Use the following information to prepare a budgeted balance sheet for Games.com at March 31. Show...

Transcribed Image Text:

Use the following information to prepare a budgeted balance sheet for Games.com at March 31. Show computations for the cash and owners' equity arnounts. a. March 31 inventory balance, $13,235 b. March payments for inventory, $4,300 c. March payments of accounts payable and accrued liabilities, $8,600 d. March 31 accounts payable balance, $1,500 e. February 28 fumiture and fixtures balance, $34,800; accumulated depreciation balance, $29,840 f. February 28 owners' equity, $29,470 g. March depreciation expense. $300 h. Cost of goods sold, 70% of sales 1. Other March expenses, including inoome tax, total $7,000; paid in cash j. February 28 cash balance, $11,7oo k. March budgeted sales, $12,500 I. March 31 accounts receivable balance, one-fourth of March sales m. March cash receipts, $14,600 Use the following information to prepare a budgeted balance sheet for Games.com at March 31. Show computations for the cash and owners' equity arnounts. a. March 31 inventory balance, $13,235 b. March payments for inventory, $4,300 c. March payments of accounts payable and accrued liabilities, $8,600 d. March 31 accounts payable balance, $1,500 e. February 28 fumiture and fixtures balance, $34,800; accumulated depreciation balance, $29,840 f. February 28 owners' equity, $29,470 g. March depreciation expense. $300 h. Cost of goods sold, 70% of sales 1. Other March expenses, including inoome tax, total $7,000; paid in cash j. February 28 cash balance, $11,7oo k. March budgeted sales, $12,500 I. March 31 accounts receivable balance, one-fourth of March sales m. March cash receipts, $14,600

Answer rating: 100% (QA)

Budget Balance Sheet a March 31 Inventory balance 13235 b March Payments for inventory 4300 ... View the full answer