Problem 2 - Russell Company has the following projected account balances for Jun
ID: 2351042 • Letter: P
Question
Problem 2 - Russell Company has the following projected account balances for June 30, 20X2:Accounts payable $40,000
Sales $800,000
Accounts receivable 100,000
Capital stock 400,000
Depreciation, factory 24,000
Retained earnings ?
Inventories (5/31 & 6/30) 180,000
Cash 56,000
Direct materials used 200,000
Equipment, net 240,000
Office salaries 80,000
Buildings, net 400,000
Insurance, factory 4,000
Utilities, factory 16,000
Plant wages 140,000
Selling expenses 60,000
Bonds payable 160,000
Maintenance, factory 28,000
Question 1: Calculate the budgeted net income for June 20X2.(five points)
Question 2: Calculate the budgeted total assets as of June 30, 20X2. (five points)
Explanation / Answer
sales
800000
Cost of good sold
material
200 000
wages
140 000
deprecation
24 000
isnurance
4000
maiantan
28 000
utiites
16000
412 000
profit
388 000
Operating expen
Selling exp
60 000
office
80 000
140 000
Net income
248 000
cash
56 000
payable
40 000
rceivable
100 000
bonds
16000
inventoriies
180 000
stock
400 000
quipemnet
240 000
retained
376 000
building
400000
total
976 000
total
976 000
sales
800000
Cost of good sold
material
200 000
wages
140 000
deprecation
24 000
isnurance
4000
maiantan
28 000
utiites
16000
412 000
profit
388 000
Operating expen
Selling exp
60 000
office
80 000
140 000
Net income
248 000
Related Questions
Hire Me For All Your Tutoring Needs
Integrity-first tutoring: clear explanations, guidance, and feedback.
Drop an Email at
drjack9650@gmail.com
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.