A comprehensive or overall formal plan for a business that includes specific plans for expected sales, the units of product to be produced, the merchandise (or materials) to be purchased, the manufacturing, selling, administrative, and general expense to be incurred, the long-term assets to be purchased, and the amounts of cash to be borrowed or loans to be repaid, as well as a budgeted income statement and balance sheet, is called a(n):10-26 Budgeted Cash Receipts and Cash Disbursements Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: October November December Cash sales $100,000 $120,000 $ 80,000 Credit sales 100,000 150,000 90,000 Total $200,000 $270,000 $170,000 Past experience shows that 5 percent of credit sales are uncollectible. Of the credit sales that are collectible, 60 percent are collected in the month of sale; the remaining 40 percent are collected in the month following the month of sale. Customers are granted a 1.5 percent discount for payment within 10 days of billing. Approximately 75 percent of collectible credit sales take advantage of the cash discount. Inventory purchases each month are 100 percent of