Con Inc. projected the following for 2006: Credit sale.................................................................$240,000 Collections from customers.............................................$246,000 Cost of goods sold........................................................$92,000 Loan

Question:

Con Inc. projected the following for 2006:

Credit sale.................................................................$240,000
Collections from customers.............................................$246,000
Cost of goods sold........................................................$92,000
Loan repayments.........................................................$16,000 total of which $1,000 is interest
Current period cash operating expenses..............................$80,000
Depreciation expense...................................................$20,000
Loss on disposal of plant asset.........................................................................$5,000
Merchandise purchases...................................................$95,000 (10% due at year end)
Year end accrued wages................................................$12,000
Beginning cash balance.................................................$36,000

How much is cash to be reported on Con's budgeted at the end of 2006?
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...