soaltee
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"Business Majors" - Need help with an accounting problem
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soaltee
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Posted on 04-05-12 1:13
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I'm working on following problem for last three days but really can't figure out how to solve it. Can anybody help me out - hints/resources/examples - anything would be appreciated.
Consider the following June actual ending balances and July 31, 2012, budgeted amounts for Orleans.com:
a. June 30 inventory balance, $17,750
b. July payments for inventory, $4,300
c. July payments of accounts payable and accrued liabilites, $ 8,200
d. June 30 accounts payable balance, $10,600
e. June 30 furniture and fixtures balance, $34,500; accumulated depreciation balance, $29,830
f. June 30 equity, $28,360
g. July depreciation expense, $900
h. Cost of goods sold, 50% of sales
i. Other July expenses, including income tax, total $6,000, paid in cash
j. June 30 cash balance, $11,400
k. July budgeted credit sales, $12,700
l. June 30 accounts receivable balance, $5,140
m. July cash receipts, $14,200
Requirement
Prepare a budgeted balance sheet
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uhi nepali
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Posted on 04-06-12 1:05
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Just an example, Not populated from your data
Budgeted Balance Sheet
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Assets
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Liabilities and Stockholders' Equity
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Current assets:
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Current liabilities:
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Cash
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$
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12,200
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Accounts payable
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1,800
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Accounts receivable
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8,100
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Stockholders' equity:
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Supplies inventory
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3,200
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Common stock
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$
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5,000
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Total current assets
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$
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23,500
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Retained earnings
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34,700
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Plant and equipment:
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Total stockholders' equity
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39,700
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Equipment
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34,000
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Accumulated depreciation
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-16,000
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Plant and equipment, net
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18,000
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Total assets
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$
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41,500
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Total liabilities and stockholders' equity
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$
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41,500
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