Russell Company has the following projected account balances for June 30, 20X3:
Accounts payable $55,000
Sales $925,000
Accounts receivable $125,000
Capital stock $500,000
Depreciation, factory $28,000
Retained earnings ?
Inventories (5/31 & 6/30) $195,000
Cash $66,000
Direct materials used $225,000
Equipment, net $280,000
Office salaries $90,000
Buildings, net $540,000
Insurance, factory $6,000
Utilities, factory $21,000
Wages, factory $155,000
Selling expenses $65,000
Bonds payable $170,000
Maintenance, factory $38,000
Question 1: Calculate the budgeted net income for June 20X3.
Question 2: Calculate the budgeted total assets as of June 30, 20X3.