Refer to P22-34B and P22-35B. Requirements 1. Prepare a budgeted balance sheet as of May 31, 2012.

Question:

Refer to P22-34B and P22-35B.
Requirements
1. Prepare a budgeted as of May 31, 2012.
2. Prepare the budgeted statement of cash flows for the two months ended May 31, 2012. (Note: You should omit sections of the cash flow statements where the company has no activity.)

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...