Use the following information to prepare a budgeted balance sheet

Use the following information to prepare a budgeted balance sheet for Luda Corporation at March 31. Show computations for the cash and stockholders' equity amounts.
a. March 31 inventory balance, $18,265
b. March payments for inventory, $4,600
c. March payments of accounts payable and accrued liabilities, $8,700
d. March 31 accounts payable balance, $1,700
e. February 28 furniture and fixtures balance, $34,600; accumulated depreciation balance, $29,860
f. February 28 stockholders' equity, $30,000
g. March depreciation expense, $400
h. Cost of goods sold, 40% of sales
i. Other March expenses, including income tax, total $9,000; paid in cash
j. February 28 cash balance, $11,600
k. March budgeted sales, $12,300
l. March 31 accounts receivable balance, one-fourth of March sales
m. March cash receipts, $14,700
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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