Domino Consulting, budgeted overhead and other expenses as follows for the year ended December 31, 2023: Overhead: Rent $ 25,000 Repairs 10,000 Fuel 35,000 Maintenance 15,750 Supplies 6,100 Heat and light 20,250 Depreciation-computer 9,400 Miscellaneous 6,000 Depreciation-building 18,000 Depreciation-equipment 12,000 Wages 600,000 Fringe benefits 9,000 Other direct expenses: Travel $15,000 Entertainment 12,000 1. Prepare an Overhead budget. 2. Prepare an Other Expenses budget. 3. Prepare a Budgeted Income Statement.
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
Domino Consulting, budgeted overhead and other expenses as follows for the year ended December 31, 2023:
Overhead:
Rent $ 25,000
Repairs 10,000
Fuel 35,000
Maintenance 15,750
Supplies 6,100
Heat and light 20,250
Miscellaneous 6,000
Depreciation-building 18,000
Depreciation-equipment 12,000
Wages 600,000
Other direct expenses:
Travel $15,000
Entertainment 12,000
1. Prepare an Overhead budget.
2. Prepare an Other Expenses budget.
3. Prepare a
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