The master budget process usually begins with the a. production budget b. operating budget c. sales budget d. cash budget Parlee Company's sales are 30% in cash and 70 % credit. Sixty percent of the credit sales are in the month of sale, 25% in the month following sale, and 12% in the second month following sale. The remainder are uncollectible. The following are budgeted sales data: Total cash receipts in April would be budgeted to be: a. $38, 900 b. $47, 900 c. $27, 230 d. $36, 230 The Stacy Company makes and sells a single product, Product R. Budgeted sales for April are $300,000. Gross Margin is budgeted at 30% of sales dollars. If the net income for April is budgeted at $40,000, the budgeted selling and administrative expenses are: a. $133, 333 b. $50,000 c. $102,000 d. $78,000 Justin's Plant Store, a retailer, started operations on January 1. On that date, the only assets were $16,000 cash and $3, 500 in merchandise inventory. For purposes of budget preparation, assume that the company's cost of goods sold is 60% of sales. Expected sales for the first four months below