The following information is available for Zetrov Company.a. The cash budget for March shows an ending bank loan of $17,000 and an ending cash balance of $70,500.b. The sales budget for March indicates sales of $134,000. Accounts receivable are expected to be 60% of the current-month sales.c. The merchandise purchases budget indicates that $90,400 in merchandise will be purchased on account in March. Purchases onaccount are paid 100% in the month following the purchase. Ending inventory for March is predicted to be 740 units at a cost of $35each.d. The budgeted income statement for March shows net income of $49,400. Depreciation expense of $2,400 and $27,400 in incometax expense were used in computing net income for March. Accrued taxes will be paid in April.e. The balance sheet for February shows equipment of $82,600 with accumulated depreciation of $31,400, common stock of$32,000, and ending retained earnings of $9,400. There are no changes budgeted in the equipment or common stock accounts.Prepare a budgeted balance sheet at the end of March. HINT-You will need to include net Income in determining ending retainedearnings.ZETROV COMPANYBudgeted Balance SheetAs of March 31

Budgeting is a technique by which a Business Entity Estimates its expected revenues and losses.…

Answered: Prepare a budgeted balance sheet at the…

Prepare a budgeted balance sheet at the end of March. HINT-You will need to include net income in determining ending retained earnings.

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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