Prepare a budgeted balance sheet at March 31 using the following information from Zimmer Company.
a. The cash budget for March shows an ending loan balance of $10,000 and an ending cash balance of $50,000.
b. The sales budget for March shows sales of $140,000. Accounts receivable at the end of March are budgeted to be 70% of March sales.
c. The merchandise purchases budget shows that $89,000 in merchandise will be purchased on credit in March. Purchases on credit are paid 100% in the month following the purchase.
d. Ending merchandise inventory for March is budgeted to be 600 units at a cost of $35 each.
e. Income taxes payable of $26,000 are budgeted at the end of March.
f. Accounting records at the end of March show budgeted equipment of $84,000 with accumulated depreciation of $47,000.
g. Common stock of $25,000 and retained earnings of $56,000 are budgeted at the end of March.