Russell Company has the following projected account balances for June 30, 20X2:

Question

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

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