Consider the following June actual ending balances and July 31, 2024 budgeted amounts for Octovios: 1(Click the icon to view the information.) Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) Stock- Merch. (Accum. Accounts holders' Cash + A/R + Inventory + Furniture + Deprec.) = Payable + equity June 30 balance $11,700 + $5,160 + $17,750 + $34,200 + $(29,810) = $10,400 + $28,600 Purchase inventory (4,700) + + 4,700 + + = + Payments of A/P (8,800) + + + + = (8,800) + Depreciation + + + + (900) = + (900) Cost of Goods Sold + + (6,050) + + = + (6,050) Other expenses (6,000) + + + + = + (6,000) Sales on account + 12,100 + + + = + 12,100 Cash receipts 14,200 + (14,200) + + + = + July 31 balance $6,400 + $3,060 + $16,400 + $34,200 + $(30,710) = $1,600 + $27,750 Start by preparing the asset section of the balance sheet, then prepare the liabilities and stockholders' equity section. Octovios Budgeted Balance Sheet July 31, 2024 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Furniture and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Stockholders' Equity Total Liabilities and Stockholders' Equity 1: More Info a. June 30 Merchandise Inventory balance, $17,750 b. July purchase of Merchandise Inventory, $4,700, paid in cash c. July payments of Accounts Payable, $8,800 d. June 30 Accounts Payable balance, $10,400 e. June 30 Furniture and Fixtures balance, $34,200; Accumulated Depreciation balance, $29,810 f. June 30 total stockholders' equity balance, $28,600 g. July Depreciation Expense, $900 h. Cost of Goods Sold, 50% of sales i. Other July expenses, including income tax, $6,000, paid in cash j. June 30 Cash balance, $11,700 k. July budgeted sales on account, $12,100 l. June 30 Accounts Receivable balance $5,160 m. July cash receipts from payments on account, $14,200

Consider the following June actual ending balances and July 31, 2024 budgeted amounts for Octovios: 1(Click the icon to view the information.) Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) Stock- Merch. (Accum. Accounts holders' Cash + A/R + Inventory + Furniture + Deprec.) = Payable + equity June 30 balance $11,700 + $5,160 + $17,750 + $34,200 + $(29,810) = $10,400 + $28,600 Purchase inventory (4,700) + + 4,700 + + = + Payments of A/P (8,800) + + + + = (8,800) + Depreciation + + + + (900) = + (900) Cost of Goods Sold + + (6,050) + + = + (6,050) Other expenses (6,000) + + + + = + (6,000) Sales on account + 12,100 + + + = + 12,100 Cash receipts 14,200 + (14,200) + + + = + July 31 balance $6,400 + $3,060 + $16,400 + $34,200 + $(30,710) = $1,600 + $27,750 Start by preparing the asset section of the balance sheet, then prepare the liabilities and stockholders' equity section. Octovios Budgeted Balance Sheet July 31, 2024 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Furniture and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Stockholders' Equity Total Liabilities and Stockholders' Equity 1: More Info a. June 30 Merchandise Inventory balance, $17,750 b. July purchase of Merchandise Inventory, $4,700, paid in cash c. July payments of Accounts Payable, $8,800 d. June 30 Accounts Payable balance, $10,400 e. June 30 Furniture and Fixtures balance, $34,200; Accumulated Depreciation balance, $29,810 f. June 30 total stockholders' equity balance, $28,600 g. July Depreciation Expense, $900 h. Cost of Goods Sold, 50% of sales i. Other July expenses, including income tax, $6,000, paid in cash j. June 30 Cash balance, $11,700 k. July budgeted sales on account, $12,100 l. June 30 Accounts Receivable balance $5,160 m. July cash receipts from payments on account, $14,200

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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Question

Consider the following

June

actual ending balances and

July 31, 2024

budgeted amounts for

Octovios:

1(Click

the icon to view the information.)

Prepare a budgeted balance sheet for

July 31, 2024.

(Hint:

It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.)

Complete the accounting equation for the

July

operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.)

Stock-

Merch.

(Accum.

Accounts

holders'

Cash

A/R

Inventory

Furniture

Deprec.)

Payable

equity

June 30 balance

$11,700

$5,160

$17,750

$34,200

$(29,810)

$10,400

$28,600

Purchase inventory

(4,700)

4,700

Payments of A/P

(8,800)

Depreciation

(900)

Cost of Goods Sold

(6,050)

Other expenses

(6,000)

Sales on account

12,100

Cash receipts

14,200

(14,200)

July 31 balance

$6,400

$3,060

$16,400

$34,200

$(30,710)

$1,600

$27,750

Start by preparing the asset section of the balance sheet, then prepare the liabilities and stockholders' equity section.

Octovios
Budgeted Balance Sheet
July 31, 2024
Assets
Current Assets:
Cash
Accounts Receivable
Merchandise Inventory
Total Current Assets
Property, Plant, and Equipment:
Furniture and Fixtures
Less: Accumulated Depreciation
Total Assets

Liabilities
Current Liabilities:
Accounts Payable
Stockholders' Equity
Stockholders' Equity
Total Liabilities and Stockholders' Equity

1: More Info

a.	June 30 Merchandise Inventory balance, $17,750
b.	July purchase of Merchandise Inventory, $4,700, paid in cash
c.	July payments of Accounts Payable, $8,800
d.	June 30 Accounts Payable balance, $10,400
e.	June 30 Furniture and Fixtures balance, $34,200; Accumulated Depreciation balance, $29,810
f.	June 30 total stockholders' equity balance, $28,600
g.	July Depreciation Expense, $900
h.	Cost of Goods Sold, 50% of sales
i.	Other July expenses, including income tax, $6,000, paid in cash
j.	June 30 Cash balance, $11,700
k.	July budgeted sales on account, $12,100
l.	June 30 Accounts Receivable balance $5,160
m.	July cash receipts from payments on account, $14,200

YOU ANSWERED:

Cash receipts

14200

17260

nothing

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