Refer to Problems P22A- 52B and P22A- 53B.

Requirements

1. Prepare a budgeted income statement for the two months ended May 31, 2014.

2. Prepare a budgeted balance sheet as of May 31, 2014.

3. Prepare the budgeted statement of cash flows for the two months ended May 31,2014.

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CUPBOARD OFFICE SUPPLY Balance Sheet March 31, 2014 Assets Current Assets Accounts Recoivable Mørchandise Inventory Prepaid Insurance Total Current Assets 5 28,000 11,500 15,000 1,000 55,500 Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation S5,000 20,000) 35,000 $90,500 Total Assets Liabilitie Current Liabilities Accounts Payable Salaries and Commissions Payable $ 10,500 Total Liabilities 11,700 Stockholders Equity 25,000 Common Stoc Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity 78,800 S 90,500