Use the following information to prepare a budgeted balance stitch corporation a
ID: 2491140 • 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 , $298880
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
Assest Liabilities Owners Equity Inventory Cash Furniture Accounts receivable a Inventory balance 16660 16660 b Payamnet for Inventory -4700 -4700 c Payable for Accounts payable -8300 -8300 d account Payable 2,200 -2200 e Furniture & Fixture 4820 4820 f Owners Equity 28520 28520 g Depriciation -900 -900 h Cost of Goods Sold -6200 -6200 i Expenses -7000 -7000 j Cash Balance 11300 11300 k No Entry l AR 9300 3100 12400 m Cash Receipt 14,100 14,100 10460 43220 3920 3100 -10800 71500