Near the end of 2015, the management of Fancy Furnishings Co., a merchandising c

Question

Near the end of 2015, the management of Fancy Furnishings Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2015.

8. Budgeted balance sheet as of March 31, 2016

FANCY FURNISHINGS COMPANY Estimated Balance Sheet December 31, 2015 Liabilities and Equity Assets Cash Accounts receivable S355,000 16,000 S35,500 Accounts payable 520,000 Bank loan payable 100.000 Taxes payable (due 655,500 Total liabilities 92,000 Inventory Total current assets Equipment Less accumulated depreciation 3/15/2016) S463,000 S541,000 Common stock 471,000 67.625 473,375 Retained earnings 194,875 Total stockholders' equity Total liabilities and equity 665,875 S1,128,875 Total assets $1,128,875

Explanation / Answer

Master Budget:

1. Sales Budget:

2. Purchase Budget:

3. Collection from debors:

4. Cash payment to creditors

Jan Feb Mar Total Sales units 7250 9500 10750 27500 Unit sale price $59 $59 $59 $59 Sales $427750 $560500 $634250 $1622500

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