SAMPLE MASTER BUDGET November Principles of Accounting XYZ Company, Inc. Balance Sheet October 31, 2010 Assets Cash Accounts Receivable Inventory* Equipment Accumulated Depreciation $4,338 2,650 610 2,500 (33) $3,505 600 $4,105 Liabilities Accounts Payable Notes Payable Total Liabilities Stockholders' Equity Capital Stock Retained Earnings Total Liabilities & Stockholders' Equity $3,500 2.460 $5.960 $10.065 Total Assets $10,065 Inventory - October 31 Item 1 10 x $25 Item 2 12 x $30 Total $250 360 $610 Desired Inventory November 30 Item 1 15 Item 2 15 Total Estimated Sales on Account: Item 1 Item 2 40 @ $50 25 @ $70 1. 25% of October Accounts Receivable and 50% of Sales is expected to be collected. 2. 30% of October Accounts Payable and 50% of purchases is expected to be paid. 3. Interest on the Note Payable is 8% and is paid monthly. (Round the interest to the nearest dollar.) Paid $400 off the principal of the note. 4. Depreciation is calculated using the straight-line method. The equipment was purchased September 30 and is expected to last 5 years. (Round the depreciation to the nearest dollar. 5. A copier costing $1,500 will be purchased on account at the end of November. It will not be depreciated until December. 6. Expenses in November are Salaries ($600) and Advertising ($200). You need to calculate interest and depreciation. Salaries, Advertising and Interest will be paid in November. Sales Budget November 20YY Item Description Quantity Sales Price Total Item # Item 1 Item 2 * Total Sales Merchandise Purchases Budget November 20YY Item Sales Required Cost Purchases Inventory Nov 30, 20XX Inventory Oct 31, 20XX Need to Purchase + X Item 1 Item 2 + Expense Budget November 20YY Salaries Advertising Interest Depreciation Capital Expenditures Budget November 20YY Cash Budget November 20YY $ Beginning Cash Balance Collections from Customers Collections from Customers Total Disbursements: Accounts Payable Purchases Salaries Advertising Interest Payment on Note Total Disbursements Ending Cash Balance Income Statement For the Month Ended November 30, 20YY Sales Cost of Goods Sold Beginning Inventory Purchases Goods Available For Sale Less Ending Inventory Cost of Goods Sold Gross Profit Expenses Salaries Advertising Interest Depreciation Total Expenses Net Income Statement of Retained Earnings For the Month Ended November 30, 20YY $ Beginning Retained Earnings Net Income (Loss) Less: Dividends Increase/Decrease in Retained Earnings Ending Retained Earnings Balance Sheet November 30, 20YY Assets Liabilities Accounts Payable Notes Payable Total Liabilities Cash Accounts Receivable* Inventory Office Equipment Less Accum. Depr. Total Assets $ Stockholders' Equity Capital Stock Retained Earnings Total Liabilities and Stockholder's Equity
