Question

Use the following information to prepare a budgeted balance sheet for Games Corporation at March 31. Show computations for the cash and stockholders’ equity amounts.
a. March 31 inventory balance, $ 16,185
b. March payments for inventory, $ 4,200
c. March payments of accounts payable and accrued liabilities, $ 8,700
d. March 31 accounts payable balance, $ 2,000
e. February 28 furniture and fixtures balance, $ 34,300; accumulated depreciation ­balance, $ 29,830
f. February 28 stockholders’ equity, $ 27,880
g. March depreciation expense, $ 900
h. Cost of goods sold, 50% of sales
i. Other March expenses, including income tax, total $ 6,000; paid in cash
j. February 28 cash balance, $ 11,200
k. March budgeted sales, $ 12,700
l. March 31 accounts receivable balance, one- fourth of March sales
m. March cash receipts, $ 14,100



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  • CreatedAugust 27, 2014
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