Lamonte Company reports the following budgeted December 31 adjusted trial balance. Debit Credit $ 52,000 122,000 66,000 127,000 Cash Accounts receivable Merchandise inventory: Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals LAMONTE COMPANY Budgeted Income Statement Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. Net income LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Depreciation expense Salaries expense Cash Loan interest expense Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. $ 27,000 36,000 24,000 205,000 362,000 10,000 12,000 124,000 $ 875,000 $875,000 $ 52,000 $ 61,000 522,000 0 0
Lamonte Company reports the following budgeted December 31 adjusted trial balance. Debit Credit $ 52,000 122,000 66,000 127,000 Cash Accounts receivable Merchandise inventory: Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals LAMONTE COMPANY Budgeted Income Statement Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. Net income LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Sales Cost of goods sold Gross profit Selling, general and administrative expenses Depreciation expense Salaries expense Cash Loan interest expense Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. $ 27,000 36,000 24,000 205,000 362,000 10,000 12,000 124,000 $ 875,000 $875,000 $ 52,000 $ 61,000 522,000 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Question
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Transcribed Image Text:Lamonte Company reports the following budgeted December 31 adjusted trial balance.
Credit
Debit
$ 52,000
122,000
66,000
127,000
Cash
Accounts receivable
Merchandise inventory
Equipment
Accumulated depreciation-Equipment
Accounts payable
Loan payable
Common stock
Retained earnings (beginning year balance)
Sales
Cost of goods sold
Loan interest expense
Depreciation expense
Salaries expense
Totals
Sales
Cost of goods sold
Gross profit
Selling, general and administrative expenses
Depreciation expense
Salaries expense
Cash
Loan interest expense
Net income
Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes.
LAMONTE COMPANY
Budgeted Income Statement
Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes.
LAMONTE COMPANY
Budgeted Income Statement
For Year Ended December 31
Total Assets
Total liabilities
LAMONTE COMPANY
Budgeted Balance Sheet
362,000
10,000
12,000
124,000
$875,000
December 31
Assets
Liabilities
Equity
$ 27,000
36,000
24,000
205,000
The ending year balance of Retained Earnings was $75,000 on December 31. Prepare Lamonte Company's budgeted balance sheet
as of December 31.
$875,000
$ 52.000
$
61,000
522,000
0
0
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