Budget AnalysisPreparing a Budget Assume that you are preparing a budget for your department or organization. Outline the steps you would take to prepare the budget, providing specific examples for each step. The following is an example of a department budget. Use this budget as a guideline and to provoke the thought process for your own budget XYZ COMPANY Budgeted Income Statement For the Year Ended December 31, 2012 Revenue (6,000 units @ $150) $ 900,000 Expenses Salaries Fringe Benefits Supplies Utilities Insurance Depreciation Other Operating Expenses 200,000 40,000 100,000 75,000 25,000 35,000 150,000 Total Operating Expenses 625,000 Operating Income $275,000