Problem: Preparing a financial budget
Consider the following June actual ending balances and July 31, 2012, budgeted amounts for Oleans:
• June 30 inventory balance, $17,750
• July payments for inventory, $4,300
• July payments of accounts payable as well as accrued liabilities, $8,200
• June 30 accounts payable balance, $10,600
• June 30 furniture and fixtures balance, $34,500; accumulated depreciation balance, $29,830
• June 30 equity, $28,360
• July depreciation expense, $900
• Cost of goods sold, 50% of sales
• Other July expenses, including income tax, total $6,000, paid in cash
• June 30 cash balance, $11,400
• July budgeted credit sales, $12,700
• June 30 accounts receivable balance, $5,140
• July cash receipts, $14,200
Requirement
• Prepare a budgeted balance sheet.
The response should include a reference list. Using double-space, Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.