Question: Prepare a budgeted balance sheet at March 31 using the following information from Zimmer Company. The cash budget for March shows an ending loan balance
Prepare a budgeted balance sheet at March 31 using the following information from Zimmer Company.
- The cash budget for March shows an ending loan balance of $10,000 and an ending cash balance of $50,000.
- The sales budget for March shows sales of $140,000. Accounts receivable at the end of March are budgeted to be 70% of March sales.
- The merchandise purchases budget shows that $89,000 in merchandise will be purchased on credit in March. Purchases on credit are paid 100% in the month following the purchase.
- Ending merchandise inventory for March is budgeted to be 600 units at a cost of $35 each.
- Income taxes payable of $26,000 are budgeted at the end of March.
- Accounting records at the end of March show budgeted equipment of $84,000 with accumulated depreciation of $47,000.
- Common stock of $25,000 and retained earnings of $56,000 are budgeted at the end of March.
Can you help me please? Thank you so much
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