Gardenia Company has the following projected account balances for June 30, 20X9:

Prepare a budgeted income statement AND a budgeted balance sheet as of June 30, 20X9.

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Accounts payable Accounts receivable S100,000 Capital stoclk Depreciation, factory S36,000 Retained eamings Inventories (5/31 & 6/30) S 180,000 Cash Direct materials used S200,000 Equipment, net Office salaries Insurance, factory Plant wages Bonds payable S60,000 Sales S 800,000 S 400,000 S 80,000 S4,000 S 140,000 S 160,000 Buildings, net Utilities, factory Selling expenses Maintenance, factory S 56,000 S 240,000 $400,000 S16,000 S50,000 $28,000