ 740 Sales Tax Payable $ 680 Premium on Bonds
Payable $ 5,600 Estimated Warranty Payable S 1,000 Prepare the liabilities section of Sullivan Corporation's balance
sheet at December 31, 2025.
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