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Budgeting systems
Total sales $400 000 $440 000 $484 000 $532 400 $1 456 400
Cash sales* 100 000 110 000 121 000 133 100 364 100
Credit sales 300 000 330 000 363 000 399 300 1 092 300
Sales budget:
* 25% of total sales.
75% of total sales.
Total goods needed 434 000 477 400 525 140 559 020 1 205 820
Less Expected beginning
inventory 140 000* 154 000 169 400 186 340 154 000
Purchases $294 000 $323 400 $355 740 $372 680 $1 051 820
Cash sales $110 000 $121 000 $133 100 $364 100
Total cash receipts $413 000 $454 300 $499 730 $1 367 030
* Interest on the bank loan = $100 000 5% per year year = $1 250.
Copyright 2015 McGraw-Hill Education (Australia) Pty Ltd
Langfield-Smith, Thorne, Smith, Hilton Management Accounting, 7e 9-23
Financial budgets (cont.)
Budgeted income statement
Shows expected revenues and planned
expenses for the budget period
Budgeted balance sheet
Shows expected assets and liabilities at
the end of the budget period
Both statements may be broken down
by quarter or month of the year