Use the following information to prepare a budgeted balance stitch corporation a
ID: 1215481 • Letter: U
Question
Use the following information to prepare a budgeted balance stitch corporation at march 31 .Show computation for the cash and owners's equity ammounts. ______ + _______ - = equity ____ + ______ - = Prepare the assets section of the balance sheet , then prepare the liablities and owner's equity section. a. march 31 inventory balance , $16,660. b. march payments for inventory $ 4,700 c. march payments for accounts payable and accrued liabilities , $ 8 ,300. d. march 31 account payable balance , $2,200. e.february 28 furniture and fixture balance, 34,700; accumulated depreciation balance , $29880 f. february 28 owners' equity, $28,520. g. march depreciation expenses, $900 h. cost of goods sold, 50% of sales i. other march expenses, including income tax, total 7,000; paid in cash. j. february 28 cash balance $11,300. k. march budgeted sales $12,400 i, march 31 account receivable balance one - fourth of march sales m. march cash receipts $14,100
Explanation / Answer
Assets Liabilities Equity
Current assets: Short-term liabilities: February 28 owners' equity, $28,520
March 31 Inventory balance $16,660 Payments for accounts payable
account receivable balance $3100 ($12400/4)
February 28 furniture and fixture balance, 34,700 and Accrued liabilities $ 8 ,300
accumulated depreciation balance , $29880 Current liabilities:
february 28 cash balance $11,300 March 31 account payable
march cash receipts $14,100 balance , $2,200
Other expenses:
Income tax $7,000