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.

  1. The cash budget for March shows an ending loan balance of $10,000 and an ending cash balance of $50,000.
  2. 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.
  3. 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.
  4. Ending merchandise inventory for March is budgeted to be 600 units at a cost of $35 each.
  5. Income taxes payable of $26,000 are budgeted at the end of March.
  6. Accounting records at the end of March show budgeted equipment of $84,000 with accumulated depreciation of $47,000.
  7. 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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