More info a. Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31. (Assume services are performed evenly each month throughout the term of the contract.) b. Total salaries for all employees is $3,100 per month. Employees are paid on the 1st and 15th of the month. c. Work performed but not yet billed to customers for the month is $2,000. d. The company pays interest on its $12,000, 6% note payable of $60 on the first day of each month. - Print Done X
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.
![**More info**
a. Business receives $3,200 on January 1 for a 10-month service contract for the period January 1 through October 31. *(Assume services are performed evenly each month throughout the term of the contract.)*
b. Total salaries for all employees is $3,100 per month. Employees are paid on the 1st and 15th of the month.
c. Work performed but not yet billed to customers for the month is $2,000.
d. The company pays interest on its $12,000, 6% note payable of $60 on the first day of each month.
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