Lanikai Company has the following projected account balances for June 30, 2023:Accounts payable$40,000$800,000Accounts receivable100,000400,00024,000180,000200,00080,0004,000OnDepreciation, factoryInventories (5/31 & 6/30)Direct materials usedOffice salariesInsurance, factoryPlant wagesBonds payableRequired:a.140.000160.000Q SearchSalesCommon SharesRetained earningsCashEquipment, netBuildings, netUtilities, factorySelling expensesMaintenance, factoryPrepare a budgeted income statement for the month of June 2023.Prepare a budgeted balance sheet as of June 30, 2023.IA#56,000240,000400,00016,00060,00028,000Focu

Income statement :— It is one of the financial statement that shows profitability, total revenue and…

Lanikai Company has the following projected account balances for June 30, 2023: Accounts payable $40,000 $800,000 Accounts receivable 100,000 400,000 24,000 180,000 200,000 80,000 4,000 140.000 160 000 Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable Required: a. Sales Common Shares Retained earnings Cash Equipment, net Buildings, net Utilities, factory Selling expenses Maintenance, factory Prepare a budgeted income statement for the month of June 2023. Prepare a budgeted balance sheet as of June 30, 2023. 56,000 240,000 400,000 16,000 60,000 28,000

Lanikai Company has the following projected account balances for June 30, 2023: Accounts payable $40,000 $800,000 Accounts receivable 100,000 400,000 24,000 180,000 200,000 80,000 4,000 140.000 160 000 Depreciation, factory Inventories (5/31 & 6/30) Direct materials used Office salaries Insurance, factory Plant wages Bonds payable Required: a. Sales Common Shares Retained earnings Cash Equipment, net Buildings, net Utilities, factory Selling expenses Maintenance, factory Prepare a budgeted income statement for the month of June 2023. Prepare a budgeted balance sheet as of June 30, 2023. 56,000 240,000 400,000 16,000 60,000 28,000

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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