purchases. If a loan is necessary, DaviesLowry has decided it should be paid off by the end of the first quarter if
possible.
Intercoastal's board of directors has indicated an intention to declare and pay dividends of $ on the last day of
each quarter.
The interest on any shortterm borrowing will be paid when the loan is repaid. Interest on Intercoastal's bonds is paid
semiannually on January and July for the preceding sixmonth period.
Property taxes are paid semiannually on February and August for the preceding sixmonth period.
Required:
Prepare Intercoastal Electronics Company's master budget for the first quarter of by completing the following
schedules and statements.
Problem Part
Prepare Intercoastal Electronics' budgeted balance sheet as of March xHint: On March x Bond Interest Payable is
$ and Property Taxes Payable is $Round your answers to the nearest whole dollar.
