Comprehensive Master Budget Accounting 2302 Jeffrey Vaughn, president of Frame-It Company, was just concluding a budget meeting with his senior staff. It was November of 20x0, and the group was discussing preparation of the firms master budget for 20x1. Ive decided to go ahead and purchase the industrial robot weve been talking about. Well make the acquisition on January 2 of next year, and I expect it will take most of the year to train the personnel and reorganize the production process to take full advantage of the new equipment. AND SO ON Prepare Frame-It Companys master budget for 20x1 by completing the following schedules and statements. 1. Sales budget: 2. Cash receipts budget: 3. Production budget: 4. Direct-material budget 5. Cash disbursements budget: 6. Summary cash budget: 7. Prepare a budgeted schedule of cost of good manufactured and sold for the year 20x1. Note: Budgeted and actual MOH will be equal. 8. Prepare Frame-Its budgeted income statement for 20x1. (Ignore income taxes.) 9. Prepare Frame-Its budgeted statement of retained earnings for 20x1. 10. Prepare Frame-Its budgeted balance sheet as of December 31, 20x1.