Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheet for next year: Cash Accounts receivable Supplies inventory Equipment Accumulated depreciation Accounts payable Connon stock Retained earnings Current assets $ 17,200 $ 3,500 $5,000 7 The beginning balance of retained earnings was $34,000, budgeted net income is $18,100, and budgeted dividends are $4.100. Required: Prepare the company's budgeted balance sheet. Note: Amounts to be deducted should be indicated by a minus sign. Mecca Copy Budgeted Balance Sheet Ending Balances. 7 Assets $9,800 $4,000 $ 42,500
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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