Hera Corp has the following budgeted sales in each quarter of the year 2024: A. B. C. D. Q1 Cash collection information are as follows: 1 Of all sales, 60% are on credit. 2 50% of credit sales are collected in the quarter in which the sale is made; 30% are collected in the following quarter; and 20% are collected in the second quarter after sale. 3 Accounts Receivable is estimated to be $70,000 on December 31,2023. The company expects to collect all outstanding receivable in the first quarter of 2024. 6 What is the total cash collection for the first quarter of 2024? S Expected Sales $ 300,000 $ 320,000 $ 340,000 $360,000 $280,000 $190,000 $340,000 $210,000 None of the above
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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