Kelley and Wright, Attorneys, have the following budgeted items for the month of May: Fringe benefits $9,200 Depreciation equipment 5,000 Utilities 2,000 Professional salaries (from budget) 20,000 Travel 2,400 Revenues (from budget) 68,000 Lease expense 6,700 Secretarial support 5,600 Professional dues and subscriptions 3,800 Prepare a budgeted income statement for the month of May
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.
Kelley and Wright, Attorneys, have the following budgeted items for the month of May:
Utilities 2,000
Professional salaries (from budget) 20,000
Travel 2,400
Revenues (from budget) 68,000
Lease expense 6,700
Secretarial support 5,600
Professional dues and subscriptions 3,800
Prepare a
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