4. The Income and Expense details of L & M Co. Are given below. Prepare the Business Budget for the year ended December 2020. Operating Income Q1 sales Q2 Sales Q3 Sales Total Operating Income Non-Operating Income Total Non-Operating Expenses Miscellenous Rent Water Electricity Insurance Depreciation Telephone Office Supplies Total Operating Expenses Total Expenses Net Income Actual P 37,500 45,000 40,000 10,000 5,000 25,000 3,500 8,000 12,000 25,000 12,000 5,000 Budget 37,000 40,000 38,000 8,000 4,500 23,000 3,000 6,000 10,000 21,800 10,000 4,500 Differences

4. The Income and Expense details of L & M Co. Are given below. Prepare the Business Budget for the year ended December 2020. Operating Income Q1 sales Q2 Sales Q3 Sales Total Operating Income Non-Operating Income Total Non-Operating Expenses Miscellenous Rent Water Electricity Insurance Depreciation Telephone Office Supplies Total Operating Expenses Total Expenses Net Income Actual P 37,500 45,000 40,000 10,000 5,000 25,000 3,500 8,000 12,000 25,000 12,000 5,000 Budget 37,000 40,000 38,000 8,000 4,500 23,000 3,000 6,000 10,000 21,800 10,000 4,500 Differences

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 3P: Budgeted selling and administrative expenses for King Tire Co. In P7-2 for the year ended December...

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