The following information is avallable for Zetrov Company: O. The cash budget for March shows an...

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The following information is avallable for Zetrov Company: O. The cash budget for March shows an ending bank loan of $14,500 and an ending cash balance of $57,300 b. The sales budget for March Indicates sales of $129,000. Accounts receivable are expected to be 70% of the current-month sales c. The merchandise purchases budget indicates that $89,900 in merchandise will be purchased on account in March. Purchases on account are paid 100% in the month folowing the purchase. Ending inventory for March is predicted to be 690 units at a cost of $30 each d. The budgeted income statement for March shows net income of $48,900, Depreciation expense of $1,900 and $26,900 in income tax expense were used in computing net income for March. Accrued taxes wili be paid in Aprit. e. The balance sheet for February shows equipment of $83,100 with accumulated depreciation of $30,900, common stock of $29,500, and ending retained earnings of $8,900. There are no changes budgeted in the equipment or common stock accounts Prepare a budgeted balance sheet at the end of March, HINT - You will need to Include net income in determining ending retained earnings. ZETROV COMPANY Budgeted Balance Sheet As of March 31 Assets Cash 57,300 90,300 20,700 Accounts receivable Merchandise Inventory Total current assets 168,300 Equipment 83,100 Accumulated depreciation 32,800 50,300 Total assets 218,600 Liabilities Accounts payable 89,900 Bank ioan payable 14,500 26,900 Income taxes payable Total liabilities 131,300 Equity Common stock 29,500 Retained earnings 57,800 Total Stockholders' Equity 87,300 Total Liabilities and Equity 218,600 %24 The following information is avallable for Zetrov Company: O. The cash budget for March shows an ending bank loan of $14,500 and an ending cash balance of $57,300 b. The sales budget for March Indicates sales of $129,000. Accounts receivable are expected to be 70% of the current-month sales c. The merchandise purchases budget indicates that $89,900 in merchandise will be purchased on account in March. Purchases on account are paid 100% in the month folowing the purchase. Ending inventory for March is predicted to be 690 units at a cost of $30 each d. The budgeted income statement for March shows net income of $48,900, Depreciation expense of $1,900 and $26,900 in income tax expense were used in computing net income for March. Accrued taxes wili be paid in Aprit. e. The balance sheet for February shows equipment of $83,100 with accumulated depreciation of $30,900, common stock of $29,500, and ending retained earnings of $8,900. There are no changes budgeted in the equipment or common stock accounts Prepare a budgeted balance sheet at the end of March, HINT - You will need to Include net income in determining ending retained earnings. ZETROV COMPANY Budgeted Balance Sheet As of March 31 Assets Cash 57,300 90,300 20,700 Accounts receivable Merchandise Inventory Total current assets 168,300 Equipment 83,100 Accumulated depreciation 32,800 50,300 Total assets 218,600 Liabilities Accounts payable 89,900 Bank ioan payable 14,500 26,900 Income taxes payable Total liabilities 131,300 Equity Common stock 29,500 Retained earnings 57,800 Total Stockholders' Equity 87,300 Total Liabilities and Equity 218,600 %24

Answer rating: 100% (QA)

Assets Cash 5730000 Accounts Receivable WN1 9030000 Merchan... View the full answer