470 CHAPTER 10 Budgetary : 1%nnng Instructions a. Discuss how the budgeting process used by Peters Corporation more likely. 6C10.57 Howe Ltd. is trying to decide whether it is going to need to take a loan in coming January to buy a new microcomputer system. The microcomputer will cost $8,800. The president, Joan Howe, has collected the following informa- tion about her operations as at December 31: 1. Balance of selected ledger accounts: $2,500 Accounts payable6,667 Cash 2. Sales history and forecast (unit selling price, $10): October November December January (actual) (actual) (actual) (forecast) $45,000 33,000 45,000 60,000 3. All sales are on credit and are due 30 days after the sale. 4. Cash payments for purchases are as follows: two-thirds in the month of purchase; one-third in the month after that. Solid State sells electronic products. The controller is responsible for prenarino the master budget and has accumulated the 17C10.58 470 CHAPTER 10 Budgetary : 1%nnng Instructions a. Discuss how the budgeting process used by Peters Corporation more likely. 6C10.57 Howe Ltd. is trying to decide whether it is going to need to take a loan in coming January to buy a new microcomputer system. The microcomputer will cost $8,800. The president, Joan Howe, has collected the following informa- tion about her operations as at December 31: 1. Balance of selected ledger accounts: $2,500 Accounts payable6,667 Cash 2. Sales history and forecast (unit selling price, $10): October November December January (actual) (actual) (actual) (forecast) $45,000 33,000 45,000 60,000 3. All sales are on credit and are due 30 days after the sale. 4. Cash payments for purchases are as follows: two-thirds in the month of purchase; one-third in the month after that. Solid State sells electronic products. The controller is responsible for prenarino the master budget and has accumulated the 17C10.58