Use the following June actual ending balances and July 31, 2016, budgeted amounts for Ollies to prepare a budgeted balance sheet for July 31, 2016 a June 30 Merchandise Inventory balance, $17,760 b July purchase of Merchandise Inventory, $4,600, paid in cash c July payments of Accounts Payable, $8,...

OLLIES Budgeted Balance Sheet July 31 2016 Assets Current Assets Cash 7500 Accounts Receivable 2 ...

Use the following June actual ending balances and July 31, 2016, budgeted amounts for Ollies to prepare

Question:

Use the following June actual ending balances and July 31, 2016, budgeted amounts for Ollies to prepare a budgeted for July 31, 2016.
a. June 30 Merchandise Inventory balance, $17,760
b. July purchase of Merchandise Inventory, $4,600, paid in cash
c. July payments of $8,700
d. June 30 balance, $10,500
e. June 30 Furniture and Fixtures balance, $34,300; Accumulated Depreciation balance, $29,820
f. June 30 total stockholders’ equity balance, $28,120
g. July Depreciation Expense, $800
h. Cost of Goods Sold, 60% of sales
i. Other July expenses, including income tax, $5,000, paid in cash
j. June 30 Cash balance, $11,200
k. July budgeted sales, all on account, $12,200
l. June 30 balance, $5,180
m. July cash receipts from collections on account, $14,600 Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...