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Problem 7-27A Completing a Master Budget [LO7-2, LO7-4, LO7-7, LO7-8, LO7-9, LO7-10] The following data relate to the operations of Shilow Company, a wholesale distributor

Problem 7-27A Completing a Master Budget [LO7-2, LO7-4, LO7-7, LO7-8, LO7-9, LO7-10]

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Problem 7-27A Completing a Master Budget [LO7-2, LO7-4, LO7-7, LO7-8, 07-9, L07-10] The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods Current assets as of March 31 $ 8,500 $ 24,000 $ 45,600 $ 121,200 $ 27,300 150,000 $ 22,000 Cash Accounts receivable Inventory Building and equipment, net Accounts payable Capital stock Retained eamings a. The gross margin is 25% of sales b. Actual and budgeted sales data March (actual) April May June July $60,000 $76,000 $81,000 $106,000 $57,000

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