Based on the following production and sales data of Shingle Co. for March of the current year, prepare (a) a sales budget and (b) a production budget.
Definitions:
Business Entity Assumption
An accounting principle that treats a business as an entity separate from its owners, meaning its financial transactions are recorded distinctly from those of its owners or other businesses.
Economic Unit
An entity, such as an individual, household, or organization, considered in economic analysis and decision-making.
FASB
Financial Accounting Standards Board, an organization responsible for establishing accounting and financial reporting standards in the U.S.
Federal Statutes
Laws passed by the national government of a country that are applicable throughout the country.
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