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