The following information is avallable for Zetrov Company: O. The cash budget for March shows an...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following information is avallable for Zetrov Company: O. The cash budget for March shows an ending bank loan of $14,500 and an ending cash balance of $57,300 b. The sales budget for March Indicates sales of $129,000. Accounts receivable are expected to be 70% of the current-month sales c. The merchandise purchases budget indicates that $89,900 in merchandise will be purchased on account in March. Purchases on account are paid 100% in the month folowing the purchase. Ending inventory for March is predicted to be 690 units at a cost of $30 each d. The budgeted income statement for March shows net income of $48,900, Depreciation expense of $1,900 and $26,900 in income tax expense were used in computing net income for March. Accrued taxes wili be paid in Aprit. e. The balance sheet for February shows equipment of $83,100 with accumulated depreciation of $30,900, common stock of $29,500, and ending retained earnings of $8,900. There are no changes budgeted in the equipment or common stock accounts Prepare a budgeted balance sheet at the end of March, HINT - You will need to Include net income in determining ending retained earnings. ZETROV COMPANY Budgeted Balance Sheet As of March 31 Assets Cash 57,300 90,300 20,700 Accounts receivable Merchandise Inventory Total current assets 168,300 Equipment 83,100 Accumulated depreciation 32,800 50,300 Total assets 218,600 Liabilities Accounts payable 89,900 Bank ioan payable 14,500 26,900 Income taxes payable Total liabilities 131,300 Equity Common stock 29,500 Retained earnings 57,800 Total Stockholders' Equity 87,300 Total Liabilities and Equity 218,600 %24 The following information is avallable for Zetrov Company: O. The cash budget for March shows an ending bank loan of $14,500 and an ending cash balance of $57,300 b. The sales budget for March Indicates sales of $129,000. Accounts receivable are expected to be 70% of the current-month sales c. The merchandise purchases budget indicates that $89,900 in merchandise will be purchased on account in March. Purchases on account are paid 100% in the month folowing the purchase. Ending inventory for March is predicted to be 690 units at a cost of $30 each d. The budgeted income statement for March shows net income of $48,900, Depreciation expense of $1,900 and $26,900 in income tax expense were used in computing net income for March. Accrued taxes wili be paid in Aprit. e. The balance sheet for February shows equipment of $83,100 with accumulated depreciation of $30,900, common stock of $29,500, and ending retained earnings of $8,900. There are no changes budgeted in the equipment or common stock accounts Prepare a budgeted balance sheet at the end of March, HINT - You will need to Include net income in determining ending retained earnings. ZETROV COMPANY Budgeted Balance Sheet As of March 31 Assets Cash 57,300 90,300 20,700 Accounts receivable Merchandise Inventory Total current assets 168,300 Equipment 83,100 Accumulated depreciation 32,800 50,300 Total assets 218,600 Liabilities Accounts payable 89,900 Bank ioan payable 14,500 26,900 Income taxes payable Total liabilities 131,300 Equity Common stock 29,500 Retained earnings 57,800 Total Stockholders' Equity 87,300 Total Liabilities and Equity 218,600 %24
Expert Answer:
Answer rating: 100% (QA)
Assets Cash 5730000 Accounts Receivable WN1 9030000 Merchan... View the full answer
Posted Date:
Students also viewed these accounting questions
-
The following information is from White Mountain Furniture Showrooms financial records. Collections from customers are normally 70 percent in the month of sale, 20 percent in the month following the...
-
The following information is from Binghamton Film Corporation's financial records. Collections from customers are normally 70 percent in the month of sale, 20 percent in the month following the sale,...
-
Sales for October, November, and December are expected to be $200,000, $180,000, and $220,000, respectively, for the Gurumai Company. All sales are on account (terms 2/15, net 30 days) and are...
-
Repeat Prob. 37 using singularity functions exclusively (including reactions). Repeat Prob. 37, For the beam shown, find the reactions at the supports and plot the shear-force and bending-moment...
-
Solve the following linear programming problem graphically: Maximize profit = 4X + 6Y Subject to: X + 2Y 8 5X + 4Y 20 X,Y 0
-
ABC has issued a bond with the following characteristics: Par: $1,000; Time to maturity: 16 years; Coupon rate: 5%; Assume annual coupon payments. Calculate the price of this bond if the YTM is 5.96%.
-
Analyzing Revenues and Expenses and Completing a Statement of Earnings LO1-1 Home Realty Inc. has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the 9,000...
-
Steamy Speedboats has an annual demand for 1,500 speedboats. Its supplier offers quantity discounts to promote larger order quantities. The cost to place an order is $300, and the holding rate is 32...
-
Question 14 5 pts (02.06 MC) A real estate company balances the books for its business on the first day of each month. It hopes to sell houses every other day of the month. The average number of...
-
The worm shaft shown in part a of the figure transmits 1.2 hp at 500 rev/min. A static force analysis gave the results shown in part b of the figure. Bearing A is to be an angular-contact ball...
-
How to calculate. "The days' sales in cash each year" Year 1 ($ thousands) Year 2 ($ thousands) Sales 343,306 482,657 Cost of goods sold 269,281 361,604 Net income (175,134) (405,509) Cash ow from...
-
What do you mean by primary and secondary unbalance in reciprocating engines?
-
What is partial balancing of reciprocating engines?
-
What is inertia force?
-
Define hammer blow, tractive effort and swaying couple.
-
The fly balls of spring loaded governor of Hartnell type running at 600 rpm have a radius of rotation of 80 mm with sleeve in mid-position and ball arms vertical. The ball arms and sleeve arms are of...
-
John is playing a game of darts. The probability that he throws a dart into the center of the dart board (the Bull's eye) is 10. The probability that he throws the dart into the 10-point ring is...
-
Select the correct answer for each of the following questions. 1. On December 31, 20X3, Saxe Corporation was merged into Poe Corporation. In the business combination, Poe issued 200,000 shares of its...
-
A patient is prescribed \(2 \mathrm{mg} / \mathrm{kg}\) of a drug to be delivered intramuscularly, divided into 3 doses per day. If the patient weighs \(45 \mathrm{~kg}\), how many milligrams of the...
-
For the following exercises, use the sample contact tracing graph to identify paths (Figure 13.12). 1. How many people have a path of length 2 from Jeffrey? 2. Find 2 paths between Kayla and Rohan....
-
A patient is prescribed \(2 \mathrm{mg} / \mathrm{kg}\) of a drug to be delivered intramuscularly, divided into 3 doses per day. If the drug is available in \(20 \mathrm{mg} / \mathrm{mL}\) and the...
Study smarter with the SolutionInn App