Required: Compute the amount of Net Sales to be reported for the month ended July 31. (Round your answer to 2 decimal places.) Net Sales
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.
![The following transactions were selected from the records of Evergreen Company:
July 12 Sold merchandise to Wally Butler, who paid the $1,100 purchase with cash. The goods cost Evergreen Company
$650.
July 17
July 18
July 23
July 31 Received cash from Otto's Ottomans for the amount due from July 18.
Sold merchandise to Claudio's Chair Company at a selling price of $5,100 on terms 3/10, n/30. The goods
cost Evergreen Company $3,550.
Sold merchandise to Otto's Ottomans at a selling price of $3,050 on terms 3/10, n/30. The goods cost
Evergreen Company $1,950.
Received cash from Claudio's Chair Company for the amount due from July 17.
Required:
Compute the amount of Net Sales to be reported for the month ended July 31. (Round your answer to 2 decimal places.)
Net Sales](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5c1d9d70-ec13-4485-a925-92d5b363663a%2F6e916783-a3ff-4851-863b-3e7083378628%2Fnzsbzyc_processed.png&w=3840&q=75)
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