Music World reports the following budgeted sales: August, $120,000; and September, $220,000. Cash sales are 50% of total sales, and all credit sales are collected in the month following the sale. Prepare a schedule of cash receipts from sales for September. MUSIC WORLD Schedule of Cash Receipts from Sales Sales Cash receipts from: Accounts payable Sales Total cash receipts September $ 220,000 $ 0
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.
im.9
Step by step
Solved in 3 steps
