Questions 24 and 25 are based on the following information: The PAD Company has the following historical pattern of its credit sales:  60% collected in the month of sale  20% is collected in the first month after sale  12% is collected in the second month after sale  5% is collected in the third month after sale  3% uncollectible The sales on open account have been budgeted for last six months of 2020 are shown below: July P 84,000 October P 125,000 August 90,000 November 140,000 September 110,000 December 120,000 24. The estimated total cash collection during the fourth calendar quarter would be a. P 120,500 b. P 247,200 c. P 299,000 d. P 359,200 25. The estimated total cash collections during the fourth calendar quarter from sales made during the fourth calendar quarter would be a. P 120,500 b. P 247,200 c. P 299,000 d. P 359,200

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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.