Balance sheet, schedule cash collections, cash budgets, income statements and bu

Question

Balance sheet, schedule cash collections, cash budgets, income statements and budgeted balance sheets.

Hi I have this problem with 3 parts. There are a lot of "Click to Select" so I typed up what each of them are in corresponding order of the problem. Under part 2 and part 3 I have put the "Click to Select" options under both parts in the same order they are in the problem.

Please fill in every cell and "click to select", thank you!

Click to Select options:

Sales, Costs of goods sold, Purchases, Ending Inventory, Beginning Inventory

Cost of goods sold:
Interest expense, Cost of goods sold, Sales, Ending Inventory, Beginning Inventory
Interest expense, Purchases, Cost of Goods sold, Sales, Ending Inventory

Goods available for sale, Beginning Inventory, Purchases, Ending Inventory, Cost of Goods sold
Goods available for sale, Beginning Inventory, Purchases, Ending Inventory, Cost of Goods sold

Ending Inventory, Interest Expense, Purchases, Cost of Goods sold, Beginning Inventory

Ending Inventory, Net operating income (loss), Net income (loss), Beginning Inventory, Gross margin
Cost of Goods sold, Ending Inventory, Sales, Interest expense, Selling & administrative expenses

Purchases, Net operating income (loss), Net income (loss), Gross margin, Ending inventory
Beginning Inventory, Purchases, Ending Inventory, Cost of Goods sold, Interest expense

Net operating income (loss), Net income (loss), Gross margin, Ending inventory, Beginning Inventory

Click to Select options:

Assets:
Accounts payable, inventory, cash, note payable, capital stock
Retained earnings, note payable, capital stock, buildings and equipment net of depreciation, accounts receivable
Inventory, cash, capital stock, retained earnings, accounts receivable
Retained earnings, note payable, capital stock, buildings and equipment net of depreciation, accounts receiable

Liabilities and Stockholders' Equity:
Accounts payable, accounts receivable, inventory, capitable stock, note payable
Cash, accounts receivable, inventory, note payable, retained earnings
Retained earnings, capital stock, inventory, buildings and equipment net of depreciation, accounts receivable
Accounts payable, accounts receivable, inventory, retained earnings, cash

Explanation / Answer

Part 1

1a) Schedule of expected cash collections from sale:

Schedule of Expected cash disbursements:

1b) Cash budget for june

Part 2

Budgeted income statment

Part 2 Budgeted balance sheet

Cash sales - june $60,000 Collection on accounts recievable $73,000 May 31 - balance $104,500 Total cash reciepts $237,500

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