the end of the fiscal year, the accountant for The Gorman Group prepared an end-of-period spreadsheet, art of which follows:
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.
Income Statement Is One Of The Three Major Financial Statements That Shows The Profit Over a Specific Period, When Revenues Exceeds The Expenses.
Net Income = $72,230
Step by step
Solved in 2 steps
