There are 12 pages of budget information for royal company (watch the dates). This budget is for the quarter ended June 30. From the information provided you are to prepare a budgeted income statement for the quarter ended June 30. (I have it all finished but I have some empty spots and just wanted to make sure the answers I have are right)

COMPREHENSIVE BUDGETING EXAMPLE Royal Company is preparing budgets for the second quarter ending June 30. Budgeted sales of the company's only product for the next five months are: April ...... 20,000 units May ....... 50,000 units June...... 30,000 units July ....... 25,000 units August... 15,000 units The selling price is $10 per unit. The following elements of the master budget will be prepared in this example: 1. Sales budget (with a schedule of expected cash collections). 2. Production budget. 3. Direct materials budget (with a schedule of expected cash disbursements for materials). 4. Direct labor budget. 5. Manufacturing overhead budget. 6. Ending finished goods inventory budget. 7. Selling and administrative expense budget. 8. Cash budget. 9. Budgeted income statement. 10. Budgeted balance sheet. SALES BUDGET Budgeted sales (units)... Selling price per unit...... Total sales ....... April May June Quarter 20,000 50,000 30,000 100,000 x $10 x $10 x $10 x $10 $200,000 $500,000 $300,000 $1,000,000 SCHEDULE OF EXPECTED CASH COLLECTIONS Additional data: All sales are on account. The company collects 70% of these credit sales in the month of the sale; 25% are collected in the month following sale; and the remaining 5% are uncollectible. The accounts receivable balance on March 31 was $30,000. All of this balance was collectible. April May June Quarter $ 30,000 $ 30,000 140,000 140,000 50,000 $ 50,000 Accounts receivable beginning balance... April sales 70% $200,000 ........ 25%