Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals Debit $ 50,000 120,000 64,000 125,000 Credit $ 25,000 34,000 22,000 200,000 58,000 520,000 360,000 8,000 10,000 122,000 $ 859,000 $ 859,000 The ending year balance of Retained earnings was $78,000 on December 31. Prepare Lamonte Company's budgeted balance sheet as of December 31.

Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals Debit $ 50,000 120,000 64,000 125,000 Credit $ 25,000 34,000 22,000 200,000 58,000 520,000 360,000 8,000 10,000 122,000 $ 859,000 $ 859,000 The ending year balance of Retained earnings was $78,000 on December 31. Prepare Lamonte Company's budgeted balance sheet as of December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Knowledge Check 01 For the budget period ending December 31 of the current year, Aaron Corporation estimates its ending balances for cash as $4,000, accounts receivable as $16,000, finished goods Inventory as $12,000, and raw materials Inventory as $8,000. Invoices relating to raw materials in the amount of $14,000 are expected to be unpaid as of December 31. What is the amount of total current assets that will be reported on the budgeted balance sheet? O $20,000 O $26.000 O $32,000 O $40,000
Do not give answer in image formate
Carmen Company sells jar candles. The sales forecast (units) for the coming months is: April 210 May 140 June 150 July 200 August 160 Each candle costs $ 10. The ending inventory policy is 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $2,460. Required: a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign.a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign. b. Prepare a cash payments budget for the quarter ending June 30.
Summit Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,750 in February. Assume Summit pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $97,350. Prepare a schedule of cash payments for purchases for January and February. Cash Payments January February Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec.—Dec. 31 Accounts Payable, paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Feb. Feb.—Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory
The management of Zigby Manufacturing prepared the following balance sheet for March 31. Assets ZIGBY MANUFACTURING Balance Sheet March 31 Liabilities and Equity Cash Accounts receivable Raw materials inventory Finished goods inventory Equipment Less: Accumulated depreciation $ 1,680,000 420,000 Total assets $ 112,000 964,320 275,800 Liabilities Accounts payable Loan payable 911,512 Long-term note payable Equity 1,260,000 Common stock Retained earnings $ 3,523,632 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. $ 562,800 12,000 1,400,000 938,000 610,832 $ 1,974,800 1,548,832 $ 3,523,632 a. Sales for March total 57,400 units. Budgeted sales in units follow: April, 57,400; May, 54,600; June, 56,000; and July, 57,400. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company…
Do not give solution in imagr
Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not round your intermediate calculations. Round your answers to 2 decimal places. Budgeted Gross Margin SHADEE CORPORATION Budgeted Income Statement Budgeted Net Operating Income May June
Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 12,700 66,500 48,500 229,000 $ 356,700 $ 67,500 19,100 180,000 90,100 $ 356,700 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $262,000 for May. Of these sales, $78,600 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $196,000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the…
subject - accounting
Please do not give solution in image format thanku
please help with this budgeted income statement