Cicchetti Corporation Comparison of Actual Results to Planning Budget For the Month Ended December 31 Actual Results Planning Budget 30,500 $152,500 Variances Customers served 36,000 Revenue ($5.0q) Expenses: Wages and salaries ($37,300 + $1.8q) Supplies ($0.8q) Insurance ($14,300) Miscellaneous expense ($7,300 + $0.3q) Total expense Net operating income $180,900 $28,400 F 105,400 28,300 14,650 19,950 168,300 $ 12,600 92,200 24,400 14,300 16,450 147,350 $ 5,150 13,200 3,900 350 3,500 20,950 $ 7,450
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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