This file contains ACC 206 Week 5 Chapter 22 E 22-19
E22-19 Preparing a financial budget [2530 min]
Consider the following June actual ending balances and July 31 2012 budgeted amounts for Oleans.com:
a. June 30 inventory balance $17750
b. July payments for inventory $4300
c. July payments of accounts payable and accrued liabilities $8200
d. June 30 accounts payable balance $10600
e. June 30 furniture and fixtures balance $34500; accumulated depreciation balance $29830
f. June 30 equity $28360
g. July depreciation expense $900
h. Cost of goods sold 50% of sales
i. Other July expenses including income tax total $6000 paid in cash
j. June 30 cash balance $11400
k. July budgeted credit sales $12700
l. June 30 accounts receivable balance $5140
m. July cash receipts $14200
Requirement
1. Prepare a budgeted balance sheet.