The LaGrange Corporation had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales $ 30,000 $ 130,000 $ 35,000 $ 150,000 $ 38,000 $ 110,000 $ 33,000 $ 118,000. $ 43,000 $ 180,000 $ 60,000 $ 120,000 January February March April May June The company is in the process of preparing a cash budget and must determine the expected cash collections by month. To this end, the following i information has been assembled: Collections on sales: 50% in month of sale 30% in month following sale 20% in second month following sale The accounts receivable balance on January 1 of the current year was $76,000, of which $58.000 represents uncollected December sales and $18,000 represents uncollected November sales. What is the budgeted accounts receivable balance on May 31?

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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.