Answer:
Zetrov Company
Budgeted Balance Sheet for the month of March
Assets
Current assets:
Cash $59,700
Accounts receivable 96,600
Inventory 27,300 $183,600
Long-term assets:
Equipment $82,200
Accumulated depreciation (34,600) $47,600
Total assets $231,200
Liabilities and Equity:
Current liabilities:
Bank loan payable $19,000
Accounts payable 90,800
Income tax payable 27,800 $137,600
Equity:
Common stock $34,000
Retained earnings 59,600 $93,600
Total liabilities and equity $231,200
Explanation:
a) Data and Calculations:
Ending Bank Loan = $19,000
Ending cash balance = $59,700
Accounts receivable = $96,600 ($138,000 * 70%)
Accounts payable = $90,800
Ending inventory = $27,300 (780 * $35)
Net income = $49,800
Income tax payable = $27,800
Equipment at cost = $82,200
Accumulated depreciation, beginning $31,800
Depreciation for the month = 2,800
Accumulated depreciation, ending = $34,600
Retained earnings, beginning = $9,800
Net income 49,800
Retained earnings, ending $59,600
