Nicole's bookkeeper records three items: $1,000 of prepaid expense being used . $5,000 cash collected from earnings recorded in the prior period $3,000 accrual of revenue ● What is Net Income for the current period? O a. $8,000 O b. $7,000 Oc. $4,000 O d. $2,000 Oe. $3,000

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.