Question - Russell Company has the following projected account balances for June 30, 20X9:
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Accounts payable
|
$ 60,000
|
Sales
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$ 800,000
|
|
Accounts receivable
|
$ 100,000
|
Capital stock
|
$ 400,000
|
|
Depreciation, factory
|
$ 36,000
|
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
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$ 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.