ABC Company has the following projected account balances for June 30, 2019:Accounts payableAccounts receivableDepreciation, factoryInventories (5/31 & 6/30)Direct materials usedOffice salariesInsurance, factoryPlant wagesBonds payable$80,000 Sales200,000 Capital stock48,000 Retained earnings Beg. Ba360,000 Cash400,000 Equipment, net160,000 Buildings, net8,000 Utilities, factory280,000 Selling expenses320,000 Maintenance, factory$1,600,000800,000256,000112,000480,000800,00032,000120,00056,000Required:a. Prepare a budgeted income statement for June 2019b. Prepare a budgeted balance sheet as of June 30, 2019.

Financial Statements are prepared by the management for reporting purposes. These are the essential…

ABC Company has the following projected account balances for June 30, 2019: Accounts payable Accounts receivable Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable $80,000 Sales 200,000 Capital stock 48,000 Retained earnings Beg. Ba 360,000 Cash $1,600,000 400,000 Equipment, net 160,000 Buildings, net 8,000 Utilities, factory 280,000 Selling expenses 320,000 Maintenance, factory 800,000 256,000 112,000 480,000 800,000 32,000 120,000 56,000 Required: a. Prepare a budgeted income statement for June 2019 b. Prepare a budgeted balance sheet as of June 30, 2019.

ABC Company has the following projected account balances for June 30, 2019: Accounts payable Accounts receivable Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable $80,000 Sales 200,000 Capital stock 48,000 Retained earnings Beg. Ba 360,000 Cash $1,600,000 400,000 Equipment, net 160,000 Buildings, net 8,000 Utilities, factory 280,000 Selling expenses 320,000 Maintenance, factory 800,000 256,000 112,000 480,000 800,000 32,000 120,000 56,000 Required: a. Prepare a budgeted income statement for June 2019 b. Prepare a budgeted balance sheet as of June 30, 2019.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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