Assume that you are preparing a budget for your department or organization. Outline the steps...
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Accounting
Assume that you are preparing a budget for your department or organization. Outline the steps you would take to prepare the budget, providing specific examples for each step. The following is an example of a department budget. Use this budget as a guideline and to provoke the thought process for your own budget.
XYZ COMPANY Budgeted
Income Statement
For the Year Ended December 31, 2012
Revenue (6,000 units @$150) $900,000
Expenses
Salaries $200,000
Fringe Benefits 40,000
Supplies 100,000
Utilities 75,000
Insurance 25,000
Depreciation 35,000
Other Operating Expenses 150,000
Total Operating Expenses 625,000
Operating Income $275,000
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