Cycle Wornd From: Donna Tse Subject: Cycle World's budgeted income statement C9-12 Prepare cash budgets under two alternatives (Learming Objectives 2 & 3) Each autumn Shop. The mats sell for $20 per set of four. The shop charges a 10% commission and remits the net proceeds to De Angelo at the end of December. De Angelo has woven and sold 25 sets each of the last two years. She has enough cotton in inventory to make another 25 sets. She paid $7 per set for the cotton. De Angelo uses a four-harness loom that she purchased for cash exactly two years ago. It is depreciated at the rate of $10 per month. The accounts payable relate to the cotton inventory and are payable by September 30. Suzanne De Angelo weaves cotton place mats to sell at a local crafts