Grason Corporation is preparing a budgeted balance sheet for current year. The retained earnings balance at December 31, of the previous year was $534,500. The current year budgeted income statement shows expected net income of $112,500. The company expects to declare dividends during the current year amounting to $40,500. The expected balance on December 31 of the current year in retained earnings on the budgeted balance sheet is: Multiple Choice O $534,500. $606,500 O $647.000 $494,000
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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