INCOME STATEMENT 1. Prepare an absorption costing income statement for the quart

Question

INCOME STATEMENT                 

1. Prepare an absorption costing income statement for the quarter ending June 30.                 

BALANCE SHEET                 

2. Prepare a budgeted balance sheet as of June 30.                 

**use the above image and below image for your data to make an income statement and a balance                    sheet.                 

TAB 1A Newport Tie Company                              Balance Sheet                              31-Mar-12                              Assets                              Cash                              8,000                              Accounts Receivable                              39,000                              Inventory                              18,700                              Buildings and equipment (net)                              214,100                              Total Assets                              279,800                              Liabilities and Stockholders' Equity                              Liabilities                              Accounts Payable                              $20,075                              Stockholders' Equity                              Common stock                              183,575                              Retained Earnings                              76,150                              Total Stockholders' Equity                              259,725                              Total Liabilities and Stockholders' Equity                              $ 279,800                              Sales budget: Schedule of expected cash collections: Merchandise purchases budget: Budgeted cash disbursements for merchandise purchase:

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