Question: 1. Emily Company has sales on account and for cash. Specifically, 60% of its sales are on account and 40% are for cash. Credit sales are collected in full in the month following the sale. The company forecasts sales of $525,000 for April, $535,000 for May, and $560,000 for June. The beginning balance of Accounts Receivable is $300,000 on April 1. Prepare a schedule of budgeted cash receipts for April, May, and June.
2. Which one of the following sets of items are all necessary components of the master budget?