Mall+of+America - A master budget consists of the following...

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A master budget consists of the following budgets which are pre Sales Budget June July August Total Credit sales 630,000 360,000 360,000 1,350,000 This is 90% Cash sales 70,000 40,000 40,000 150,000 This is 10% Total sales 700,000 400,000 400,000 1,500,000 This is give Schedule of Cash Collections 80% in the following month an June July August Cash sales 70,000 40,000 40,000 On accounts receivable from: April sales 54,000 - - May sales 252,000 63,000 - June sales - 504,000 126,000 July sales - - 288,000 Total collections 376,000 607,000 454,000 Purchases Budget May June July August 62% of next month sales 434,000 248,000 248,000 186,000 Disbursement for Purchases June July August Paid in the month following the sale 434,000 248,000 248,000 Balance in the Accounts Payable 186,000 This would be paid in Septem Operating Expenses Budget June July August Salaries, Wages and Commission 140,000 80,000 80,000 20% of sales Other variable cost 28,000 16,000 16,000 4% of sales Fixed Expenses 55,000 55,000 55,000 Total Operating Expense 223,000 151,000 151,000 Mall of America Better Buy Electronic Store Budgeted Income Statement For the Three Months Ending August 31, 20X8 Sales 1,500,000 Cost of goods sold (.62 x $1,500,000) 930,000 Gross profit 570,000 Operating expenses: Salaries, wages, commissions 300,000
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