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