Refer to Problems P22A- 52B and P22A- 53B.

Requirements

1. Prepare a budgeted income statement for the two months ended May 31, 2014.

2. Prepare a budgeted balance sheet as of May 31, 2014.

3. Prepare the budgeted statement of cash flows for the two months ended May 31,2014.

CUPBOARD OFFICE SUPPLY Balance Sheet March 31, 2014 Assets Current Assets Accounts Recoivable Mrchandise Inventory Prepaid Insurance Total Current Assets 5 28,000 11,500 15,000 1,000 55,500 Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation S5,000 20,000) 35,000 $90,500 Total Assets Liabilitie Current Liabilities Accounts Payable Salaries and Commissions Payable $ 10,500 Total Liabilities 11,700 Stockholders Equity 25,000 Common Stoc Retained Earnings Total Stockholders Equity Total Liabilities and Stockholders Equity 78,800 S 90,500