Pelase consider the following June actual ending balances and July 31, 2016 budg
ID: 2464893 • Letter: P
Question
Pelase consider the following June actual ending balances and July 31, 2016 budgeted amounts for Odas:
a. June 30 Merchandise Inventory balance, $17,730
b. July purchase of Merchandise Inventory, $4,300, paid in cash
c. July payments of Accounts Payable, $8,500
d. June 30 Accounts Payable balance, $10,300
e. June 30 Furniture and Fixtures balance, $34,100; Accumulated Depreciation balance, $29,860
f. June 30 total stockholders' equity balance, $28,120
g. July Depreciation Expense, $900
h. Cost of Goods Sold, 40% of sales
i. Other July expenses, including income tax, $3,000, paid in cash
j. June 30 Cash balance, $11,300
k. July budgeted sales, all on account, $12,700
l. June 30 Accounts Receivable balance, $5,150
m. July cash receipts from collections on account, $14,700
Please, Complete the accounting equation for the July operating information.
Cash
+
A/R
+
Merch. Inventory
+
Furniture
+
(Accum. Deprec.)
=
Accounts Payable
+
Stock-holders' equity
June 30 balance
+
+
+
+
=
+
Purchase inventory
+
+
+
+
=
+
Payments of A/P
+
+
+
+
=
+
Depreciation
+
+
+
+
=
+
Cost of Goods Sold
+
+
+
+
=
+
Other expenses
+
+
+
+
=
+
Sales on account
+
+
+
+
=
+
Cash receipts
+
+
+
+
=
+
July 31 balance
+
+
+
+
=
+
Please, prepare a budgeted balance sheet for July 31, 2016.
Odas
Budgeted Balance Sheet
July 31, 2016
Assets
Current Assets:
Cash
?
Accounts Receivable
?
Merchandise Inventory
?
Total Current Assets
?
Property, Plant, and Equipment:
Furniture and Fixtures
?
Less: Accumulated Depreciation
(?)
?
Total Assets
?
Liabilities
Current Liabilities:
Accounts Payable
?
Stockholders' Equity
Stockholders' Equity
?
Total Liabilities and Stockholders' Equity
?
Cash
+
A/R
+
Merch. Inventory
+
Furniture
+
(Accum. Deprec.)
=
Accounts Payable
+
Stock-holders' equity
June 30 balance
+
+
+
+
=
+
Explanation / Answer
Answer:
Answer:
Particulars Cash + A/R + Merc. Inventory + Furniture + (Accum. Dep.) = Accounts payable + Stockholder's Equity June 30 balance 11300 + 5150 + 17730 + 34100 + -29860 = 10300 + 28120 Purchase inventory -4300 + + 4300 + + = + Payments of A/P -8500 + + + + = -8500 + Dep + + + 900 + -900 = + Cost of goods sold + 5080 + -5080 + + = + Other expenses -3000 + + + + = + -3000 Sales on account + 12700 + -12700 + + = + Cash receipts 14700 + -12700 + + + = + 2000 July 31 balance 10200 + 10230 + 4250 + 35000 + -30760 = 1800 + 27120Related Questions
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