Collections for services rendered in 2nd quarter 60,000 Collections for services rendered in 1st quarter 30,000 Collections for services to be rendered inthe 3rd quarter 40,000 Uncollected billings in 1t quarter 20,000 Uncollected billings in 2d quarter 25,000 How much is the taxable income in the 2nd quarter using cash basis and accrual basis?

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.