Prepare a budgeted balance sheet at March 31 using the following information from Zimmer Company....
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Accounting
Prepare a budgeted balance sheet at March 31 using the following information from Zimmer Company.
a. The cash budget for March shows an ending Ioan balance of $14,000 and an ending cash balance of $66,000. b. The sales budget for March shows sales of $128,000. Accounts receivable at the end of March are budgeted to be 60% of March sales. c. The merchandise purchases budget shows that $89,800 in merchandise will be purchased on credit in March. Purchases on credit are paid 100% in the month following the purchase. d. Ending merchandise inventory for March is budgeted to be 680 units at a cost of $35 each. e. Income taxes payable of $26,800 are budgeted at the end of March. f. Accounting records at the end of March show budgeted equipment of $83,200 with accumulated depreciation of $32,600. g. Common stock of $29,000 and retained earnings of $57,600 are budgeted at the end of March
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