December 31 of each year with the first payment due December 31, Year 1. Required: how the effects of these bonds on the accounting equation for Year 1 and Year 2. Note: Negative amounts should be indicated by a minus sign. Event Year 1 1/1 12/31 Year 2 12/31 BELL CORPORATION Effect of Events on the Accounting Equation Year 1 and Year 2 Liabilities Bonds Payable Assets Cash = = = = + + bonus at tell lace all + Stockholders' Equity Retained Earnings is payable on
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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
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