The following is the sales budget for Lemonis, Incorporated, for the first quarter of 2022: January February March Sales budget $
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 is the sales budget for Lemonis, Incorporated, for the first quarter of 2022: |
| January | February | March | |
|---|---|---|---|
| Sales budget | $ 185,000 | $ 203,000 | $ 225,000 |
|
Credit sales are collected as follows: |
| 65 percent in the month of the sale. |
| 20 percent in the month after the sale. |
| 15 percent in the second month after the sale. |
|
The |
| Compute the sales for December. |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
