We really need to get this new material$-$handling equipment in operation just after the new year begins. I hope we can finance it largely with cash and marketable securities$,$ but if necessary we can get a short$-$term loan down at MetroBank. This statement by Beth Davies$-$Lowry, president of Intercoastal Electronics Company, concluded a meeting she had called with the firms top management. Intercoastal is a small, rapidly growing wholesaler of consumer electronic products. The firms main product lines are small kitchen appliances and power tools. Marcia Wilcox, Intercoastals General Manager of Marketing, has recently completed a sales forecast. She believes the companys sales during the first quarter of $20$x$1$ will increase by $10$ percent each month over the previous months sales. Then Wilcox expects sales to remain constant for several months. Intercoastals projected balance sheet as of December $31,20$x$0,$is as follows:

Cash $ $35,000$

Accounts receivable $224,000$

Marketable securities $20,000$ Inventory $154,000$

Buildings and equipment $($net of accumulated depreciation$)540,000$

Total assets $ $973,000$

Accounts payable $ $205,800$

Bond interest payable $7,500$

Property taxes payable $2,400$

Bonds payable $(12\%$; due in $20$x$6)150,000$

Common stock $500,000$

Retained earnings $107,300$

Total liabilities and stockholders equity $ $973,000$

$9.$ Prepare Intercoastal Electronics budgeted balance sheet as of March $31,20$x$1.($Hint: On March $31,20$x$1,$ Bond Interest Payable is $$3,000$ and Property Taxes Payable is $$600.)($Round your answers to the nearest whole dollar.$)$

INTERCOASTAL ELECTRONICS COMPANY

Budgeted Balance Sheet

March $31,20$x$1$

Cash$

Accounts receivable

Inventory

Buildings and equipment

Total assets

Accounts payable

Bond interest payable $3,000$

Property taxes payable $600$

Bonds payable$150,000$

Common stock $500,000$

Retained earnings

Total liabilities and stockholders' equity$