LO 7-1

Describe the budgeting process and the benefits it provides.

LO 7-2

Prepare a sales budget and related schedule of cash receipts.

LO 7-3

Prepare an inventory purchases budget and related schedule of cash payments.

LO 7-4

Prepare a selling and administrative expense budget and related schedule of cash payments.

LO 7-5

Prepare a cash budget.

LO 7-6

Prepare a pro forma income statement, balance sheet, and statement of cash flows.