Please help! NABAR MANUFACTURING Estimated Balance Sheet 30-Jun-15 Assets Liabil
ID: 2417287 • Letter: P
Question
Please help!
NABAR MANUFACTURING
Estimated Balance Sheet
30-Jun-15
Assets
Liabilities and Equity
Cash
40,000
Accounts payable
51,400
Accounts receivable
249,900
Income taxes payable
10,000
Raw materials inventory
35,000
Shirt-term notes payable
24,000
Finished goods inventory
241,080
Total current liabilities
85,400
Total Current assets
565,980
Long-term note payable
300,000
Equipment, gross
720,000
Total liabilities
385,400
Accumulated depreciation
(240,000)
Common stock
600,000
Equipment, net
480,000
Retained earnings
60,580
Total stockholders' equity
660,580
Total Assets
1,045,980
Total liabilities and equity
1,045,980
NABAR MANUFACTURING
Estimated Balance Sheet
30-Jun-15
Assets
Liabilities and Equity
Cash
40,000
Accounts payable
51,400
Accounts receivable
249,900
Income taxes payable
10,000
Raw materials inventory
35,000
Shirt-term notes payable
24,000
Finished goods inventory
241,080
Total current liabilities
85,400
Total Current assets
565,980
Long-term note payable
300,000
Equipment, gross
720,000
Total liabilities
385,400
Accumulated depreciation
(240,000)
Common stock
600,000
Equipment, net
480,000
Retained earnings
60,580
Total stockholders' equity
660,580
Total Assets
1,045,980
Total liabilities and equity
1,045,980
Explanation / Answer
Answer
Ending Finished Goods Inventory budget
Sales Budget Month june july August September Total Sales units 20,000 21,000 19,000 20,000 Selling price per units $17 $17 $17 $17 Total Sales $340,000 $357,000 $323,000 $340,000 Cash Sales (30% of month of sales) $102,000 $107,100 $96,900 $102,000 Credit sales( 70% of month of sales) $238,000 $249,900 $226,100 $238,000