Question

Use the following June actual ending balances and July 31, 2014, budgeted amounts for Bingham to prepare a budgeted balance sheet for July 31, 2014.
a. June 30 Merchandise Inventory balance, $ 17,750
b. July purchase of Merchandise Inventory, $ 4,300, paid in cash
c. July payments of Accounts Payable, $ 8,200
d. June 30 Accounts Payable balance, $ 10,600
e. June 30 Furniture and Fixtures balance, $ 34,500; Accumulated Depreciation balance, $ 29,830
f. June 30 total stockholders’ equity balance, $ 28,360
g. July Depreciation Expense, $ 900
h. Cost of Goods Sold, 50% of sales
i. Other July expenses, including income tax, $ 6,000, paid in cash
j. June 30 Cash balance, $ 11,400
k. July budgeted sales on account, $ 12,700
l. June 30 Accounts Receivable balance, $ 5,140 m. July cash receipts from collections on account, $ 14,200



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  • CreatedJanuary 16, 2015
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