Use the budgeted information in Exercise 22-28, and the ending year balance of Retained Earnings of $78,000 on December 31, to prepare Lamonte Co.’s budgeted balance sheet as of December 31.

Data From Exercise 22-28

Lamonte Co. reports the following budgeted December 31 adjusted trial balance. Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes.

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Debit Credit Cash..... $ 50,000 Accounts receivable 120,000 Merchandise inventory 64,000 Equipment..... Accumulated depreciation-Equipment.. Accounts payable ... Loan payable... 125,000 $ 25,000 34,000 22,000 Common stock... 200,000 Retained earnings (beginning year balance) . Sales.... Cost of goods sold.... 58,000 520,000 360,000 8,000 10,000 122,000 $859,000 Loan interest expense. Depreciation expense. Salaries expense. .... Totals ..... $859,000