Prepare budgeted balance sheet (Learning Objective 3)}

Use the following information to prepare a budgeted balance sheet for Marine.com at March 31, 2009. Show computations for the cash and owners' equity amounts.

a. March 31 inventory balance, \(\$ 15,000\)

b. March payments for inventory, \(\$ 4,600\)

c. March payments of accounts payable and accrued liabilities, \(\$ 8,200\)

d. March 31 accounts payable balance, \(\$ 4,300\)

e. February 28 furniture and fixtures balance, \(\$ 34,800\); accumulated depreciation balance, \(\$ 29,870\)

f. February 28 owners' equity, \(\$ 26,700\)

g. March depreciation expense, \(\$ 600\)

h. Cost of goods sold, \(60 \%\) of sales i. Other March expenses, including income tax, total \(\$ 5,000\); paid in cash j. February 28 cash balance, \(\$ 11,400\)

k. March budgeted sales, \(\$ 12,200\)

1. March 31 accounts receivable balance, one-fourth of March sales m. March cash receipts, \(\$ 14,300\)