Practice Budget: Preparing a master budget for a retail company with no beginning account balances Uncle Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1, 2017. The company president formed a planning committee to prepare a master budget for the first three months of operation. He assigned you, the budget coordinator, the following tasks.

i. Prepare a pro forma balance sheet at the end of the quarter

Salary expense (fixed) Sales commissions Supplies expense Utilities (fixed) Depreciation on store equipment (fixed) Rent (fixed) Miscellaneous (fixed) $18,000 5 percent of Sales 2 percent of Sales $1,400 $4,000 $4,800 $1,200