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 l. March 31 accounts receivable balance, one-fourth of March sales m. March cash receipts, $14,300