Russell Company has the following projected account balances for June 30, 20X2:
| Accounts payable |
$40,000 |
|
Sales |
$800,000 |
| Accounts receivable |
100,000 |
|
Capital stock |
400,000 |
| Depreciation, factory |
24,000 |
|
Retained earnings |
? |
| Inventories (5/31 & 6/30) |
180,000 |
|
Cash |
56,000 |
| Direct materials used |
200,000 |
|
Equipment, net |
240,000 |
| Office salaries |
80,000 |
|
Buildings, net |
400,000 |
| Insurance, factory |
4,000 |
|
Utilities, factory |
16,000 |
| Plant wages |
140,000 |
|
Selling expenses |
60,000 |
| Bonds payable |
160,000 |
|
Maintenance, factory |
28,000 |
Question 1: Calculate the budgeted net income for June 20X2.
Question 2: Calculate the budgeted total assets as of June 30, 20X2.