Use the following March operating information and February 28 account balances to prepare a budgeted balance sheet for Oleanders at March 31, 2008.

March operating activity information Budgeted sales, \(\$ 12,200\), all on credit Cost of goods sold, \(60 \%\) of sales March depreciation expense, \(\$ 600\) Cash payments for March expenses, including income tax, total \(\$ 5,000\) Cash collected from customers on account, \(\$ 14,300\)

Cash payments for inventory, \(\$ 4,600\)

Cash payments of accounts payable, \(\$ 8,200\)

Worksheet including February 28 account balances:

Requirements 

1. Complete the worksheet using the planned March operating activity and cash transactions.

2. Prepare a budgeted balance sheet for Oleanders as of March 31, 2008. 

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February 28 balance Sales on credit Cost of goods sold Depreciation expense Operating expenses Collections on Account Payments for Inventory Payments on Account March 31 balance Accounts (Accumulated Accounts Owner's Cash + Receivable + Inventory + Equipment + Depreciation) = Payable + Equity $11,400 + $5,150 +$17,720 + $34,800 + $(29,870) = $10,500+ $28,700