Russell Company has the following projected account balances for June 30, 20X9:

Accounts payable	$ 60,000	Sales	$ 800,000
Accounts receivable	$ 100,000	Capital stock	$ 400,000
Depreciation, factory	$ 36,000	Retained earnings	?
Inventories (5/31 & 6/30)	$ 180,000	Cash	$ 56,000
Direct materials used	$ 210,000	Equipment, net	$ 260,000
Office salaries	$ 92,000	Buildings, net	$ 400,000
Insurance, factory	$ 4,000	Utilities, factory	$ 16,000
Plant wages	$ 140,000	Selling expenses	$ 50,000
Bonds payable	$ 160,000	Maintenance, factory	$ 28,000

Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9.

Answer rating: 100% (QA)

lets start with the budgeted income statement for the month ending June 30 20X9 Budgeted Income Stat... View the full answer