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PROBLEM 8–31 Completing a Master Budget Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:
Required:
Using the data above, complete the following statements and schedules for the first quarter:
Schedule of expected cash collections:

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The main purpose of the sales budget is to achieve the financials objectives of the sales department.

What is a sales budget?

This refers to a financial plan that estimates a company's total revenue in a specific time period.

What is the Schedule of expected cash collections?

                            Hillyard Company

                              Sales Budget

               For the Quarter ended march 31

                                      Jan          Feb          Mar        Quarter

Budgeted Sales             $400,000 $600,000   $300,000  $1,300,000

Total Budgeted Sales   $400,000 $600,000  $300,000  $1,300,000

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