Use the following information to prepare a budgeted balance stitch corporation a

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

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