Question - Rossi Company has the following projected account balances for June 30, 20X9:
Accounts payable $60,000
Sales $800,000
Accounts receivable $120,000
Capital stock $420,000
Depreciation, factory $24,000
Retained earnings ?
Inventories (5/31 & 6/30) $180,000
Cash $56,000
Direct materials used $210,000
Equipment, net $260,000
Office salaries $92,000
Buildings, net $400,000
Insurance, factory $4,000
Utilities, factory $16,000
Plant wages $140,000
Selling expenses $50,000
Bonds payable $160,000
Maintenance, factory $28,000
Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9.